Allied Energy Ord Shs (OTCMKTS: AGYP) Provides Investors Update For M1 Well

Allied Energy Ord Shs (OTCMKTS: AGYP) has recently updated the investors that the planned work in context with the Green Lease location-based M1 Well has been finalized in a cost-effective and deadline-driven manner. 

About this, the CEO of the company, George Montieth, said that despite the heavy rains that continued in northern Texas for weeks at a stretch, the task was still completed on time. The CEO also additionally mentioned that the crew is aware of the rising prices of oil. 

About the project

In the third week of June, the company had purchased a workover rig based in the Green Lease site to the well. The rig began from the hole using a 5/8″ and 3/4″ rods combination. In the beginning, the company said that the hole was filled with heavy oil cut in well. The crew had drilled and pumped at 2970′ with 1 1/4″ x 6′ pump set. 

After completion of this process, the company pressure tested tubing to 7000 psi. During the process, the company updated a few joints of poor quality, which were repaired and fixed. In the project, the company used M1 well for circulation for around 3 hours till fluid came in clean and clear. 

The company has given a complete update about the process implemented. 

Well M1 ready for production

Well M1 is ready for production. Last week, the company had installed a pumpjack to get an idea about the barrels per day flow rate, which would be needed by the end of the month. At present, the Green Lease crew has moved its workover operations to the other well, i.e., Well K-3. 

About the company

Allied Energy Corp. is an energy development firm specializing in gas and oil reserves in prolific hydrocarbon-bearing regions. Additionally, it is also fixed on re-completing and re-working on present oil and gas wells. Allied Energy Corp. uses its experience and knowledge in technologies for achieving more extended life for wells, increased production volumes, and efficient recovery of gas and oil reserves.