Dear Valued Investor Partners,
We hope this update finds you well.
This update covers all wells within the ASE Lois LP portfolio. We are pleased to report that this is one of our most active and exciting updates to date, with drilling commencing on a new well, completing another, and significant momentum building across the board.
LOIS ANNE #4-1 — DRILLING COMMENCING
Status: Final Drilling Pad Preparation Underway — Spudding Soon
We are thrilled to announce that our team is currently on site preparing the drilling pad for the Lois Anne #4-1 well, with spudding scheduled to commence next week.
The #4-1 is specifically designed to target the highly prolific Booch formation. As most investors will already know, our ASE #3 well has been the most successful and profitable well to date, producing out of the Booch. The Lois Anne #4-1 is located directly to the north of the ASE #3 and, based on the analysis of our geologist John Dowds, is positioned up-dip from it, giving us a high probability of achieving similar or better results. The #4-1 will be followed sequentially by the #5-1 and #6-1, all of which will target the Booch formation.
An important note on the Booch formation: One of its most compelling characteristics is that it produces almost zero water. As a reference point, the ASE #3 averages just 0.06 barrels of water per day. This means that even while the SWD disposal infrastructure is waiting to come online, we have the potential for up to four of the six new ASE Lois LP wells to come into production from the Booch without requiring the disposal system to be fully online first. The Booch has always been our primary target zone, and we are now firmly executing on that plan.
SEISMIC SURVEY — APPROVED
Thank you to all investors who participated in the recent vote. We are very pleased to confirm that the seismic survey will be proceeding. We are currently liaising with our seismic team to confirm timing and logistics, and will provide a further update once the programme is scheduled.
ASE #1 — SEMINOLE COUNTY PHASE 1
Status: Temporarily Shut-In — Workover AFE Ready for Approval
The ASE #1 has been temporarily shut-in awaiting the SWD.
ASE #2 — SEMINOLE COUNTY PHASE 1
Status: Producing
CARTER-REYNOLDS WELL
Status: Producing
The well had a brief interruption to start the month. Electricity to the lease was restored on the evening of March 3rd following an outage, and the well has operated without issue since then.
SWD — DISPOSAL WELL
Status: Awaiting OCC Transfer Approval
Once operational, this infrastructure will unlock completion and production optimisation activity across multiple wells in the programme.
LOIS ANNE #1-1
Status: Minimal Production
Once the SWD is commissioned, we will re-open the Wilcox formation perforations and potentially perforate additional zones, which is expected to deliver a substantial increase in oil and gas production from this well.
LOIS ANNE #2-1
Status: Drilled & Uncompleted (DUC) — Completion Plan in Preparation
We are pleased to confirm that the Booch formation has been selected as the completion target for the Lois Anne #2-1. We are currently awaiting the finalised completion plan from our geologist, John Dowds and will provide investors with a completion timeline once that is in hand.
LOIS ANNE #3-1
Status: Drilled & Uncompleted (DUC) — Awaiting SWD
The Lois Anne #3-1 completion is being held pending commissioning of the Lois #1 SWD disposal well. The target formations in this well carry sustained water volumes alongside the hydrocarbons, and having the disposal infrastructure in place is essential before bringing this well into production.
OVERALL PROGRAMME OUTLOOK
We appreciate everyone's patience and want to assure investors that from next week onwards, there will be a significant acceleration in activity and milestones across the ASE Lois LP. Drilling commences on the #4-1; the ASE #3 frac results are being monitored, and the seismic survey is being scheduled. We will be providing additional milestone updates throughout this period to keep all investors fully informed as events unfold.
K-1 TAX SCHEDULES
The K-1 tax schedules have been prepared and distributed to all investors. If you have any queries regarding your K-1, please ensure these are submitted to us as soon as possible as our accountant will be finalising and filing the partnership tax returns imminently.
As always, your monthly financial statement is available through your investor account portal.
Our next scheduled investor portal update will be released on or before May 12th, 2026, with additional milestone updates to be issued as activity progresses.
Best regards,
THE ASE TEAM
