Mayan Energy's new well hits 51 barrels in one day

Oil and gas company Mayan Energy announced on Thursday that its new well produced 51 barrels of crude oil in its first 24 hours.

The Gilbreath #15 well at Forest Hill Field, Texas, in which Mayan holds a 70% working interest and 52.5% net revenue interest, will be produced for several weeks to establish a production baseline before the company attempts to further stimulate the well.

Mayan is already producing at consistent rates from its Morris #1 and Gilbreath #19 at its site at Stockdale Field, Texas, and has a total of nine wells to be worked over on its Texas assets.

Eddie Gonzalez, managing director of Mayan, 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 AIM listed company further announced that it has received all permits and approvals necessary to start producing six of its eight wells in its Forest Hill workover, with the final two expected within a week.

Mayan focuses on redeveloping mature oilfields in the USA and, as well as its Forest Fields and Stockdale Fields projects in Texas, holds strategic investments in Deloro Energy and Block Energy.

“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. I am very excited about the potential we expect to realise in the next 6-8 weeks,” said Gonzalez.

As of 0830 GMT, Mayan Energy shares were up 19.01% at 0.72p.