Dear Valued Investor Partners,
We hope this Phase 4 (Lois 1 well) update finds you well.
LATEST UPDATE – CURRENT STATUS
Here is an update on the ASE 4 well, which is located in close proximity to the Lois 1 well.
Challenge Identified: During the flowback phase of the ASE 4 well, we encountered fluid entry issues that prevented fluids from entering the wellbore. We mobilized our workover crew to clean out the perforations and pump, but unfortunately, this intervention was not able to resolve the issue.
Analysis and Solution: After thorough analysis, it appears we are facing a similar problem to the one we are currently encountering with the ASE 1 well. Following consultation with our team, we believe we have identified a potential solution: putting the well on vacuum using a compressor system.
Strategic Approach for Lois 1: Before we proceed with the completion of the Lois 1 well, we want to ensure that we have resolved the fluid entry issue on the ASE 4 well, given their close proximity. We believe it is essential to have all operational data and proven solutions in hand prior to completing the Lois 1 well. This methodical approach ensures we have the highest probability of successfully completing this well and bringing it into production.
We are cautiously optimistic that this approach will yield positive results and will provide detailed updates on the outcome in our next communication.
ALPHA SEVEN ENERGY INVESTMENT PORTAL
Last week, we initiated our phased rollout of the new investment portal to a limited number of ASE investors. This approach allows us to identify and resolve any technical issues before the full-scale launch to all investors.
TAX DOCUMENTATION UPDATE
We have received confirmation from our accounting team that K-1 forms will be completed and filed within the next 3-4 weeks.
UPCOMING COMMUNICATIONS
Our next investor portal update will be released on Thursday, July 10th (US time).
Best regards,
THE ASE TEAM
