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7 Nov 2017 09:57
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas
7 November 2017
Mayan Energy Ltd ("Mayan" or "the Company")
Forest Hill Field Development Update
Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce that it has started its workover and well stimulation programme at Forest Hill Field, Wood County, Texas in which the Company owns 70% working interest and 52.5% net revenue interest.
Overview:
· The programme is focussed on bringing three wells online before the end of November 2017 following the successful initial flow of 21 barrels of oil per day (RNS dated 31 October 2017) on the first well at Forest Hill
· A workover rig is now onsite and will begin production stimulation procedures today
· Initial results are expected week commencing 13 November 2017
· The workover rig will remain on location following completion of the first workover to stimulate the two additional wells with the target to have three producing wells by the start of December
Eddie Gonzalez, Managing Director, said: "These are exciting developments as we initiate our planned workover and well stimulation programme ahead of schedule with results expected before the end of November. Exceeding expectations on timing of initiation of this programme is testament to the execution capabilities brought to Mayan by our new technical director Dr. David Kahn who is being instrumental in transforming our assets as we look to build production and cashflow. The strong initial performance of the first well underlines the potential of Forest Hill and with the recovery in the oil price and the resultant increased margin, I am looking forward to reporting regularly as we complete the stimulation operations."
Special note concerning the Market Abuse Regulation:
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR"). Market soundings, as defined in MAR, were taken in respect of the Subscription, with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.
**ENDS**
For further information visit www.mayanenergy.com or contact the following:
Eddie Gonzalez | Mayan Energy Ltd | + 1 469 394 2008 |
Charlie Wood | Mayan Energy Ltd | +44 7971 444 326 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Nick Bealer | Cornhill Capital Limited | +44 20 7710 9612 |
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange) oil and gas energy Company focussed on the redevelopment and enhancement of its upstream oil and gas interests in Oklahoma and Texas.
Technical Glossary
bopd
means barrels of oil per day. There are 42 gallons (approximately 159 litres) in one barrel of oil, which will contain approximately 5.8 million British Thermal Units.
Workover
The process of performing major maintenance or remedial treatments on an oil or gas well. In many cases, workover implies the removal and replacement of the production tubing string after the well has been killed and a workover rig has been placed on location. This operation saves considerable time and expense.
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