Valued Partners,
All Phase 1 Investor Partners were paid their 1st monthly revenue disbursement on the 29th January, which marked an important milestone in our Seminole County project's progression. The ASE 1 well, as explained in previous portal updates, has a gas cap on both the Booch and Misener pay zones, thus resulting in solid levels of natural gas production which is currently being sold to Enerfin Resources.
As anticipated, there has been a decline in gas production for the month of December (compared with November). As we continue to see declines in gas production, we will then be able to enter into the oil production phase. Please note that we expect commercial quantities of natural gas to continue to be sold during oil production. As we do not incorporate the gas production into any estimated monthly revenue projections, all gas revenue is essentially a bonus on top of all oil net revenue paid to our Investor Partners.
Over the past months we have experienced some delays due in large part to inclement weather, and currently, Seminole County is experiencing below freezing temperatures. That being said, we are happy to report that the ASE 2 remedial work is underway. Once completed, our team will conduct the final production tests prior to entering into the oil and gas production phase.
We have received a high level of interest in Seminole County Phase VII (ASE 7 well), with many current Investor Partners securing additional investment. All remaining units have now officially been released to new prospective investors via our global capital raising channels. Any investors still yet to diversify into the ASE 7 well may want to register their interest to participate with one of the Alpha Seven Energy senior partners.
