Mayan Energy: 300-500 Barrel Daily Production Target in Sight as Roll-Out of Multi-Well Programme in Texas Gathers Pace

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)

  • Following workover of the Amason#1 well 30 barrels of oil were recovered over 10 hours while testing open perforations in the Lower Sands of the Sub-Clarksville formation (at a depth of 4510'-14 and 4520'-24' (ft)  - the Lower Sands is just one of multiple payzones identified at the well
  • The workover of the Collins well, the third in the eight well programme, will commence today US time with results expected shortly
  • Open hole electric logs obtained on both wells indicate the Upper Sands in the Sub-Clarksville formation are productive of oil and these zones could contribute considerably to the daily production rates
  • The Company intends to run a Roke Quad Neutron log in both the Amason #1 and the Collins wells to confirm the analysis of the electric logs on completion of the Collins well workover
  • Newly identified zones will be perforated, tested and commingled with production from the Lower Sands of the Sub –Clarksville
  • Gilbreath #19, which produced at an average rate of 43 bopd following a workover in Q4 2017 (see announcement of 14 November 2017), will immediately be brought on line once the relevant approval is received, which is expected shortly
  • The rig will be remaining on site to complete a further 5 workovers at Forest Hill for a total of 8 wells

Stockdale Field, Wilson County, Texas (Mayan 60% Working Interest / 45% Net Revenue Interest)

  • Morris#1 well expected to be put on continuous production shortly following completion of construction of water line, testing of the injection well, and acidisation to stimulate production
  • Above work expected to enhance production at the Morris #1 well by allowing production from the Upper and Lower Anacacho formations to be commingled
  • Morris#1 produced at a rate of 16-18 bopd (see RNS dated 8 November 2017) prior to determination of the need to lay a water line to facilitate continuous production
  • The Company expects that production from the Morris #1 well will be in the 35-50 bopd range

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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