Valued Partners,
Our Geologist, Wayne Beninger, has multiple drilling locations for the Phase 7 and 8 wells available, with 3-4 individual areas of special interest. Once the Lois 2 has been drilled, we will finalise the exact location for the ASE 7, followed by the ASE 8A and ASE 8B locations.
Below is a summary of all other Seminole County project developments.
Approximately 60% of the stimulation fluid has now been removed from the ASE 1, and in the past 24 hours, we saw a spike in (hourly) oil production.
In the past 48 hours, the ASE 2 well has produced its highest (daily) volume of oil (i.e. 64 and 77 barrels). This is not only great news for Phase 1 investors, but all investors in this project, as it shows that as the well continues to de-water, the oil cut and production levels are increasing.
After some delays we can now confirm that the specialised downhole pump for the ASE 3 well is en route, and our team is prepared to commence the installation process on Friday. This is a different specification of pump compared to the pump installed a few weeks ago on the ASE 4 well. The reason for this is to directly compare which pump is the most effective regarding managing the back pressure of the wells and thus maximising oil production.
Since the new downhole pump has been installed there has been no real improvement to the ASE 4 well's performance. That being said, we had a meeting with our Geologist, Wayne Beninger, and Petroleum Engineer, Deane Pierce, and they are both very confident that the ASE 2 and 3 wells will produce similar quantities of oil as the ASE 2 well. Based on the core samples and e-logs, all of these wells have similar characteristics.
Seminole Well Report
Regarding the Lois 1 well, our team is currently analysing the e-logs and making a final decision on the exact completion process. Once a decision has been made, we will engage with YellowJacket to book the perforation procedure. Please note, YellowJacket has completed this scope of work on all ASE wells at our Seminole County project.
This week the Lois 2 road has been marked out and road construction has commenced. After the Christmas break, our team will continue building the service road and pad in preparation for the mobilisation of the ASE 3 drilling rig.
We want to take this opportunity to express our appreciation to all of our investor partners and to reinforce our continued commitment to everyone within the Alpha Seven Energy community.
ASE's offices will be closed from December 24 through January 10. Please enjoy your time with friends and family and have a very enjoyable and safe holiday season. Lastly, Happy New Year, and here's to a very successful and prosperous 2022!
