We are writing with an important update on the ASE Lois LP and to request your vote on an upcoming operational decision. Please read this update in full and submit your vote using the Google Form link attached to this update.
Seismic surveying is a technology used in the oil and gas industry to create detailed maps of underground rock formations, fault lines, fractures, and hydrocarbon reservoirs. Sound waves are sent into the ground and the returning signals are processed to produce a picture of subsurface geology.
It is important to note that in proven, actively producing oilfields like the ASE Oddfellows Oilfield, seismic is not a standard requirement prior to drilling additional wells. When extensive geological data already exists, including drilling logs, core samples, formation cuttings, and cross-sections built from multiple wells, operators have a strong and reliable foundation from which to make informed drilling decisions. This is precisely the position we have been in throughout the ASE Lois LP drilling program.
Our oilfield has been drilled and evaluated using comprehensive data across multiple wells (including the ASE wells drilled over the past 5 years) showing up to seven distinct hydrocarbon pay zones. That data, compiled and interpreted by our current geologist John Dowds (since 2024), has driven every well location and completion decision to date and has given us a detailed working knowledge of the oilfield.
As our drilling development program has progressed, and during this time, we have encountered two fault lines within the oilfield. This is not uncommon in multi-zone fields of this type. However, given the number of pay zones we are working across and the additional wells planned within our current footprint, seismic data will provide a significant step change in terms of accuracy when selecting new well locations and completing the current drilled wells — and ultimately will give us the highest probability of extracting the maximum reserves of hydrocarbons from our proven oilfield asset.
A highly regarded seismic company, already mobilising to our region, has made available an opportunity to shoot seismic across our entire oilfield lease and surrounding acreage at a sizeable discount to the standard market rate for this scope of work. Given the combination of timing, cost, and the specific benefits to our oilfield at this stage of development, we believe this represents an investment we are confident will deliver returns well in excess of its cost!
In practical terms, the seismic data will provide us with:
• A precise map of all fault lines across the lease, allowing every future well to be positioned with the highest possible accuracy
• The potential identification of oil-filled natural fractures within the formations — a significant additional upside, as naturally fractured zones can dramatically enhance flow rates and production volumes where they are present and successfully targeted
• Optimal drilling target selection for future wells, informed by a full 3-D subsurface picture
• Additional certainty in determining the most optimal formations to produce across each well location, and an enhanced ability to commingle formations where appropriate — particularly valuable given we now have seven identified hydrocarbon pay zones across the field
• A complete subsurface intelligence picture that benefits not only the current ASE Lois LP, but all future phases and any expansion of our current oilfield footprint
With seven pay zones now identified across our oilfield, seismic data will allow our geologist John Dowds to map each of those payzones across the entire oilfield, in a level of detail that is simply not achievable from drilling data, core and cutting samples alone. This will enable us to pinpoint the thickest and most productive intervals within each formation with the highest degree of accuracy possible — directly informing not only where we drill, but how we complete and sequence each well to extract the maximum volume of hydrocarbons from every zone available to us.
Our operations partner OGP conducted a seismic survey over their oilfield, situated in the broader region roughly 20 miles from our lease. John Dowds used that seismic data to select the location for their next well. That well (in the Viola formation) came in at 175 barrels of oil per day, flowing naturally with no pump required. It continues to produce approximately 85 barrels per day today, still with no pump jack!
That result was a direct consequence of well placement informed by seismic intelligence. It is a relevant and concrete illustration of what this technology can deliver in our area, with the same geology and the same geologist interpreting the data.
• Estimated cost: $50,000 - $100,000
• Total timeline: approximately 60 to 120 days from commissioning the seismic shoot through to data processing and John's completed geophysical interpretation — at which point he will confirm the optimal drilling locations for future wells and identify the most productive completion zones across the existing drilled wells
• Scope: full seismic shoot across the oilfield lease and surrounding acreage
Under the terms of our Limited Partnership agreements, a program of this nature would typically be structured as a capital call, with each Limited Partner contributing their pro-rata share of the cost upfront.
As a gesture of good faith, we will not be issuing a capital call for this program. We will cover the seismic cost and recover the amount from future production revenue. No funds are required from investors upfront.
In order to proceed, we are required to put this to a vote of all Limited Partners and General Partners. A 50% or greater Yes vote is required to move forward.
Please submit your vote using this link.
https://docs.google.com/forms/d/e/1FAIpQLSdH12iXI7mVRoKh_XCBnPqYu-aNJrnAtZ6volW4_krvuwfVhw/viewform
Best regards,
