Dear Valued Investor Partners,
We hope this update finds you well. Please find below your February 2026 operational update for Seminole County Phase 4, the Lois #1 well.
DEVELOPMENT STRATEGY & CONTEXT RECAP
As we have communicated throughout the portal updates, our strategy has always been to drill all six of the ASE Lois LP wells before making final completion decisions across the program. This disciplined approach ensures that we have the maximum amount of geological data available before committing to completions, giving us the best opportunity to extract the highest volume of hydrocarbons from every well.
The Lois #1 well is part of this broader program, and its final completion strategy will be determined in line with this overall approach once all six wells have been drilled and the full geological picture is established.
SEISMIC SURVEY — INVESTOR VOTE UPDATE
As outlined in our recent communication to all ASE Lois LP investors, we have been progressing an exciting opportunity to conduct a seismic survey across the entire Oddfellows oilfield lease and surrounding acreage. Seismic data will provide a significant step change in our ability to optimise well placement and completion decisions across the program.
Key highlights of the seismic program include:
• Precise mapping of all fault lines across the lease — allowing every future well to be positioned with the highest possible accuracy
• Identification of the optimal drilling targets for the Lois Anne 5-1 and 6-1 wells, informed by a full 3D subsurface picture
• Enhanced ability to determine the most productive completion zones across each existing drilled well, including the Lois 1 well, also provides the ability to commingle formations where appropriate across seven identified hydrocarbon pay zones
• Potential identification of oil-filled natural fractures within formations, which can dramatically enhance flow rates and production volumes
• A complete subsurface intelligence picture that benefits not only the current ASE Lois LP but all future phases and any expansion of the oilfield footprint
VOTE STATUS
We have received the majority of the ASE Lois LP investor votes and are awaiting the final votes to be cast. Once all votes have been received, we will provide investors with a full update on the outcome and confirm whether seismic will proceed on the project.
Please note - no votes are required from the Seminole County Phase 4 (Lois 1) LP investors.
Next Portal Update: Your next portal update will be released on 11 April 2026.
Warm regards,
The ASE Team
