Valued Partners,
Regarding the Lois 1 well, we have taken delivery of our production casing and after delays in receiving the final component for the rig, we are happy to report that all parts have been received. The crane was booked-in for this week, but due to heavy rainfall and thunderstorms, it was deemed unsafe to mobilize the crane. Weather permitting, we are scheduled to raise the derrick and doghouse next week.
For all investors in Phase 4 (Lois 1) and the other wells in line to be drilled, we would like to inform you that we are currently working around the clock to ensure we implement effective strategies to fast-track drilling operations while maintaining our safety standards. Thank you once again for your patience, support, and understanding.
Below is a summary of all other Seminole County project developments.
We are pleased to report that the ASE 1 well was successfully perforated by YellowJacket, targeting the Booch and Misener/Hunton formations. In addition, Quasar was able to find a small window of time between the heavy rainfall and thunderstorms to perform the dual-zone sand stimulation, and from all reports the operation exceeded expectations. Deane Pierce was there to oversee the procedure and has stated that the formations broke down with ease and approximately 5,000 barrels of water were used in the process, which is 1,500 more than any of our other single-zone (Misener/Hunton) completions.
Per our standard operating procedure, the well was left to rest for 24-48 hours, the tubing has been run, and we plan to commence swabbing by Saturday (weather permitting).
The ASE 2 well continues to see gradual improvements in oil production, with all Phase 1 investors scheduled to receive their 2nd oil revenue disbursement on the 25th of October.
The ASE 3 well (Phase 2) has entered the de-watering phase with continued improvements to the oil cut being reported. On the 24th of November, all phase 2 investors are scheduled to receive their 1st monthly revenue disbursement.
All Phase 3 investors (ASE 4) are scheduled to receive their 2nd revenue disbursement on the 25th of October.
We are very pleased to announce that we have a dual solution for minimising gas interference and improving the efficiency of the pumpjacks. In combination with the de-watering process, our team of experts strongly believe that each of the ASE wells will see great improvements in oil and gas production, with a reduction in water volume. Weather permitting, we plan to install the gas anchors in the next 1-2 weeks on all wells, and we are currently trying to source additional downhole components which will be the second part of our dual solution.
McLoughlin (Senior Partner & COO) recorded a video which we believe all ASE investors will enjoy watching. It covers what is driving the current high oil and gas prices, plus the evidence that this new trend has a high probability of continuing for many years to come.
