Mayan Energy reports gas discovery at Stockdale field in Texas

LONDON -- Mayan Energy, the AIM listed oil and gas company, has announced a new gas discovery at Stockdale field, in Wilson County, Texas, as part of its ongoing development activities at the Morris 1 well. The Company has a 60.0% working interest (WI) and 45.0% net revenue interest (NRI) in Stockdale field.

Further to the announcement of April 20, 2018, the Company has completed the evaluation of an additional prospective zone known as the Escondido Sand formation from 4,358 ft to 4,776 ft that was identified using the proprietary Quad Neutron Roke tool on the Morris 1 well. Specifically, within this area of interest the Company has identified 20ft of net pay with approximately 10 ft of oil-condensate below a 10-ft gas cap. The Company estimates 3 Bcf of natural gas recoverable that could, subject to further testing, produce at a rate of ~1.3 MMcfd gas and 10-11 bbl of condensate per day. The Company will update the market in due course with respect to its plans to test and produce from this zone.

The Escondido Sand formation is in addition to the Upper and Lower Anacacho zones at the Morris 1 well, which have been acidized and commingled ahead of the commencement of production. Prior to acidizing and commingling, 92 bbl of crude oil were recovered over a six-hour period from the Upper Anacacho at the Morris 1 well following a spike in gas pressure. The Company is testing the Morris 1 and expects to have initial production figures from the Anacacho zones shortly.These activities form part of a multi-well low cost workover program being undertaken across Mayan's portfolio of Texan assets to increase net production to 300-500 bopd in the medium term.

Additionally, the Company secured the right to use a second salt water disposal well which will both increase disposal (and therefore potential production) capacity and provide back-up in the event of any issue with the primary disposal well.