Valued Partners,
Last week we repositioned the PCP to just below the Misener/Hunton perforations and after closely comparing the performance of the PCP to the ASE 2, which has a traditional pumpjack, we have decided to install a 456 pumpjack on the ASE 4 well. The gas-powered engine and the pumping unit are scheduled to be installed this week, and oil & gas production will recommence, with improvements to production volume to follow shortly.
Here is a summary of all other Seminole County project developments:
All Phase 1 investors were paid their 8th monthly revenue disbursements last week and are due to receive their 1st combined oil & gas revenue payment this month.
The ASE 1 continues to produce commercial quantities of gas, and the final preparations are now being made in readiness for Yellowjacket to conduct the dual-zone perforation, followed by Quasar to complete the sand stimulation.
Regarding the ASE 2 well, a large portion of the load water has been removed and the oil cut continues to make steady improvements.
The ASE 3 pumping unit (456 pumpjack) has been fully operational for the past two weeks, and we have removed a larger portion of the load water, with small improvements to the oil cut being observed. In our current oil samples, we are seeing a very "foamy" oil. This is due to the higher than expected levels of gas being produced. All Phase 3 investors will be receiving their 1st monthly oil and gas revenue disbursement on the 24th of September.
The Lois 1 rat hole has been drilled and the ASE rig 3 is now in position and we are ready to commence pre-drilling safety checks. Over the next week, the on-site cameras will be installed and each investor will receive their access via Arlo.
