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!”
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