Announcement PDF Stonehorse Energy Limited ACN: 086 972 42 T: 08 6489 1600 F: 08 6489 1601 E: info@stonehorseenergy.com Canadian Operations Update W: stonehorseenergy.com Directors 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 Successful Completion of Certus Caroline 01-27-33-05 Well. Expect production to sales in October. Perth, Western Australia – 5th October 2023 – Stonehorse Energy Limited (ASX: SHE) is pleased to announce the successful completion of the Certus Caroline (previously Certus 1-27-33) well, located in Central Alberta, Canada. The drilling & completion operation was safely executed, and the well is now primed for the flowback and test phase. Key Highlights: • Drilling Completion: The Caroline well reached its target depth of 5,626 metres on 12th September with production casing successfully run and cemented in place. • Completion Stimulation: The frack stimulation (completion) was successfully pumped with 65 stages across a ~9000 ft lateral interval in the Glauconite formation. • Safety Record: The drilling and completion operations were executed without any safety incidents, highlighting the company's commitment to ensuring the safety of its staff and environment. • Next Steps: Preparations are currently underway to flow back the well for clean-up and testing. Test results and start of production equipment installation are anticipated October 9, 2023. • Prospective Resources: Based on current assessments, the Caroline well is projected to access of prospective resources through multiple frac stages with production to sales by mid-October 2023 White Noise Communications E: andrew@whitenoisecomms.com T: 0400 466 226 Investor Hub Visit the Investor Hub here: https://investorhub.stonehorsee nergy.com/welcome Figure1: Areal view of frac spread on location at the Certus Carol 1-27-33-05W5 well. 1 Figure 2: Certus Caroline 01-27-33-05 W5 Completion Tank Farm and Water Storage in Central Canada. Stonehorse Executive Director David Deloub commented: “The completion of our drilling and frack stimulation operations are a testament to the expertise and dedication of our operational team. We are now ideally positioned to progress to the next phase, which is well flowback and production test. We remain optimistic about the potential of the well and its capacity to bolster our production portfolio”. Figure 3. Certus Caroline Wellhead and Completion Frack Equipment on location. 2 Figure 4. Completion Equipment on location – Pump Trucks and Water Storage for Fracture Stimulation. 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. - 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 3 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. 4