LONDON (Alliance News) - Oil & gas company Mayan Energy Ltd on Thursday said it is awaiting approval from the Wood County magistrate in Texas to lease right of way access into its Forest Hill property.
Mayan Energy holds a 75% working interest and 53% net revenue interest in two oil & gas leases at Forest hill. Approval from Wood County is expected to be "forthcoming in the near term", at which time production at the two leases will resume immediately. The leases have six producing wells and 225 other local wells.
"We believe the delay at Forest Hill will be resolved this quarter," said Mayan Executive Chairman Charlie Wood.
Wood added that the company's current asset base is generating strong returns and does not anticipate a need to raise funds in the near-term.
Shares in Mayan Energy were up 3.6% at 0.42 pence on Thursday.
