Valued Partners,
The Seminole County project updates are early this week due to the Thanksgiving holiday in the US. For all of our American investors, and anyone else who is celebrating this occasion, please have a safe and enjoyable Thanksgiving.
Phase 2 (ASE 3) investors are due to receive their 1st monthly revenue disbursement this week. The ASE 3 well, and all other ASE wells (excluding the ASE 1), have experienced spikes in daily oil production over the past 1-2 weeks, this is a confirmation that the de-watering process is having a positive impact on production.
Additionally, we have implemented a new and improved monitoring system which now allows our oil gatherer to be notified once a well's tank battery is close to being full. This will greatly improve the efficiency of our oil transportation and sales.
Below is a summary of all other Seminole County project developments:
In the coming days our Phase 1 investors will receive their 11th gas revenue and 3rd oil revenue disbursement.
Over the past week, the ASE 1 well has started to show an oil cut. This is a great sign at this stage of the flowback phase, as we still have approximately 3,000 barrels of stimulation fluid to remove.
During the past two weeks we have seen multiple days where the ASE 2's oil production has spiked and the oil cut has improved. This is a positive indicator that this well will continue to see increases in oil production, especially as the ASE 2 progresses through the de-watering process.
Phase 3 (ASE 4) investors are due to receive their 2nd revenue disbursement this week. The ASE 4 well has experienced multiple spikes in production over the past 1-2 weeks as the well continues to be de-watered.
Unfortunately, due to continued transportation challenges faced in the US, we are still waiting for the gas anchors and valves to arrive on-site. Once we have received these components, our operational team will commence the installation process for each of the wells.
We are very pleased to announce that the Lois 1 well (Phase 4) was drilled to a target depth of 4,300 ft on Tuesday of this week. All investors who accessed our live cameras and Pason were able to experience the drilling operation in real-time. The well was successfully completed in record time. At this stage the mud logs seem to have good shows of oil and gas. Per our standard operating procedures, our team will be reviewing the e-logs and data to then provide all investors with the full Lois 1 well site report.
Regarding the Lois 2 (Phase 5) well, in the coming weeks, we will start to mark out the service road and make plans to commence building the infrastructure to support the ASE rig 3 mobilisation.
Both Phase 7 & 8 investors will be pleased to see some great progression being made in our Seminole project, as we are striving to recoup some of the delays we have experienced in the past.
We have just started using Telegram as an additional form of communication with the intention of sharing the very latest, raw project progression videos and some oil & gas news articles. Please click on the button below to view our channel. You may be required to create a free account.
ASE Telegram Channel
