7th Jun 2019 13:00
LONDON (Alliance News) - Mayan Energy Ltd on Friday said it is confident of meeting or even exceeding its production target at its Austin oil field in Texas once operations are optimised.
In May, the company sold 1,300 barrels of oil an an average price of USD65.53 per barrel from Austin. In addition to a six-well rework project, Mayan Energy has also been optimising production and focusing on its economic operations.
Once this optimisation is complete, Mayan believes it will achieve at least its gross stabilised production target of 72 barrels of oil per day from Austin. The Austin wells were bought on production after a rework programme in April. For the 12 days to April 15, cumulative mean production was 66 barrels of oil per day.
Operations at Austin have been hurt by exceptional weather conditions but stable continuous production has nonetheless been maintained in May.
The company has also decided against repairing its Neubauer-Stanush 1 well, which contains debris material and where the pimp ceased in the wellbore, given the potential financial cost in fishing the downhole equipment. Further assessment is planned.
At the Zink ranch, an 11-well rework programme began in May, six of which are back on pump. For May, Zink Ranch production was 54 barrels of oil and 236 million cubic feet of gas.
At the Fort Worth field, production in May was 67 barrels of oil and 8.48 billion billion cubic feet of gas net to Mayan.
Maya Chief Executive Charlie Wood said: "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, Oklahoma 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."
Shares in Mayan were up 2.9% at 0.13 pence on Friday afternoon.