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Mayan Energy updates as Texas workover programmes kick off

An eight well workover programme is due to enhance output across the Texas portfolio
oil and gas operations
It is targeting 35 to 50 bopd per well workover

Mayan Energy Ltd (LON:MYN) has updated on operations in North America, where a programme of well workovers has now begun in Texas.

The programme of eight well interventions is forecast to deliver between 35 and 50 barrels of oil production per day, per well.

READ: Mayan Energy looks to Georgia and the Caucuses with new investment as it raises capital

In a statement, the company said that the workover rig is on site at the 70%-owned Forest Hill field, and results are expected from the first workover next week. Additionally, it noted that the Gilbreath-19 well at Forest Hill remains ready for immediate production.

At the 60%-owned Kelly Lynne / Anacaho field, the company is working on the construction of a water disposal line off the Morris-1 well to an injection well, and this programme is due to complete in the next five to eight days – the company expects it will enhance the Morris-1 well, putting it in the range of 35 to 50 bopd.

"We are up and running in the New Year with work progressing as planned on multiple projects in Texas as well as the advancement of the Asphalt Ridge Heavy Oils project,” said Eddie Gongalez, Mayan managing director.

“With the backdrop of strong and rising oil prices so far in 2018, and a highly active development programme across the portfolio, we anticipate strong news flow which we hope will signal a great year for our company as we grow production, revenue and cash flow and start to harvest the seeds planted by the board in 2017."

In late morning trading , Mayan Energy shjares were nearly 8% lower at 0.64p.

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