Project Update
Valued Partners, It has been a couple of weeks since our last update, so we would like to update you on the status of ASE Seminole County Phase I. With the success of the first two wells on this lease, the ASE 1 & 2, and the fantastic well logs, we have decided that we would tie up some additional surrounding acreage. So over the last two weeks, we have been in the process, with our Dallas-based attorney, of securing acreage in the surrounding land adjacent to our property. As I am sure you can imagine, it can be a time consuming process. Having said that, we have made great strides and look forward to commencing the completion process of the ASE 1 & 2 wells, which are scheduled to start before the end of June.
The reason for the urgency in securing this additional acreage is the anticipated oil production from the ASE 1 & 2 wells, which should exceed what we initially expected the production numbers to come on at. As you all know, nothing is guaranteed, but based on the well logs, we are very optimistic that the ASE 1 & 2 in this project will be better than we initially projected. This is due to the well logs showing two additional pay zones that we did not count on being present. So it is imperative that before the wells come online and into production, we officially secure this additional land to develop.
We anticipate having both wells in production within the first half of July, with peak production coming towards the end of July. Upon the resumption of the completion of the ASE 1 & 2 wells, Chris, Deon and James will take a trip out to Seminole County, Oklahoma. They will have plenty of footage to share on an investor portal update the following day after they return to Dallas.
We will keep you posted, and of course, for our Australian-based investor partners, don't hesitate to reach out to either , Dylan or Peter in our Sydney office should you have any further questions.
FYI, Phase 2 (our 3rd well) is close to being fully subscribed should you wish to participate. All investors are required to complete and return paperwork by the end of this week.
