Dear Valued Investor Partners,
We hope this update finds you well. The past month has been one of the most active periods of the new drilling programme to date, with significant progress made across the new wells since our previous portal. Please find a summary of the latest developments below.
FIELD INFRASTRUCTURE
New flow lines have been trenched and buried at the request of the surface owner, the tank battery is almost complete and is being plumbed up, and the gas line connecting the new tank battery back to the field tank battery is going in next. Once the meter is set and the gas sales line is plumbed in, we will be in a position to bring the Lois Anne #2-1 well online. We anticipate this happening early next week, with the Lois Anne #4-1 well to follow shortly after.
LOIS ANNE #1-1
Status: Producing
The well is currently producing from the Hunton, and once the SWD has been approved and is operational we will re-open the Wilcox perforations, which would be expected to provide a substantial lift in production. Please note, one of the major benefits of the Wilcox formation is that it has very minimal decline in production.
LOIS ANNE #2-1 — COMPLETED AND COMING ONLINE
Status: Shut-in Awaiting Flow Line Connection
Since our last update, the Lois Anne #2-1 has been completed in the Booch formation. The Booch was perforated, treated with acid, and fracture stimulated, with early results showing high volumes of gas and an increased oil to water ratio. The well is now shut-in awaiting its flow line connection, and with the infrastructure nearing completion we expect to bring it online early next week.
LOIS ANNE #3-1 — SUBMERSIBLE PUMP PLANNED
Status: Drilled and Uncompleted, Awaiting Disposal Well
The Lois Anne #3-1 remains drilled and uncompleted, with its completion awaiting the commissioning of the saltwater disposal well (SWD). Following a review with John Dowds, the #3-1 has been identified as an excellent candidate for a submersible pump, which would allow us to move between 800 and 1,000 barrels of fluid per day, with an estimated oil cut of 10-15%.
LOIS ANNE #4-1 — DRILLED, COMPLETED AND AWAITING PRODUCTION
Status: Shut-in Awaiting Flow Line Connection
The Lois Anne #4-1, which had only just been spudded at the time of our previous portal, has since been drilled to a total depth of 4,250 feet with production casing set. We are very excited to report that we encountered approximately 16 feet of continuous Booch formation. To put this into context, this is approximately 40% more formation than our most successful well on the oilfield, the ASE 3, in which we perforated approximately 11 feet of pay zone.
The well was perforated across 14 feet in the Booch formation at approximately 3,320 feet and fracture stimulated with 42,000 pounds of sand, again showing high gas volumes. During the two days of swabbing, we saw an increase in the oil cut. The #4-1 returned the best Booch log on the oilfield to date. The well is shut-in awaiting its flow line connection and is next in line to be brought into production after the #2-1.
GEOLOGICAL CONFIRMATION — STRONG BOOCH RESERVOIR QUALITY
A detailed review of the well logs by our geologist, John Dowds, has confirmed strong reservoir quality in the Booch formation across the oilfield, including porosity of approximately 20% from the log data. This is a super encouraging result that supports our decision to target the Booch as the primary formation across the new wells.
LOIS ANNE #5-1 AND #6-1 — PROPOSED DRILLING LOCATIONS
We have now selected the location for the Lois Anne #5-1, which is projected to intercept approximately 20 feet of Booch formation. The Lois Anne #6-1 is proposed to be drilled to the east of the #4-1 and is also projected to encounter up to 20 feet of Booch pay zone. Both wells will follow in the drilling programme, targeting the Booch consistent with the strategy that has guided our most recent completions. The proposed #5-1 location is shown on the map below, to the west of the #4-1, and the #6-1 is earmarked to be drilled to the east of the #4-1 well.
DISPOSAL WELL
Status: Awaiting OCC Approval
The disposal well application remains with the Oklahoma Corporation Commission, awaiting transfer approval, after which the disposal well permit will be filed. Commissioning the disposal well is the key step that will unlock completion of the #3-1, commingling of the #1-1, and further production optimisation across the entire oilfield.
OVERALL PROGRAMME OUTLOOK
This has been a milestone month. Two wells are completed and awaiting only their flow line connections, the geology continues to confirm the strength of the Booch target, and the locations for the next two wells have been selected.
IMPORTANT RECAP
As per previous portals, our strategy is to drill and complete all six of the wells that form part of the ASE Lois LP. All investors will receive ownership in these wells once they have all been drilled and completed and we have ascertained the final cost of capital. We will then be in a position to work out the exact working interests we can deliver to investors. This is because we have a turnkey contract on these new wells, and we need to retain working interest just in case we go over budget and have to sell down ownership to complete the six-well project.
At which time the working interest from these 6 wells (Lois Anne 1, 2, 3, 4, 5, 6) will be allocated into the Seminole County Phase 7 LP.
We understand you may have questions regarding when the other two wells will be drilled and estimates on when we will be in a position to allocate working interest. At the moment we cannot give you an exact date, but we can say confidently that we are starting to build momentum and are working around the clock to expedite the delivery of working interest to the investors who have been patiently waiting.
Our next scheduled investor portal update will be released on or before July 11th, 2026.
Best regards,
THE ASE TEAM
