Mayan Energy Limited Operations Update (9390E)
February 15 2018 - 1:00AM
UK Regulatory
TIDMMYN
RNS Number : 9390E
Mayan Energy Limited
15 February 2018
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
15 February 2018
Mayan Energy Ltd ("Mayan" or "the Company")
Operations Update - Initial Flow Rate for Gilbreath #15
Mayan (AIM: MYN), the AIM listed oil and gas company, is
delighted to announce that the Gilbreath #15 well at Forest Hill
Field, Wood County, Texas ("Forest Hill") was added to production
with 51 barrels of crude oil produced in the first 24 hours. In
addition to the results of the Gilbreath #19 well and the Morris #1
well at the Stockdale Field, Wilson County, Texas ("Stockdale"),
which continue to produce at rates consistent with their initial
flow rates announced in the RNS dated 13 February 2018, the Company
continues to make steady progress in the eight well workover
programme underway at Forest Hill and total of nine wells to be
worked over (including the Morris #1 at Stockdale) on its Texas
assets.
Forest Hill Field, Wood County, Texas (Mayan 70% Working
Interest / 52.5% Net Revenue Interest)
-- 51 barrels of oil produced by Gilbreath #15 within initial 24 hours of operation
-- Importantly, these are untreated barrels as the Company has
yet to apply any of the proprietary production enhancement
technologies at its disposal and therefore the Company believes
initial production rates can be increased
-- Mayan intends to produce Gilbreath#15 for several weeks to
establish a production baseline before attempting to further
stimulate the well
-- The Gilbreath #48, the fourth of eight wells to be worked
over at Forest Hill Field (and fifth of nine total wells overall)
is now rigged up
-- The Company is also pleased to announce that it has now
received permits and approvals necessary to complete and start
producing six of the eight wells in its Forest Hill workover
programme with the last two expected in the next week
Eddie Gonzalez, Managing Director, said: "With 51 barrels
produced at the Gilbreath #15 during the initial 24-hours, the
Forest Hill Field workover programme continues to deliver. Now that
we have received the necessary permits and approvals for six of the
eight wells we are working over at Forest Hill Field, with the
remaining two expected near term, we plan to complete the work
programme in short order and in the process take a major step
towards achieving our 300-500bopd production target.
"The Company is in a position financially to complete this
programme with current resources and cash flow available. In
addition, we are pleased that actual costs are running
significantly less than the budgeted US$30,000 per well we planned
to spend. I am very excited about the potential we expect to
realise in the next 6-8 weeks as all of the wells are completed and
brought online. Crude oil has always been the backbone of the Texas
economy and it now forms the backbone of Mayan as well!"
Special note concerning the Market Abuse Regulation
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR").
**ENDS**
For further information visit www.Mayanenergy.com or contact the
following:
+ 1 469 394
Eddie Gonzalez Mayan Energy Ltd 2008
+44 7971 444
Charlie Wood Mayan Energy Ltd 326
Beaumont Cornish +44 20 7628
Roland Cornish Ltd 3396
Beaumont Cornish +44 20 7628
James Biddle Ltd 3396
Cornhill Capital +44 20 7710
Nick Bealer Limited 9612
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange)
oil and gas energy Company; focussed on the redevelopment and
enhancement of its upstream oil and gas interests in Oklahoma and
Texas.
Technical sign off
All of the technical information, including information in
relation to reserves and resources that is contained in this
announcement has been reviewed by, Mr Stephen Brock. Mr Brock is a
production engineer and member of the Society of Petroleum
Engineers who is a suitably qualified person with over 20 years'
experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical
information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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