TIDMMYN
RNS Number : 4577B
Mayan Energy Limited
07 June 2019
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
7 June 2019
Mayan Energy Ltd ('Mayan' or 'the Company')
Operational Update
Mayan Energy Ltd (London AIM: MYN), the AIM listed oil and gas
company, is pleased to provide a further update on its US onshore
operations in Texas and Oklahoma. Since the last market
announcement dated 15 April 2019, the Company has continued to work
across its fields and strengthen the production base.
Below is a table of group production, incorporating production
from Mayan's Austin Field and Zink Ranch along with the recently
acquired Fort Worth Field, for the month of May 2019. It shows
gross mean average production of 131 Boepd and net mean average
production of 93.8 Boepd for the month.
PRODUCTION SUMMARY - MAY 2019
OIL (Bopd) GAS (MCFPD) (Boepd)
MAX PRODUCTION 148.84 685.50 267.03
MEAN AV. PRODUCTION 79.32 303.55 131.66
NET MEAN AV. 56.58 216.51 93.90
Austin Field
During the month of May 2019, the Company sold 1,300 barrels of
oil at an average US$65.53 per barrel; the newly negotiated Austin
Field sales contracts paid a US$4.20 per barrel premium to WTI
pricing.
In conjunction with the six well rework project, the Company
continues to optimise production whilst focussing on economic
operations in the field. Once fully optimised, the Company is
confident of achieving at least the gross stabilised production
target level of 72 Bopd (as announced on 15 April 2019).
Operations have been hindered by an exceptional period of
weather; however, the Company further proves its in-field
capabilities in maintaining stable continuous production despite
the challenges.
Further appraisal of the Neubauer-Stanush #1 well found
down-hole debris material and the pump ceased in the wellbore. The
Company has decided the potential financial cost in fishing the
downhole equipment is an undesirable unknown at this time. The
Company will further assess options in the coming months.
The field operating team has successfully completed the
comprehensive 'service, repair and replace' programme, consolidated
in-field employee numbers and continues to benefit from input by
its experienced management team in both Borger, TX and Mineral
Wells, TX.
Zink Ranch
On 1 April 2019, the Company assumed all operational
responsibilities from the previous operator. On 24 May 2019, an 11
well rework programme commenced. Six of the scheduled rework wells
are now back on pump. These wells have shown the expected increase
in liquid volumes with improving oil:water ratios, the Company is
encouraged by the associated gas.
For the month of May 2019, Zink Ranch produced 54 barrels of oil
and 236 MCF of gas. 1 June 2019 the field produced 9 Boepd.
Production will increase steadily through the month of June as the
impact of the re-work programme flows through to production.
Fort Worth Field
Despite prolonged severe weather, the Fort Worth Field has
maintained a robust production profile. During the month of May
2019, the field produced 67 barrels of oil and, 8,481 MCF of gas
(net to Mayan), being 49 Boepd to Mayan. Through the same period,
the Company sold 166 barrels of oil at an average US$60.22 per
barrel.
While the severe weather in the area has delayed the well rework
programme, during the same period the Company continued its
production enhancement schedule. May 2019 saw the first full month
of well-by-well production monitoring following a refurbishment and
recalibration of the field Barton Meters that replaces sales point
volumes analysis with well specific monitoring.
The Company is currently working with its local well service
providers to reschedule the rework programme at the earliest
possible juncture.
Charlie Wood, Mayan CEO said; "This Operational Update
demonstrates the rationale to acquire Attis' operational resources
and capabilities. Through a challenging and busy period, the
Company has demonstrated both its ability to react and manage
planned & unplanned operational situations.
"Further, the Company has engaged a Tulsa, OK based geologist
company with extensive experience of our operational regions. The
work scope will deliver an appraisal of the existing acreage for
development opportunities including well re-entry, new drill and
farm-out data.
"The Company sees June 2019 as a transformational opportunity to
deliver continuing production enhancement and development
planning."
**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.
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 Thom Board. Mr Board is a
member of the Society of Petroleum Engineers who is a suitably
qualified person with over 24 years' experience operating and
developing oil and gas assets. Mr Board has reviewed the release
and consents to the inclusion of the technical information.
Technical Glossary
Bopd- barrel of oil per day
Boepd- barrel of oil equivalent per day
Bbl- barrel
MCF- Million Cubic Feet
MCFPD - Million Cubic Feet Per Day
WTI- West Texas Intermediate
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDUGUCAQUPBPGQ
(END) Dow Jones Newswires
June 07, 2019 02:00 ET (06:00 GMT)
Mayan Energy (LSE:MYN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Mayan Energy (LSE:MYN)
Historical Stock Chart
From Dec 2023 to Dec 2024
