28th Feb 2019 13:20
LONDON (Alliance News) - Mayan Energy Ltd said Thursday its contractor has started the first phase of operations at the company's Austin Field project in the US state of Texas.
Mayan's contract operator, Attis Operating Inc, started preparations for the arrival of a rig on Friday. Attis will then begin work-overs on the Morris 1 and Montsanko wells.
The Montsanko work-over programme is expected to take 21 days.
Mayan also entered into a new oil, gas & mineral lease on the land on which the Morris 1 well sits. The lease is for a 12 month primary term and then for as long as oil, gas or mineral production is ongoing. Mayan said the new lease gives it "ample" time to conduct the work-over programme for the well without worrying about shut-ins.
Mayan paid USD5,000 for the lease.
"We are pleased to have our operator, Attis, on site and starting the first phase of operations in the Austin Field. We're systematically moving ahead on our plan to rework and restart operations on our remaining assets," said Chief Executive Charlie Wood.
Shares in Mayan Energy were down 1.5% Thursday at 0.13 pence each.
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