Mayan enters deal with PyroPhase for testing of production enhancement tech
StockMarketWire.com - Mayan entered an agreement with PyroPhase regarding the test of proprietary production enhancement technology owned by PyroPhase on two wells 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.
CEO Eddie Gonzalez 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."
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