Winchester Energy Limited (ASX:WEL; OTC:WCHEF), an Australia-based oil and gas explorer and producer, acquires, explores and develops oil and gas leases and working interests primarily on the Eastern Shelf of the Permian Basin in West Texas, USA; the company holds approximately 17,622 acres under lease across Nolan and Coke counties, with current production from the Strawn, Ellenburger and Cisco formations, alongside prospective unconventional targets in the Cline and Barnett Shale; operations encompass conventional oil and gas extraction from proven reservoirs, waterflood projects and well workovers, supported by low drilling and operating costs in one of the world's lowest-cost jurisdictions. Winchester Energy Limited maintains offices in Perth, Western Australia, and Houston, Texas, with geographic focus on the United States as its key revenue source; founded in 2014 and headquartered in West Perth, Australia, the company targets stacked-pay opportunities with flexible drilling commitments and optimizes production through technical evaluation of additional acreage. Recent developments include the September 2025 farm-out of a 30% interest in the Varn waterflood project to a private US investor group for upfront consideration and development funding; commencement of production from the Varn field in November 2025 following drilling of the JVU-5 well; and acquisition of 100% interest in the Varn oil field, funded from cashflow at a cost of US$5.61 per barrel of oil equivalent.