Announcement PDF Operations Update The Manager Market Announcements Office Level 40, Central Park, 152-158 St George's Terrace Perth WA 6000 ACN: 086 972 429 Gryphon Wapiti 16-02-65-08 well successfully spuds and Certus Caroline 01-27-33-05 well flowing back to sales. Perth, Western Australia – 27th October 2023 – Stonehorse Energy Limited (ASX: SHE) is pleased to announce the successful spud of the Gryphon, Wapiti well located in West-Central Alberta, Canada. The Pad preparation, rig mobilisation and spud was completed on schedule with drilling operations currently underway. T: 08 6489 1600 F: 08 6489 1601 E: info@stonehorseenergy.com W: stonehorseenergy.com Directors Key Highlights: Wapiti 16-02-65-08 drill: • Location completed, rig moved in and commenced drilling operations on October 22nd. Rob Gardener, Executive Chairman David Deloub, Executive Director Jay Stephenson, Non-Executive Director & Company Secretary Issued Capital (ASX: SHE) 684.4m Ordinary Shares Media and Enquiries Andrew Rowell White Noise Communications E: andrew@whitenoisecomms.com T: 0400 466 226 Investor Hub Visit the Investor Hub here: https://investorhub.stonehorsee nergy.com/welcome • Anticipate well to reach a planned depth of 10,760 ft (3280 m) by early November. • First Oil flow-back target - late November / early December. • Legacy oil productive reservoir – Good analog producing fields north and south of prospective area. • Well target control - Strong offset analog vertical wells with major E&P operations in the area. • Planned for 1 Mile (1600 m) lateral wellbore in reservoir completed with a multi-stage slick water frac stimulation. • Available infrastructure and access to take-away capacity for gas processing and oil sales. Caroline 01-27-33-05 first production: • Successful multi day flow-back and in-test was completed on October 8th with good initial production results. • Equipped and tied well into permanent production facilities on October 18th. • Brought well online October 19th and currently producing natural gas and condensate to sales. 1 Figure 1. Gryphon, Wapiti drilling operations. Stonehorse Executive Director David Deloub commented: “We are very pleased with progress to date on both wells. The Company is looking forward to releasing production numbers from the Caroline and confirmation of drilling and completion of the Wapiti in due course”. Figure 2. Certus, Caroline well head and flow meter. About Stonehorse Energy Stonehorse Energy Limited (ASX:SHE) is an Australian based E&P company with a focus on onshore oil and gas in North America. The overall objective of the Company is to implement its strategy of building a portfolio of high quality well bore assets with Working Interest (WI) percentages reflecting risk appetite and capital availability. 2 - ENDS – For further information: For Media enquiries David Deloub Executive Director Stonehorse Energy Limited Tel: (+61 8) 6489 1600 E: info@stonehorseenergy.com Andrew Rowel Senior Communications Advisor White Noise Communications Tel: 0421 505 557 E: andrew@whitenoisecomms.com Forward-Looking Statements and Other Disclaimers This announcement may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions, which are outside the control of Stonehorse Energy Limited (“Stonehorse Energy” or “the Company”). These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Stonehorse Energy does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based. This announcement does not constitute investment advice. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation, or recommendation in relation to the purchase or sale of shares in any jurisdiction. Shareholders should not rely on this announcement. This announcement does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. The information set out in this announcement does not purport to be all-inclusive or to contain all the information, which its recipients may require to make an informed assessment of Stonehorse Energy. You should conduct your own investigations and perform your own analysis to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this announcement. To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from this announcement arising out of negligence or otherwise is accepted. 3