Dear Valued Investor Partners,
We hope this update finds you well. Below is a summary of the latest developments regarding our project development plan and next steps.
Project Development Progress
- As outlined in previous portals, we have a clear development plan in place for our Seminole County oilfield.
- We are pleased to report that Step 1 and Step 2 have now been successfully completed.
Next Steps – ASE-4 Recompletion in the Booch Formation
- We are now preparing to recomplete ASE-4 in the Booch Formation.
- Tenders have been issued to obtain quotes for the full scope of work.
- Once received, we will finalize the Authority for Expenditure (AFE).
- Our objective is to maximize oil production from the Booch formation, which has already demonstrated high productivity.
Upcoming Timeline & Next Update
- In the next portal update, we aim to provide additional details, including:
- Estimated costs for the upcoming work.
- Projected timeline for execution.
- We are aiming to commence the completion scope of work in late Q1 or, at the latest, early Q2.
We sincerely appreciate your patience and continued support as we progress through these key phases. We look forward to sharing further updates in the next portal update.
Best regards,
The ASE Team
