Dear Valued Investor Partners,
We trust this portal update finds you in good health.
Here is a quick update on the latest developments at our Cherokee Phase 2 project;
This week, we have made continuous strides, advancing towards our goals with determination and focus.
Infrastructure Preparation: Today, we received the pumping unit for the Cherokee 5-9 well. With our on-site team carefully unloading each component, we are now ready to commence the build process. Additionally, preparations for water, gas, and oil line connections are due to start on Wednesday, ensuring smooth integration with the Phase 2 tank battery, this will involve a specialised machine that will dig approximately a one-foot trench and lay down each individual line.
We also received a large propane gas tank, serving as both a catalyst for the well to kick off and a contingency measure to minimize production downtime.
5-9 Dual-Production Schedule: To expedite our timeline, Dylan and Grant will make the 120-mile round trip to Tulsa to help collect gas-powered engines, further streamlining the commencement of dual-production at the 5-9 well, which is estimated to be on Friday morning.
Equipment Mobilization: Bob Pounding Drilling has begun mobilizing the drilling rig, with essential equipment arriving at the location, which also included the dog house and fuel tanks. Unfortunately, the estimated spud date will be 1-2 days later than expected (Thursday/Friday), this is due to the rig requiring essential maintenance and servicing. It is of the utmost importance that the rig is in perfect working condition, to mitigate any issues while drilling, especially as we are scheduled to drill the 7-9, 9-9 and 8-9 wells consecutively.
Remaining Well Preparations: On Thursday road and pad construction for the Cherokee 9-9 well is due to commence, which is the next well in line to be drilled after the 7-9, then followed by the 8-9 which will be last well to be drilled due to its positioning.
Continuous Updates: Expect more detailed updates throughout the week, capturing every facet of our on-site activities, including Dylan and Grant`s road trip to Tulsa.
Commitment to Progress: As we approach the Easter holiday, our dedicated team, alongside ASE Senior Partners Dylan Knight and Grant McLoughlin, remains steadfast in their commitment to bringing all remaining Phase 2 wells online promptly. In fact, the drilling team, Dylan and Grant will continue to be out on location throughout the entire Easter period.
We appreciate your continued partnership and support.
Best regards,
The ASE Team
