Acceleware Ltd. announced commencement of the final steps of the heating well workover program at its commercial-scale RF XL pilot project at Marwayne, Alberta. After completion of extensive design, procurement, shop testing and de-risking of repaired parts, upgraded components, run-in-hole procedures, and deployment tooling, the Acceleware team is expecting to commence final on-site workover operations on August 8, 2023. All required service vendors have been engaged, including service rig, engineering consultants and downhole tool providers.

Acceleware anticipates this stage of the operation to take approximately two to four weeks, contingent upon weather and other factors. Power up and heating is expected to commence thereafter. As previously communicated, the Acceleware team was able to complete an inspection of the removable and non- removeable components of the proprietary down-hole RF XL system.

The inspection activities included visual inspection, various electrical and mechanical measurements, down-hole video analysis and other engineering techniques to obtain detailed data on the condition of the components. This inspection enabled the team to identify several opportunities expected to improve the performance of the RF XL system and rectify issues that required repair. These upgrades and repairs would not have been possible without pausing operations to perform the replacement of the distributed temperature sensing system ("DTS") and have resulted in the addition of valuable intellectual property.

RF XL could prove to be a transformative decarbonization technology for heavy oil or oil sands production. Not only can it eliminate direct GHG emissions from production, meaning it requires no carbon capture, but it would also eliminate the requirement for fresh water and significantly reduce land footprint. RF XL is also expected to lower capital costs by 50% and operational costs by forty%, providing the potential for this decarbonization technology to play a key role in the energy transition.

RF XL is the first of several electrification of industrial heating applications that Acceleware is commercializing, largely since the near-term decarbonization of heavy oil and oil sands production will play a critical role in a successful energy transition. Work is also underway for decarbonization of other heavy emitting industrial heating applications.