Valued Partners,
As of yesterday, the ASE 1 was drilled to target depth without issue. The bore hole’s condition was optimal, and the mud logger caught and analyzed several prospective samples, and confirmed oil presence consistent with the area in the zones of interest. We ran 4,329 feet of production casing and cemented the production casing in place.
On-site evaluations performed by our head petroleum engineer suggest that the ASE 1 successfully encountered 4 conventional productive zones, and it would appear that we have drilled through 14 feet of the Booch formation (our primary pay zone), contrary to the expected 13.5 feet. Additionally, the mud logger confirmed that we have an unconventional zone that is loaded with oil in the samples which could be exploited in the future with horizontal drilling on the property.
The zones showing good potential are as follows (from shallowest to deepest):
3,334 - 3,348 ft (Booch)
3,990 - 4,000 ft (Misener)
4,160 - 4,178 ft (Wilcox)
4,198 - 4,206 ft (Wilcox)
The mud log noted a thick section of oil-stained samples in the Woodford Shale, which rests right above the Misener Section. A more comprehensive report will follow soon.
Below, we have compiled footage from the 5 days leading up to the ASE 1 reaching target depth, allowing for a close-up view of the drilling process.
