Initiation of Production at Two US Onshore Wells
Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce the initiation of production at the Gilbreath #19 well at Forest Hill Field, Wood County, Texas (“Forest Hill”) and the Morris #1 well at Stockdale Field, Wilson County, Texas (“Stockdale”). In addition, the Company announces the successful completion of the workover of the Collins Well, the third of an intended eight well workover programme to be carried out at Forest Hill targeting 35-50 bopd per well. This update is in line with Mayan's overall strategy to increase net production to 300-500 bopd in the medium term.
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: “The workover programme is gaining momentum and we are now seeing the first of multiple wells across our diversified Texas focused asset base entering full time production at rates consistent with our expectations. We are in the process of lease acquisition and planning is underway and we will have more to say about the next leg of our production growth strategy as the initial workover programme draws towards completion. With production on course to commence at an initial rate of 1,000 bopd at the Asphalt Ridge Project in Utah in which we have an indirect interest via our Deloro investment in Q1 2018, the next few months will not be short of high impact newsflow.”
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