Workovers this week29 Sep 2018 10:06
RNS CW: "With fully funded work programmes being targeted for the coming weeks and months, the Company expects stabilised net production to be ABOVE the key 80 bopd level by year end"
Key: How much then above 80 bopd? This week:
Austin Chalk workovers starts - as RNS says they expecting significant enhancement - so based on RNS say - prudently, 200 bopd from 3 horizontal wells 100 from 2 vertical wells = 300 bopd x 45% NRI = 135 bopd.
".....production from the three horizontal well bores was switched on during the week ending 21 September 2018 averaging a combined 112 gross/50 net barrels of oil per day
Production continued to increase over the weekend, reaching a peak of 163 barrels of oil on Sunday 23 September, as fluid levels in the well bores continued to decline and oil cut improved substantially from approximately 8-11% at the beginning of the week to 17-22% by Sunday afternoon. Meanwhile the two vertical wells were turned on during the afternoon of Monday 24 September and produced a combined 64 barrels of oil in the approximate 15 hours of production to 8am Tuesday morning.
While production levels are expected to decline from initial flush levels, the Company is highly encouraged by these results, particularly as these have been achieved prior to any work being undertaken on the recently acquired wells. 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. The two vertical wells will be produced over the next 30 days and assessment made as to the best technique/s to enhance longer-term stabilised production levels."
Then add in Zinc Ranch - near term - RNS
"Short term test of these wells indicates production could be increased to 24-30 barrels of oil per day without requiring any investment or down hole work. In tandem with this, operating costs at the field can be immediately and substantially lowered by shutting in five wells with oil cut less than 2%. These wells will then be evaluated for remedial action.
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."
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Austin Chalk 135 bopd + Zinc Ranch 50 bopd = 185 bopd
Then add in FH/Stockdale Q4. 300
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