Phase 2 (ASE 18 1H)
Valued Partners,
In December both McLoughlin and Peter Fagan were in the US conducting multiple meetings with other senior ASE management and key personnel/contractors directly associated with the Mesa Vista project. As all investors are aware we have been in a holding pattern for some time, with limited updates to provide. The delays in Phase 1 have unfortunately had an impact on Phases 2 and 3. Even though we still can not officially provide a concrete solution and timeline, we can report that we have been working diligently on all fronts to achieve a resolution, and we are in final discussions with the directional drilling company to retrieve their tool which is stuck and to complete the well.
One of our meetings was at the headquarters of Hadaway Engineering, which will be conducting all new drilling operations at the Mesa Vista project. Hadaway has successfully drilled 25 horizontal wells on the ranch and is currently drilling on the Eastern side of the ranch for Polaris with great success. We feel confident that we are close to achieving the best possible outcome regarding the Phase 1 well, followed by Phases 2 & 3 and we will provide updates as soon as we have more information to provide.
We would like to thank everyone for their understanding and patience regarding the delays and we would like to ensure all investors that we are working diligently on all fronts to achieve the best outcome for our investor partners.
Please note that both ASE offices will be closed from the 23rd of December 2022 to the 6th of January 2023, and the next portal update will be on or before the 31st of January. From the whole team here at Alpha Seven Energy, we would like to wish all investor partners and their families a very merry Christmas and here's to a prosperous 2023.
