Dear Valued Investor Partners,
We hope this update finds you well. Below is a summary of the latest developments regarding the Lois 1 Well.
Lois 1 Well – Completion Progress
- We are in the final stages of securing bids to complete the full scope of work.
- Final bids are expected in the coming weeks, allowing us to finalize the Authority for Expenditure (AFE) and schedule the necessary work.
On-Site Inspections & Preparations
- Recently, Dylan Knight and Chris Hemsworth conducted an on-site inspection of the Seminole County Project, including the Lois 1 Well.
- They met with contract operators, who have outlined a clear completion plan, with the first step being:
- Construction of a pad to accommodate the completion unit and associated machinery.
Projected Timeline & Execution
- The tentative start date for well completion is the last week of March-1st week of April.
- Our team is working diligently to expedite the process where possible.
Investor Appreciation & Project Outlook
- We sincerely appreciate your ongoing patience and understanding, as we recognize the delays have been significant.
- The whole ASE team is highly motivated to bring the Lois 1 well online and into production, especially given the strong initial performance of ASE3 we;;, which is also targeting the Booch Formation.
- Further updates will be provided next month. Please note, that portal updates will be posted at the end of the 1st week of each month.
Best regards,
The ASE Team
