Phase 7 (ASE 7) Valued Partners,After receiving feedback from multiple investors, we have decided to post portal updates (for wells in production/dewatering phase) on a monthly basis, unless there is any information of importance, then we will update investors sooner.
Phase 1Both the ASE 1 and ASE 2 wells continue through the dewatering phase, with the ASE 1 still producing the highest volume of gas and the ASE 2 the greatest quantity of oil when compared to all of the other wells at our Seminole County project location.Continuing on from the previous portal update, our team completed the pressure buildup tests and the data is currently inclusive, yet with that being said, one verbal comment we received stated that the area looks like a large "sponge" meaning everything is connected, which is a very positive piece of information indeed! During the past week, we have purchased an add-on unit for our echo meter so to obtain bottom hole pressure measurements ourselves. In addition, we have purchased a RAM and nitrogen kit with software for transient pressure analysis to go with our echometer and dynamometer. We will retest both the ASE 4 and the ASE 3, and on the best advice from our operator, we should then have all of the required data to pinpoint the exact cause of the underperformance of the wells.We will use the data from the ASE 3 & 4 wells to then plan the best course of action for the ASE 2 & 1 wells. Deane Pierce (Petroleum Engineer) stated this week that we just need to fine-tune our extraction process, probably with a large acid job, in order to open the perforating/frac tunnels which are likely filled with carbonate fines.
Phase 2The ASE 3 has been offline for a portion of the previous four weeks, due to our team completing the pressure buildup test on the well, which at present the data is inclusive. With that being said one verbal comment we received stated that the area looks like a large "sponge" meaning everything is connected, which is great news! In the past week, we have purchased an add-on unit for our echo meter so to obtain bottom hole pressure measurements ourselves, in addition, we have purchased a RAM and nitrogen kit with software for transient pressure analysis to go with our echometer and dynamometer. We will retest the ASE 3 and on the best advice from our operator, we should then have all of the required information to pinpoint the exact cause of the underperformance of the well.Deane Pierce (Petroleum Engineer) stated this week that we just need to fine-tune our extraction process, probably with a large acid job, in order to open the perforating/frac tunnels which are likely filled with carbonate fines.
Phase 3Like the ASE 3 well, the ASE 4 has been offline for extended periods within the last four weeks. This is due to our team completing the pressure buildup test on the well, which at present the data is inclusive. With that being said one verbal comment we received stated that the area looks like a large "sponge" meaning everything is connected, which is great news! In the past week, we have purchased an add-on unit for our echo meter so to obtain bottom hole pressure measurements ourselves, in addition, we have purchased a RAM and nitrogen kit with software for transient pressure analysis to go with our echometer and dynamometer. We will retest the ASE 4 and on the best advice from our operator, we should then have all of the required information to pinpoint the exact cause of the underperformance of the well.Deane Pierce (Petroleum Engineer) stated this week that we just need to fine-tune our extraction process, probably with a large acid job, in order to open the perforating/frac tunnels which are likely filled with carbonate fines.
Phase 4Following on from the last portal update, the Lois 1 drilling pad has been completely cleared and we are retesting the ASE 3 & 4 wells and will analyze all of the data prior to completing the Lois 1 well. Our geologist and petroleum engineer have both stated on multiple occasions that each of the Misener/Hunton wells has a very similar makeup and rock metrics, so a solution of optimising oil production for one well should logically mean a solution for all wells. Also, another reason we are taking a measured approach is to ensure (as best as possible) that we protect the formations and the individual wellbores, as in the past there have been cases throughout the oil industry where operators have rushed the completion process, without the support of science-backed data and have caused longterm damage to the wells. Our desired outcome is to extract the maximum EUR possible from each well, meaning recovering the greatest quantity of oil and gas from each formation.
Phase 5In the past two weeks the Lois 2 well was officially spudded with a 12-1/4" rock bit and drilled to a depth of 840 ft. We ran 840 ft of 8-5/8" surface casing and cemented the casing in place. We are now waiting on the cement to cure. A major tornado struck Seminole County and Oklahoma shortly after setting the surface casing. All hotel rooms in the area are booked with emergency crews and local residents who lost their homes, so we have been unable to bring the crews back this week, yet on a positive note, there has been no damage to the ASE rig#3 or the facilities. It is our intention to recommence with the remainder of the drilling procedure as soon as physically possible.
Phase 7As all ASE 7 investors have an interest in the Lois 2 we thought it would be prudent to share the latest information for Phase 5 (Lois 2 well). Please see below.In the past two weeks the Lois 2 well was officially spudded with a 12-1/4" rock bit and drilled to a depth of 840 ft. We ran 840 ft of 8-5/8" surface casing and cemented the casing in place. We are now waiting on the cement to cure. A major tornado struck Seminole County and Oklahoma shortly after setting the surface casing. All hotel rooms in the area are booked with emergency crews and local residents who lost their homes, so we have been unable to bring the crews back this week, yet on a positive note, there has been no damage to the ASE rig#3 or the facilities. It is our intention to recommence with the remainder of the drilling procedure as soon as physically possible.
Phase 8As all ASE 8A and 8B investors have an interest in the Lois 2 we thought it would be prudent to share the latest information for Phase 5 (Lois 2 well). Please see below.
In the past two weeks the Lois 2 well was officially spudded with a 12-1/4" rock bit and drilled to a depth of 840 ft. We ran 840 ft of 8-5/8" surface casing and cemented the casing in place. We are now waiting on the cement to cure. A major tornado struck Seminole County and Oklahoma shortly after setting the surface casing. All hotel rooms in the area are booked with emergency crews and local residents who lost their homes, so we have been unable to bring the crews back this week, yet on a positive note, there has been no damage to the ASE rig#3 or the facilities. It is our intention to recommence with the remainder of the drilling procedure as soon as physically possible.
