Recent RNS


Update: completion of Gilbreath #48 workover

RNS


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."


Been in a few good months now and showing good gains. No blatant ramp intended but ...there's much more to come imho and sp is primed to accelerate in the coming months. AIMHO and DYOR but,, it's looking good!

More good news...IMHO

RNS Number : 5403L

Mayan Energy Limited

20 April 2018






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



20 April 2018

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

Operations Update - Stockdale Field



Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce an update on its ongoing activities to significantly enhance production at the Morris #1 well ('the Well') at Stockdale Field, Wilson County, Texas in which the Company has a 60.0% working interest (WI) and 45.0% net revenue interest (NRI). This forms part of a multi-well low cost workover programme occurring across Mayan's portfolio of Texan assets to increase net production to 300-500bopd in the medium term.



As part of its strategy to increase production at the Morris#1 well, on 13 February 2018 the Company announced its plans to acidise and commingle the Upper and Lower Anacacho formations at the Morris#1 well, which has now been completed. Furthermore, as announced on 4 April 2018, the Morris #1 well was shut whilst work on the water injection well was completed, which has now taken place (prior to this it was producing at a rate of 24-26 barrels of oil per day from the Upper Anacacho). Prior to acidising and commingling the Upper and Lower Anacacho, there was a spike in gas pressure in the Well (kick), which resulted in the recovery of 92 barrels of crude oil over a period of 6 hours from the upper Anacacho.



Acidisation and commingling of the Lower and Upper Anacacho zones was completed on Wednesday, 18 April 2018 and whilst work on the salt water injection well has also now been completed, the Well remains shut-in to allow it to pressurise ahead of a planned swab-test to determine appropriate downhole pump size for optimal production performance. Following this, the appropriate downhole pump will be placed on the Well. The Company will update the market once the production rate from the Morris #1 has stabilised.



Eddie Gonzalez, Managing Director, said: "The solid performance of the Upper Anacacho prior to acidisation and commingling reaffirms our initial test results from the Morris #1. The acidisation and commingling operations to combine the production potential of the Lower Anacacho with the Upper went smoothly and we are eagerly anticipating results from our swab test and further production as we initiate continuous production with the downhole pump we are installing.



"I expect the Morris #1 to contribute materially to Mayan's daily production and cash flow and with WTI Crude Oil at better than US$68 per barrel the robust base of production we are continuing to build should perform exceptionally for the company over the next few months. I look forward to updating the market shortly on the exciting developments with the Morris #1."

consolidating...lots of good news to come over the coming weeks and months. IMHO & DYOR etc...