Horizon28 Sep 2018 08:41
Yes a lot of noise yesterday - yes there have been operational issues but they are getting on with it, the assets are there.
Near term highlights for me (ignoring Petroteq and Block (and ADL rights) which look solid and timely investments - no control over those)
Austin Chalk workover next week.
RNS "Mayan believes production from the three horizontal wells can be significantly enhanced via the implementation of an initial low cost, low risk workover programme, involving the perforation of the Anacacho zone and the acidisation of both the Austin Chalk and Anacacho. The initial horizontal workover operations are expected to commence in the week commencing October 1."
Zinc Ranch
"Additionally, the field survey concludes that there remains considerable upside from previously disclosed plans to undertake development activity including workovers, recompletions, new drills and a previously contemplated pressure maintenance programme. In line with this, following the receipt of the relevant permits, the Company intends to perforate the #15 well in the untapped Prue formation, targeting 8' of identified pay with potential to add up to 30 barrels a day of additional production based on analysis of analogue wells."
Forrest Hill (Company are confident based on Counsel advice)
"The matter is scheduled for a hearing with a magistrate in Wood Country in Q4 2018 and the Company is in discussions regarding settlement of the matter. Following a favourable resolution, the wells will be turned back on and production will resume shortly thereafter.
(20/9 RNS it is currently awaiting approval from the Wood County Magistrate to obtain lease right of way access into the Forest Hill property. Â Upon approval, which following counsel the Board anticipates will be forthcoming in the near term, Mayan will be able to immediately resume production on the leases, which have six producing wells and 225 other local wells with 20-acre spacing and good reservoir characteristics.)
Stockdale (later this quarter, just starting )
"The Company intends to go into the well, drill out the plug and frac the Anacacho during the back-end of 2018 and expects to return to production levels at or above the 40-50 barrel per day range in which the well had settled prior to the onset of issues with the plug. Options for production and monetisation of the identified gas zone are being assessed however this development is on hold until the well is put back into oil production.
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