Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce additional progress in its development programme at the Kelly Lynne (Anacacho) Field at Stockdale, Wilson County, Texas and Forest Hill Field, Wood County Texas, where the Company has commenced the first of 8 workovers to which are forecast to produce 35-50 bopd per well.
Forest Hill Field, Wood County, Texas – 70.0% WI and 52.5% NRI:
· As referenced in the announcement of 22 December 2017, a Workover rig is now on location and has commenced work on the first of 8 wells the Company intends to bring on stream during January & February 2018.
· Results are expected from the first workover by the beginning of the week commencing 15 January with work starting on the balance of workovers following thereafter.
· The Gilbreath #19 well produced at an average rate of 43 bopd as announced on 14 November and this well remains ready for immediate production once RRC approval is granted.
Kelly Lynne (Anacaho) Field (at Stockdale), Wilson County, Texas – 60.0% working interest (WI) and 45.0% net revenue interest (NRI):
· Construction of a 1,500′ water disposal line from the productive Morris #1 well to the injection well (see RNS dated 22 December 2017) has commenced and is expected to be completed in the next 5 to 7 days.
· The completion of the water injection line will enhance production from the Morris #1 well by allowing the Company to commingle production from the Upper and Lower Anacacho formation.
· The Company expects that production from the Morris #1 well will be in the 35-50 bopd range.
· An update will be provided on completion of the water disposal line and initiation of production from both the Upper and Lower Anacacho formations.
Eddie Gonzalez, Managing Director, said:
“We are up and running in the New Year with work progressing as planned on multiple projects in Texas as well as the advancement of the Asphalt Ridge Heavy Oils Project. With the backdrop of strong and rising oil prices so far in 2018, and a highly active development programme across the portfolio, we anticipate strong news flow which we hope will signal a great year for our Company as we grow production, revenue and cash flow and start to harvest the seeds planted by the Board in 2017.”
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