Allied Energy Corp (OTCMKTS:AGYP) Stock In Focus After Strategic Joint Operating Agreement
Oil and gas producer Allied Energy Corp (OTCMKTS:AGYP) , on May 23, 2023, announced that the firm has forayed into a Joint Operating Agreement with Miller ESP, LLC for Justice Heirs SWD Lease and Prometheus Lease.
Allied Energy Corp Enters Strategic Joint Operating Agreement with Miller ESP, LLC
The company has identified six ways to implement JOA with Miller ESP. It will facilitate maximizing oil production throughout the year and beyond the lease. The expenses pertaining to oil production can be significant. Allied will be able to share the financial burden with the equipment provider using the JOA.
Miller provides Allied with access to a large range of specialized equipment, which may be required for effective operations. The company has extensive experience and knowledge in the oil industry and the JOA will benefit Allied from Miller’s expertise. Allied expects the collaboration to lead to efficient oil operations.
The joint operation with Miller will lead to operational efficiency. The company can handle the logistics of equipment mobilization and maintenance, enabling Allied to focus on core competencies. Oil production entails inherent risks, including regulatory compliance, technical challenges, and market volatility.
Allied CEO George Monteith said that the JOA means more oil production. The CEO believes that Miller can help the firm bring Prometheus back to over 40 barrels per day of production.
