Valued Partners,
The ASE 1 well is continuing to produce impressive quantities of natural gas (500-524 MCF per day). In comparison, the JK 2 well has been producing approximately 300-340 MCF per day, and in the past few days has seen sizable increases in oil production. The JK 2 is considered to be relatively inferior to the ASE 1 well, and when analyzing the e-logs of the ASE 2 & 3, we believe these wells to be superior to the ASE 1, which is why there is so much excitement building around this project.
Our work over rig is currently moving into position at the ASE 2 well to perform a caliper and bond log. This is part of our strategy (of corrective action) to find the source of the water entry and minimize/stop entry into the well bore. Once this course of action has been completed, the ASE 2 well can then be fine tuned to maximum oil and gas production levels. In addition, based on the petrophysical analysis of the well fluid, the results concluded that the ASE 2 should produce little to no water from the formation and significant amounts of oil.
One of our on-site operational team took some video footage of the Oddfellows A1 yesterday. This was the very first well drilled on our lease and has been producing oil for close to 3 years (since December 2017).
