Operations Update – Completes Second of Eight Well Workover Programme at Forest Hill Field
Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce the successful completion of the workover of the Amason#1 Well at the Forest Hill Field, Wood County, Texas (“Forest Hill”). Amason#1 is the second of an intended eight well workover programme to be carried out at Forest Hill targeting 35-50 bopd per well. Whilst Mayan will not now achieve its objective of having seven (7) wells on production by the end of January across Stockdale and Forest Hill, the workover programme forms part of Mayan's overall strategy to increase net production to 300-500bopd in the medium term. In line with this, the Company is also pleased to provide an update on operations at the Stockdale Field, Wilson County, Texas (“Stockdale”).
Forest Hill Field, Wood County, Texas (Mayan 70% Working Interest / 52.5% Net Revenue Interest)
Stockdale Field, Wilson County, Texas (Mayan 60% Working Interest / 45% Net Revenue Interest)
Eddie Gonzalez, Managing Director, said: “After overcoming some weather-related delays we are pleased with the initial swab test on the Amason #1, the commencement of the workover of the Collins Well and the indication of pay in the upper Sub-Clarksville formation on both wells. Together with the excellent results of the Gilbreath#19 workover in Q4 2017, the first three wells of our high impact eight well workover programme at Forest Hill are expected to come on line at 35-50bopd. With this in mind we expect the coming weeks will not be short of high impact newsflow, as we complete the Collins Well, test the upper formation and move onto the remaining five wells that are to be worked over in this field programme.
“Progress at the Stockdale Field is also encouraging and as a result, we believe we remain on course to achieve our 300-500 net bopd target in the medium term. Together with positive news expected from our investments in Deloro and Block Energy, we are more confident than ever that 2018 will be an excellent year for Mayan.”
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