Mayan Energy stays on track despite 'exceptional period of weather'

Oil and gas producer Mayan Energy's Texan assets recorded a gross mean average production of 131 barrels of oil equivalent per day during the month of May from its Texas assets amidst "an exceptional period of weather".

Mayan, which also recorded net mean average production of 93.8 barrels of oil per day for the month, said its ability to still record such figures further proved its in-field capabilities in maintaining stable continuous production despite the challenges.

The AIM-listed company sold 1,300 barrels of oil at an average $65.53 per barrel at its Austin field, while Zink Ranch produced 54 barrels of oil and 236 MCF of gas and its Fort Worth asset produced 67 barrels of oil and, 8,481 MCF of gas.

Elsewhere, Mayan engaged a Tulsa-based geologist with extensive experience of its operational regions to deliver an appraisal of its existing acreage for development opportunities, including well re-entry, new drill and farm-out data.

Chief executive Charlie Wood said: " Through a challenging and busy period, the company has demonstrated both its ability to react and manage planned and unplanned operational situations.

"The company sees June 2019 as a transformational opportunity to deliver continuing production enhancement and development planning."

As of 0945 BST, Mayan shares had dipped 4.01% to 0.12p.