Mayan Energy starts producing oil from two Texas wells
Source - SMW
Mayan Energy said production had commenced at two wells in Texas as the company continues to target net output of 300-500 barrels of oil per day in the medium term.
The Gilbreath Number 19 well at the Forest Hill field in Wood county was brought on line with 55 barrels of oil produced during the initial 24 hours of operation. Production was expected to stabilise at those levels, the company said.
The Morris Number 1 well at the Stockdale Field in Wilson county was put on production at a rate of 24-26 barrels of oil per day.
'The workover programme is gaining momentum and we are now seeing the first of multiple wells across our diversified Texas-focused asset base entering full-time production at rates consistent with our expectations,' chief executive Eddie Gonzalez said.
'We are in the process of lease acquisition and planning is underway and we will have more to say about the next leg of our production growth strategy as the initial workover programme draws towards completion.'
At 8:21am: (LON:MYN) Mayan Energy Limited Ord Npv Di share price was +0.09p at 0.68p