Valued Partners,
Our Petroleum Engineer, Deane Pierce, has also been on-location, taking readings of the wells using our new echo meter. This data will be shared with our Geologist, Wayne Beninger, who (together with Deane Pierce) will make decisions on the best scope of work to optimise oil production. We have created a checklist of all possible issues with the wells and through a structured process of elimination, we feel supremely confident that our team will be able to reach a point (in the near future) to have each and every Misener/Hunton well (current & future) performing at optimal oil output.
Peter Fagan and McLoughlin from the 4th of April will be heading back to the US. This will be the first time that all of the ASE Senior Partners will be together in person, and during this time we will be conducting multiple site inspections and meetings with our operating team.
Here is an article of interest:
"Top traders see oil topping $200 by the end of 2022"
Below is a summary of all other Seminole County project developments.
Currently, for the month of March, the ASE 1 well has produced its highest monthly oil production, and during the past few weeks, the well has continued to produce consistently high volumes of natural gas. Please note that oil production is still low due to the removal of the final quantities of stimulation fluid and because of the de-watering process.
Since setting up the temporary facility next to the ASE 2 well, we have seen an improvement in oil production, but still not the volumes we anticipated.
Since the last portal update, both the ASE 3 and ASE 4’s oil production has been fairly consistent with no major spikes. Currently, in the month of March, the ASE 3 well is outperforming the ASE 4 well.
As we continue to test and monitor the ASE 2 well, our geologist and petroleum engineer have suggested that we also conduct multiple tests for the ASE 4 well at the same time. The strategy over the coming weeks is to use a bottom hole pressure bomb, which is a pressure-tight container, used to record the pressure in the well at the point opposite the producing formation.
Our team is eager to complete the road and drilling pad for the Lois 2, which should be completed shortly. As all of our investors know, we have faced multiple setbacks, yet with that being said, we are always striving to overcome any and all challenges as we focus on drilling the best performing wells possible, without cutting corners on safety.
In the next few weeks, we will confirm the exact drilling location for the ASE 7 (Phase 7) well, and once confirmed, we will share a map highlighting the precise position of the well.
