Dear Valued Investor Partners,
We hope this update finds you well.
Below is a summary of recent developments regarding your investment.
LOIS ANNE 1 WELL - PROJECT DEVELOPMENT
Operational Timeline: Unfortunately, due to the drilling rig being delayed on other jobs (we are 2nd in queue), we are now looking at the end of August-early September to commence drilling.
This week, we have commenced our location building, which includes the road and drilling pad, which is part of our pre-drilling preparations.
STRATEGIC IMPORTANCE
Data-Driven Decision Making: The Lois Anne 1 well will provide critical formation data that will inform completion decisions for other news wells in the ASE Lois 10-well portfolio, including the Lois 1 well. This methodical approach ensures we maximize production potential through comprehensive field analysis.
Multi-Zone Targeting: By drilling down to the Wilcox formation, as we have done on all past wells at the ASE oilfield, we will be able to log all other productive zones. This well will provide valuable comparative data to optimize our overall field development strategy, resulting in the selection of the very best productive pay zones to provide the highest ROI possible.
Site Inspection: Dylan Knight and Chris Hemsworth conducted an on-site inspection this week, and Dylan provided some fantastic insights on camera, which we have shared at the bottom of this portal update.
CURRENT PORTFOLIO WELLS
Here is an update on the 4 wells that have been drilled, which make up part of your 10-well portfolio.
ASE 1 WELL – TESTING & WORKOVER PROCESS
Initial Testing Results: The first phase called for swab testing of the Booch formation. Results showed 3 barrels of fluid per hour with 15% oil cut, which was not significant enough to warrant putting the well on pump. Based on this data, we proceeded with the second phase to drill out the bridge plug and test the Woodford formation.
Woodford Recompletion: On July 29th, we began the procedure for the Woodford recompletion as planned.
Completion Timeline: The workover was successfully completed in the first week of August. Our technical team has been monitoring the well through the flowback stage, in which approximately 50 barrels of water were used during the completion process, which incorporated an acid treatment after perforating the Woodford pay zone.
Current Status: Reports directly from our pumper, Rick, indicate that in the past 12 hours the well has produced 5 barrels of oil and seems to be improving as we have retrieved approximately 50% of our load water through flowback.
ASE 2 WELL – July Production Performance:
CARTER REYNOLDS WELL – July Production Performance:
LOIS 1 WELL - Strategic Development Decision
Project Status Update: As mentioned in the previous portal, we are implementing a strategy to complete the Lois Anne 1 well and recomplete the ASE 1 well prior to completing the Lois 1 well (Phase 4).
ASE NEW INVESTOR PORTFOLIO MANAGEMENT PLATFORM
We are pleased to confirm that every investor has been sent a registration email to set up their individual platform access. You can now access your personalized investment portal via our website by clicking on the "Partner Portal" (located at the top right-hand side of the homepage) and selecting the drop-down box named "My Investment Account".
The new platform provides enhanced features, including real-time access to monthly statements, production reports, tax documents, and comprehensive investment tracking tools designed to improve your overall experience with ASE.
If you have any questions or require assistance navigating the platform, please contact Claudia Brugge at claudia.v@alphasevenenergy.com.
UPCOMING COMMUNICATIONS
Our next investor portal update will be released on September 11th (US time).
Best regards,
THE ASE TEAM
