Mayan Energy Limited Operations Update (3021Q)

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RNS Number : 3021Q

Mayan Energy Limited

11 September 2017

11 September 2017

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

Mayan Energy Ltd ("Mayan" or "the Company")

Operations Update

Agreement with PyroPhase, Inc.

Mayan (AIM: MYN) is pleased to announce that it has entered into an agreement with PyroPhase, Inc. regarding the test of proprietary production enhancement technology owned by PyroPhase, Inc. on two wells located in Forest Hill Field, Wood County Texas, in which Mayan has an agreement to earn a 70% interest through the farm in announced on 8 August 2017.

Pursuant to the agreement, PyroPhase will install, operate, maintain and, if necessary, remove all equipment associated with the test from two wells, the Quitman 18 and the Quitman 40. All work associated with the workover and installation of PyroPhase' equipment on the first well will be paid by PyroPhase. On the second well in the two well program, Mayan will be responsible for only the cost of the workover rig associated with installation of the equipment. Mayan expects these two wells to contribute to two of the six workover wells it will undertake in Phase 1 of the work programme at the Forest Hill Field.

Established in 2006 with a focus on developing advanced oil recovery technologies, PyroPhase specializes in "in situ" electromagnetic heating simulation studies and production analysis. By partnering with PyroPhase, the Company will potentially benefit from state-of-the-art reservoir stimulation technologies while getting two wells brought on production at a substantially reduced cost.

Eddie Gonzalez, CEO, commented: "The opportunity to work with PyroPhase in a production test of their reservoir stimulation technology while having two wells turned to production to enhance revenue and cash flow for the Company is a win-win with major upside for Mayan shareholders. Our technical team, led by Dr. David Kahn, is excited by the potential highly profitable expansion opportunities in the East Texas Oil Field that would result from a successful test of PyroPhase' proprietary technologies on our wells. We will monitor the progress with great interest and advise shareholders of the performance of the test 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"). 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.

**ENDS**

For further information visit www.Mayanenergy.com or contact the following:

 
                                       + 1 469 394 
 Eddie Gonzalez    Mayan Energy Ltd     2008 
                                       [phone] 
 Charlie Wood      Mayan Energy Ltd     326 
                   Beaumont Cornish    [phone] 
 Roland Cornish     Ltd                 3396 
                   Beaumont Cornish    [phone] 
 James Biddle       Ltd                 3396 
                   Cornhill Capital    [phone] 
 Nick Bealer        Limited             9612 
 
 

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) oil and gas energy Company; focussed on the redevelopment and enhancement of its upstream oil and gas interests in Oklahoma, Louisiana and Texas.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 11, 2017 02:00 ET (06:00 GMT)