Dear Investor Valued Partners,
We are pleased to bring you the latest updates from all our wells within the Cherokee Phase 2 project.
Cherokee 3-9 Well:
As mentioned previously, the Cherokee 3-9 well has been officially online and in production since Monday, June 10th. To date, it has been producing large volumes of water, which are being injected into our Cherokee 5-9 well. This is beneficial for our pressure maintenance/water-flood operations for the Red Fork formation. As of yesterday, the 3-9 well started to "colour up," and we began seeing our first oil cut from this formation. Please see the video below showing the oil cut from the 3-9 well. We are optimistic that the current 10% oil cut will improve in the coming days and weeks. We will keep you posted.
Cherokee 5-9 Well:
The Cherokee 5-9 well is successfully taking water from the 2-9 (Phase 1), 3-9, and 7-9 wells. Further updates on the water volume will follow once all wells are officially online and in production, which should be within the next 10 days, weather permitting.
Cherokee 7-9 Well:
The Cherokee 7-9 well has been officially online and in production since the afternoon of Monday, June 10th. As of Friday, June 21st, at 5 PM (CST), we have yet to see an oil cut. However, given that the 3-9 well took nearly two weeks to show its oil cut, we are confident that the 7-9 well will also start to colour up next week.
Cherokee 8-9 Well:
The Cherokee 8-9 well was acidized on Monday, June 10th, and has since been swabbed back. The brand-new gas-powered Arrow engine for the 8-9 well arrived today (please see the image below) and will be installed next week. We anticipate having the 8-9 well in production next week.
Cherokee 9-9 Well:
The Cherokee 9-9 well has been fracked into the Red Fork formation to become a dual-producing well alongside its already completed Skinner formation. The brand-new gas-powered Arrow engine for the 9-9 well arrived today (please see the image below) and will be installed next week. We anticipate having the 9-9 well in production next week.
Senior Partner Peter Fagan, who is visiting from Sydney, and Dylan Knight will be heading to our Cherokee oilfield on Wednesday, June 26th.
There will be more updates and videos released via the portal next week.
Have a great weekend.
Best regards,
The ASE Team
