Mayan Energy achieves strong initial flow rate at Forest Hill
Source - SMW
Mayan, the AIM listed oil and gas company, has reported that the Gilbreath #15 well at Forest Hill Field, Wood County, Texas managed to produce 51 barrels of crude oil in the first 24 hours of operation.
These are untreated barrels as the company has yet to apply any of the proprietary production enhancement technologies at its disposal. Mayan believes initial production rates can be increased.
Mayan intends to produce Gilbreath#15 for several weeks to establish a production baseline before attempting to further stimulate the well.
The company continues to make steady progress in the eight well workover programme underway at Forest Hill and total of nine wells to be worked over (including the Morris #1 at Stockdale) on its Texas assets. The Gilbreath #48, the fourth of eight wells to be worked over at Forest Hill Field (and fifth of nine total wells overall), is now rigged up.
Mayan has now received permits and approvals necessary to complete and start producing six of the eight wells in its Forest Hill workover programme with the last two expected in the next week.
Eddie Gonzalez, managing director, said: "Now that we have received the necessary permits and approvals for six of the eight wells we are working over at Forest Hill Field, with the remaining two expected near term, we plan to complete the work programme in short order and in the process take a major step towards achieving our 300-500bopd production target.
"The company is in a position financially to complete this programme with current resources and cash flow available. In addition, we are pleased that actual costs are running significantly less than the budgeted US$30,000 per well we planned to spend."
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