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Mayan Energy spurs ahead with Texan well developments
(WebFG News) - Oil and gas company Mayan Energy has enhanced production at its Morris 1 well via a workover programme to improve net production of its Texan assets to 300-500 barrels of oil per day, the company said on Friday.
The well at Stockdale Field, in which Mayan Energy holds a 60% working interest and a 45% net revenue interest, has seen the acidisation and commingling of the Upper and Lower Anacacho formations, part of the AIM-listed company's strategy to increase production at the well, while works on the site's water injection well have also been completed.
Eddie Gonzalez, managing director of Mayan Energy, said: "The acidisation and commingling operations to combine the production potential of the Lower Anacacho with the Upper went smoothly and we are eagerly anticipating results from our swab test and further production as we initiate continuous production with the downhole pump we are installing."
The well is currently shut to allow it time to pressurize prior to the upcoming swab test, which will indicate the correct size of downhole pump needed to optimise the project.
Once the correct size has been identified it will be installed as the final planned improvement at the well.
"I expect the Morris #1 to contribute materially to Mayan's daily production and cash flow and with WTI crude oil at better than US$68 per barrel the robust base of production we are continuing to build should perform exceptionally for the company over the next few months," said Gonzalez.
Prior to the improvements the well was producing at a rate of 24-26 barrels of oil per day from Upper Anacacho, though a spike in gas pressure led to the recovery of 92 barrels of crude oil over a period of 6 hours.
As of 0909 BST, Mayan Energy's shares were down 1.29% at 0.77p.