{"id":17529,"title":"Mayan Energy Ltd (AIM:MYN) Stockdale Field Development Update","publisher":"Share Talk","author":"sharetalk","published":"2017-11-08T14:41:52+00:00","modified":"2017-11-08T15:29:44+00:00","canonical_url":"https://www.share-talk.com/mayan-energy-ltd-aimmyn-stockdale-field-development-update/","markdown_url":"https://www.share-talk.com/mayan-energy-ltd-aimmyn-stockdale-field-development-update.md","json_url":"https://www.share-talk.com/mayan-energy-ltd-aimmyn-stockdale-field-development-update.json","category":"Energy","categories":["Energy"],"tags":["Mayan Energy","MYN","oil"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Mayan (AIM:MYN), the AIM listed oil and gas company, is pleased to announce initiation of oil sales, production and next steps in the development of its interest in the Stockdale Oil Field, Wilson County, Texas in which the Company owns a 60% working interest and 45% net revenue interest.\n\n· First revenues at Stockdale expected this week with the commencement of the sale of 265 barrels of oil in the tanks – follows initiation of production operations at the Morris #1 well (‘Morris#1)\n\n· Morris #1 is currently producing at a rate of 16-18 bopd and approximately 260 bopd of water from the Upper Anacacho (4,823′-27′)\n\no Upper Anacacho formation was identified by the Company’s proprietary Roke Quad Neutron electric log during initial operations targeting the Lower Anacacho\n\n· Production from Morris#1 expected to be significantly enhanced following:\n\no Acid stimulation, which is standard practice on chalk formations, planned next week on the Upper Anacacho to increase natural fracture connectivity inherent to chalks – this is based on strong pressure and fluid levels\n\no Acquisition of a salt water disposal well being finalised to manage water produced from the Upper and Lower Anacacho formations. This will allow production from both zones to be commingled by removing the sand plug from the Lower Anacacho, which produced at an initial production rate of approximately 4 barrels of oil per hour during the original testing (see announcement dated 19 October 2017)\n\no The performance of well is consistent with our expectations. We believe that once stabilised the production will be in the range of 35 – 50 bopd per well and this should be replicated throughout the field.\n\n**Eddie Gonzalez, Managing Director, said:**\n\n“The Morris#1 well at Stockdale provides a live example of our strategy to acquire underperforming assets and enhance production by applying new techniques and technologies. Our proprietary technology identified a new formation from which the well is currently producing at a rate of 16-18 bopd. We expect to build on this following acid stimulation and, once the salt water disposal well is brought online, commence production from the Lower Anacacho, which tested over 74 barrels in an 18-hour period. Production from both formations, in our view, will result in a strong and sustainable well and we intend to replicate this across the portfolio of existing wells at Stockdale to build a low cost highly cash generative platform.\n\nTogether with the commencement of a workover and well stimulation programme at the Forest Hill Field in Texas, the next few weeks will not be short of high impact newsflow as we advance towards our initial 500bopd target.”\n\nFor further information please visit the company [website](http://mayanenergy.co.uk/)."}