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Update: completion of Gilbreath #48 workover

Tue, 20th Feb 2018 12:52

RNS Number : 4106F
Mayan Energy Limited
20 February 2018

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

20 February 2018

Mayan Energy Ltd ("Mayan" or "the Company")

Operations Update - Completion of Gilbreath #48 Workover

Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce that the workover of the Gilbreath #48 well at Forest Hill Field, Wood County, Texas ("Forest Hill") has been successfully completed. Gilbreath #48 is the sixth well completed as part of the Company's ongoing nine well workover programme, which includes eight wells at Forest Hill and the Morris #1 at the Stockdale Field, Wilson County, Texas ("Stockdale").

Forest Hill Field, Wood County, Texas (Mayan 70% Working Interest / 52.5% Net Revenue Interest)

· Following the successful workover, the Gilbreath #48 produced nine barrels of oil into the rig tank over a six-hour period prior to being shut in due to lack of additional storage on location

o Initial production over the six hour period in line with 35-50 bopd per well target

· As with the Gilbreath #19 and #15 wells, initial production at Gilbreath #48 has not been optimised with any other treatments at the Company's disposal

· The Gilbreath #48 will be tied into the production facility and tank battery this week allowing for the well to be again turned to production

· The Company expects to run the Roke Quad Neutron log on both the Amason #1 and the Collin well to further evaluate oil shows uphole from the formations targeted in the initial workover of those two wells

· The Company intends to start reporting quarterly KPI's including number of wells, production and sales by field starting at the end of March 2018

Eddie Gonzalez, Managing Director, said: "With the Gilbreath #48 being completed this week Mayan continues to gain strength and momentum as we push hard toward our initial 300-500 barrel production goal and positive operating cash flow. Given the consistently positive production response out of the wells at Forest Hill, our confidence in reaching the production goal remains solid. I could not be happier with where we are as a Company, with the success we are enjoying in Texas and the progress at Deloro, specifically the Asphalt Ridge Project in Utah which is on course to commence production at an initial rate of 1,000bopd later in Q1. With this in mind, 2018 is proving to be a great year for Mayan."

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").

**ENDS**

For further information visit www.Mayan energy.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

Frank Buhagiar

St Brides Partners Limited

+44 20 7236 1177

Gaby Jenner

St Brides Partners Limited

+44 20 7236 1177

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy Company. The Company 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. The Company is currently primarily focussed on building out production at its Stockdale and Forest Hill oil fields in Texas.

Technical sign off

All of the technical information, including information in relation to reserves and resources that is contained in this announcement has been reviewed by, Mr Stephen Brock. Mr Brock is a production engineer and member of the Society of Petroleum Engineers who is a suitably qualified person with over 20 years' experience in assessing hydrocarbon reserves and has reviewed the release and consents to the inclusion of the technical information.

This information is provided by RNS
The company news service from the London Stock Exchange
END
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