Mayan Energy Limited Operations Update from Stockdale Field (5403L)
April 20 2018 - 1:00AM
UK Regulatory
TIDMMYN
RNS Number : 5403L
Mayan Energy Limited
20 April 2018
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
20 April 2018
Mayan Energy Ltd ("Mayan" or "the Company")
Operations Update - Stockdale Field
Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased
to announce an update on its ongoing activities to significantly
enhance production at the Morris #1 well ('the Well') at Stockdale
Field, Wilson County, Texas in which the Company has a 60.0%
working interest (WI) and 45.0% net revenue interest (NRI). This
forms part of a multi-well low cost workover programme occurring
across Mayan's portfolio of Texan assets to increase net production
to 300-500bopd in the medium term.
As part of its strategy to increase production at the Morris#1
well, on 13 February 2018 the Company announced its plans to
acidise and commingle the Upper and Lower Anacacho formations at
the Morris#1 well, which has now been completed. Furthermore, as
announced on 4 April 2018, the Morris #1 well was shut whilst work
on the water injection well was completed, which has now taken
place (prior to this it was producing at a rate of 24-26 barrels of
oil per day from the Upper Anacacho). Prior to acidising and
commingling the Upper and Lower Anacacho, there was a spike in gas
pressure in the Well (kick), which resulted in the recovery of 92
barrels of crude oil over a period of 6 hours from the upper
Anacacho.
Acidisation and commingling of the Lower and Upper Anacacho
zones was completed on Wednesday, 18 April 2018 and whilst work on
the salt water injection well has also now been completed, the Well
remains shut-in to allow it to pressurise ahead of a planned
swab-test to determine appropriate downhole pump size for optimal
production performance. Following this, the appropriate downhole
pump will be placed on the Well. The Company will update the market
once the production rate from the Morris #1 has stabilised.
Eddie Gonzalez, Managing Director, said: "The solid performance
of the Upper Anacacho prior to acidisation and commingling
reaffirms our initial test results from the Morris #1. The
acidisation and commingling operations to combine the production
potential of the Lower Anacacho with the Upper went smoothly and we
are eagerly anticipating results from our swab test and further
production as we initiate continuous production with the downhole
pump we are installing.
"I expect the Morris #1 to contribute materially to Mayan's
daily production and cash flow and with WTI Crude Oil at better
than US$68 per barrel the robust base of production we are
continuing to build should perform exceptionally for the company
over the next few months. I look forward to updating the market
shortly on the exciting developments with the Morris #1."
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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