Allied Energy Corp (AGYP)

[traderider]

The update reported Curtis Boyle, AGYP’s Operations Manager, designed a three-phase plan to bring Prometheus on line:

** In Phase One, a third party contractor will rig up and establish a blow-out preventer on the wellhead. Borets International, another contractor, delivers a heavy downhole pump, downhole sand separator, steel insulated cable, variable frequency drive, transformer, cable and spooler.
** Borets International has also attached a five-stage pump, motor and started in the hole with the necessary assembly, the Company said. All were lowered to the target depth of 6,500 feet.
** In Phase Two, crews will finish running the pump into the H1 hole, the arial frequency drive, transformer to electrical service. The field crew will then program the motor and pump and run critical system tests. Then they will slowly ramp up pump horsepower.
** In Phase Three, electrical service will be changed to 2000 amp. A high capacity pump will then run, horsepower will be ramped up, and full production settings will be established.
** Earlier, AGYP issued a similar update on its progress at its Annie Gilmer site. It reaffirmed Wells 1 and 5 are producing and pumping oil. It detailed its operations at that location.