Overview:
– The programme is focussed on bringing three wells online before the end of November 2017 following the successful initial flow of 21 barrels of oil per day (RNS dated 31 October 2017) on the first well at Forest Hill
– A workover rig is now onsite and will begin production stimulation procedures today
– Initial results are expected week commencing 13 November 2017
– The workover rig will remain on location following completion of the first workover to stimulate the two additional wells with the target to have three producing wells by the start of December
Eddie Gonzalez, Managing Director, said: "These are exciting developments as we initiate our planned workover and well stimulation programme ahead of schedule with results expected before the end of November. Exceeding expectations on timing of initiation of this programme is testament to the execution capabilities brought to Mayan by our new technical director Dr. David Kahn who is being instrumental in transforming our assets as we look to build production and cashflow. The strong initial performance of the first well underlines the potential of Forest Hill and with the recovery in the oil price and the resultant increased margin, I am looking forward to reporting regularly as we complete the stimulation operations."
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"). Market soundings, as defined in MAR, were taken in respect of the Subscription, with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.
