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Mayan Energy: Commencement of first two work overs at prospective Austin Field property, Texas

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Oilfield Technology,

Mayan Energy Ltd, the AIM listed oil and gas company, has provided an update regarding its Austin Field property in Texas.

Commencement of first 2 work-overs

Mayan’s new contract operator, Attis Operating I Inc. (“Attis”), has begun preparations over the past week with the rig scheduled on site on Friday, 1 March 2019 to commence work-overs on the Morris #1 and Montsanko wells. The work-over programme, fluid testing, and new pump installation at Montsanko is expected to take approximately 21 days.

Morris #1 Well – New Mineral Lease

Mayan has entered into a new Oil, Gas and Mineral Lease with Gary Lee Morris and wife, Norma L Morris over the 105.73 acres [on which the Morris #1 well sits]. This new lease provides for a 12 months primary term and thereafter for as long as oil, gas or other mineral is produced from the lease allowing Mayan ample time to workover the Morris #1 well without shut-in production worries and evaluate the best means to extract the most value out of the lease. Mayan paid US$500 at execution of the Lease and will pay an additional $4500 within 30 days of the lease signing as customary lease bonus consideration.

Charlie Wood, Chief Executive Officer of Mayan, said, “We are pleased to have our operator, Attis, on site and starting the first phase of operations in the Austin Field. We’re systematically moving ahead on our plan to rework and restart operations on our remaining assets.”

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