We hope this update finds you well.
Now that we have fully implemented the investor account management software for all investors, we would like to inform you of some updates to the information provided in the monthly portals.
As investors now have direct access to their monthly statements via the platform and receive automatic notifications when statements are posted, the monthly portals will no longer duplicate this information.
Moving forward, portal updates will be issued only when:
This streamlined approach will ensure that portal communications remain focused on meaningful updates and project developments, while your financial statements remains readily accessible through your investor platform account.
ASE 4 WELL UPDATE
As we have outlined in previous portals, our strategy was to get the ASE 1 well back online and resolve its fluid entry challenges, which would then provide us with additional data and confidence to follow the same remedial strategy with the ASE 4 well.
Current Status: Unfortunately, despite completing additional perforations and changing the downhole pump on the ASE 1 well, we have not been able to achieve consistent oil production into the tanks.
There is still one potential remedial strategy remaining for the ASE 1 well, which is to perform an acid job to clean out the perforations and formation. We will conduct this scope of work in the coming weeks.
ASE 4 ALTERNATIVE STRATEGY:
At this stage, the ASE 4 well may not become a productive oil and gas producer. However, we have identified another potential strategy to monetize the wellbore and provide investors with monthly income.
Water Flood Injection Well Strategy: Our strategy is to implement a waterflood program in the ASE Oddfellows oilfield, and the ASE 4 well could be a perfect candidate for conversion to a water injection well. This would mean that investors could receive monthly income based on the barrels of water injected into the formation.
Benefits of this strategy include:
We appreciate you may have some questions, yet at this stage there is no more information we can provide. There will be more detailed information about this strategy in the following portals once we have finalized the technical and economic analysis.
If you have any questions about accessing your account, locating your monthly statements, or any investor-related inquiries please contact Claudia Brugge at claudia.v@alphasevenenergy.com.
Best regards,
