Mayan Energy Limited Acquisition of Producing Interests (7859M)
August 01 2017 - 9:45AM
UK Regulatory
TIDMMYN
RNS Number : 7859M
Mayan Energy Limited
01 August 2017
1(st) August 2017
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
Mayan Energy Ltd ("Mayan" or "the Company")
Acquisition of Producing Interests
Mayan (AIM: MYN) is pleased to announce that it has entered into
the acquisition of a 60% working interest in a 105.7 gross acre
lease in Wilson County, Texas. This acquisition includes interest
in one producing well producing approximately 50 gross barrels of
oil per day from the Anacacho formation at approximately 3600'. The
company intends to implement a broader strategy targeting
opportunities to recomplete existing well bores originally drilled
to the Austin Chalk formation in the shallower Anacacho formation
and believes that substantial opportunity to grow its acreage
position in Wilson County exists.
Highlights
-- Mayan has acquired a 60% working interest and 45% net revenue
interest in a 105.7 gross acre lease producing from one well in
Wilson County, Texas for:
o $60,000 in cash of which US$10,000.00 has been paid by the
company with the remainder due August 15, 2017;
o As additional consideration Mayan has agreed to carry the
seller on certain development expenses up to a total of
U.S.$200,000 net to the seller's retained interest within 180
days.
-- The field lies on-trend with one of the historically great
oil and gas deposits onshore U.S., the Austin Chalk. The Anacacho
formation, a shallower formation present in Austin Chalk wells in
Wilson County, is believed to present an opportunity to take
advantage of the substantial infrastructure originally developed
for Austin Chalk wells to economically exploit a formation that was
not the primary objective during the original development phase of
Austin Chalk wells in the early to mid-90s;
-- The Company has identified 10 low cost Anacacho re-entry
opportunities that it is currently evaluating with the potential to
expand its footprint in Wilson County subject to a successful
financial return from this initial investment. The company expects
approximately 80,000 to 180,000 barrels of potential recoverable
reserves in each successfully completed Anacacho well.
Eddie Gonzalez, CEO, commented: "This acquisition in Texas
together with the farm out and work program at Zink Ranch and
Mathis in Oklahoma mark the completion of a shift in the strategy
of the company toward a diversified production and cash flow focus
leveraging the expertise of the recently announced additions to our
team, Messrs. Kahn and Johnson.
The immediate addition of approximately net 30 barrels of
production per day to our portfolio firms up the cash flow profile
of the Company allowing us to focus our capital resources on growth
in production in these low risk, minimally capital intensive
projects which will drive steady production and cash flow growth
going forward.
Work toward previously announced production additions at Shoats
Creek continues and news will be announced in due course."
Special note concerning the Market Abuse Regulation
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR"). .
**ENDS**
For further information visit www.Mayanenergy.com or contact the
following:
+ 1 469 394
Eddie Gonzalez Mayan Energy Ltd 2008
+44 7971 444
Charlie Wood Mayan Energy Ltd 326
Beaumont Cornish +44 20 7628
Roland Cornish Ltd 3396
Beaumont Cornish +44 20 7628
James Biddle Ltd 3396
Cornhill Capital +44 20 7710
Nick Bealer Limited 9612
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange)
oil and gas energy company; whose present operations which are
focussed on the redevelopment and enhancement of its upstream oil
and gas interests in Oklahoma, Texas and Louisiana.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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