Phase 2 (ASE 3)
Valued Partners,
Since we commenced our drilling program in Seminole County, we have utilised the services of the operating team who successfully drilled the Oddfellows A1 well over 4.5 years ago, and came highly recommended due to their vast experience in drilling throughout the US. That being said, our investors are keenly aware that we have faced multiple challenges during the past 2.5 years, which we have endeavoured to overcome, COVID-19 being one of the major reasons, and of course, the discovering the Misener/Hunton formation and our efforts to unlock the full potential of this hydrocarbon-rich zone. The data-backed evidence provided by our operating team, including Deane Pierce and Wayne Beninger, clearly reinforces the fact that there are multiple zones of oil with a EUR (estimated ultimate recovery) of between 100-140K bbls (per well) and commercial quantities of natural gas.
We at Alpha Seven Energy truly pride ourselves on putting the best interests of our investors first and making decisions to strive for the very best outcome possible, and because of this fact, we plan to replace our current operating team. We believe that we have given enough time for our current team to prove themselves and deliver the type of oil production that matches the e-logs, mud logs, core samples, and all of the other data from the many tests that were conducted.
In the past few weeks, we have been in talks with other operators in the area and are currently completing our due diligence. Once we have completed the vetting process and have officially replaced the current operating team, we will inform all investor partners. The next step from there will be for the new team to analyse the data and then formulate a new plan of action to be implemented, ensuring all current wells are producing at their optimal rate and all other wells are drilled, completed and in production as soon as possible, and achieving optimal oil production.
