28 Feb 2019 07:00
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas
28 February 2019
Mayan Energy Ltd ('Mayan' or 'the Company')
Austin Field Update
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to provide an update with regards its Austin Field property in Texas.
Commencement of first 2 work-overs
Mayan's new contract operator, Attis Operating I Inc. ("Attis"), has begun preparations over the past week with the rig scheduled on site on Friday, 1 March 2019 to commence work-overs on the Morris #1 and Montsanko wells. The work-over program, fluid testing, and new pump installation at Montsanko is expected to take approximately 21 days.
Morris #1 Well - New Mineral Lease
Mayan has entered into a new Oil, Gas and Mineral Lease with Gary Lee Morris and wife, Norma L Morris over the 105.73 acres on which the Morris #1 well sits. This new lease provides for a 12 months primary term and thereafter for as long as oil, gas or other mineral is produced from the lease allowing Mayan ample time to workover the Morris #1 well without shut-in production worries and evaluate the best means to extract the most value out of the lease. Mayan paid $500 at execution of the Lease and will pay an additional $4500 within 30 days of the lease signing as customary lease bonus consideration.
Charlie Wood, Chief Executive Officer of Mayan, said, "We are pleased to have our operator, Attis, on site and starting the first phase of operations in the Austin Field. We're systematically moving ahead on our plan to rework and restart operations on our remaining assets.".
**ENDS**
For further information visit www.mayanenergy.co.uk or contact the following:
Charlie Wood | Mayan Energy Ltd | +44 20 7236 1177 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Frank Buhagiar | St Brides Partners Limited | +44 20 7236 1177 |
Gaby Jenner | St Brides Partners Limited | +44 20 7236 1177 |
Colin Rowbury | Novum Securities Limited | +44 20 7399 9400 |
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy company. It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow leveraging commercially available technologies and projects that are shallow, low risk with low levels of capex and infrastructure already in place. It also remains interested in creating shareholder value by strategic investments in similar projects with high cash generative potential and by forming beneficial development partnerships that enable the use of pioneering and leading extraction technologies.