The AIM-listed oil and gas company said its wells at the Forest Hill Field produced 187 barrels of oil and 30 barrels of salt water in 24-hour period last Thursday. The production rate was ahead of expectations, Mayan Energy said, but it anticipates a decline in upcoming months.
The group also installed two heated oil storage tanks with a total oil storage capacity of 510 barrels and one water storage tank with 300 barrels water capacity at the Forest Hill Field. With this facilities, Mayan Energy said it will be able to accommodate up to four loads per day of up to 180 barrels of oil per load.
Looking ahead, the company said it expects to identify additional three wells in the area in the coming weeks and select 8 to 12 workover candidates for its Phase 2 work programme beginning in the second quarter of 2018.
At the Stockdale Field, the company temporary suspended operations at Morris No. 1 well to wash out the bottom sand plug to arrange production from both upper and lower Anacacho zones. This will allow the group to start continuous commercial production, it said, and reduce operating costs in the future.
Mayan Energy Managing Director Eddie Gonzalez said: "While the last few months have seen a larger than expected number of lost work days due to unanticipated levels of precipitation, we used the time well completing upgraded production facilities at Forest Hill Field to support the aggressive development drive we are pushing through in the second quarter."
The stock was trading 3.2% lower at
