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Hope so I've also added at these lows.
You still inside?
Sounds news is imminent- not before time and PQE management for sure know that- can't think of one timeline target they've succeeded in achieving. Been issues but need to break that habit.
I see PQE management posting almost daily on twitter this past week - hopefully for very good reasons.
book a lot lighter than it has been in 3-4 months. Time to nail the shorter I think, wonder if we will see big volume to screw him. A news release would help that.
https://twitter.com/BGPTRADING/status/1123985653740576770?s=19
How big is big? My pants are a bit tight, big or no way am I getting those pants on, big?
hindsight yes it looks a poor sell of BLOE, but I didn’t think it would move as fast as it did. Also I believe CW is on good terms with Paul Haywood, so I imagine if news was coming swiftly he would have told him not to sell. Petroteq is a very interesting play, looks like it will make a big move real soon. Fingers crossed
excellent post !
The price of heavier oil is likely heading higher.
https://twitter.com/PetroteqEnergy/status/1123716726686920709
Yep very much calmer.
Company has production, it is probably a fair bit better than breakeven, without capex it would probably be profitable, it has in-house operations and engineering expertise and has assets that can be worked up and the capital value increased.
As long as the oil price stays around this level we should be okay. By the end of May we should have a better idea about ZR and Austin plus improved production levels.
That is a million miles away from where it was at the start of the year.
DYOR
Calmer waters - MYN market cap £3.21m - my investment sunk in very deep waters no fear at the moment it seems of me getting "the bends." with this stock !
Yep.
I think that we will see a much more active Mayan/Attis going forward. Bringing Attis in-house gives us much more flexibility with regards to acquiring assets, working them over and disposing of them.
I have said it a couple of times but worth repeating:
The five Austin wells cost $500k and we might in the end have spent $130k on working them over for the first stage (excluding Montsanko and Morris 1).
Stage 2 (after the sub-surface survey) might be to frack/refrack them or do a side track or drill a new horizontal to prove up the assets.
Stage 3 would be to sell them into private investor market that values these assets on a producting barrel basis.
Lets suppose that they can get the production to 150bopd then the typical valuation would be 150 * $25k =$3.75mil.
Then repeat, find some older wells that have been neglected, buy them fairly cheaply, work them over, prove up the production and sell them. It won't take many iterations of this to generate a serious balance sheet. There are tens of thousands of wells in Texas that this can be done with.
The ones to keep, would be the better wells which have access to SWD because that means the SW doesn't have to be trucked and the marginal costs are much lower.
Ideally, having worked them over and sold them, the new owner would keep us on as the operator; we would get operator fees out of it.
DYOR
Well said Helpful.
My sentiment entirely.
Shark invested AIM waters are very dangerous - Mayan has been a major target.
Calmer waters now.
Fair!!
thank you both!
The benefit of 20/20 hindsight. Any time up to the last six weeks or so it looked an ok ish decision.
Thank the idiots who were trying to nick the company on the cheap and systematically undermine the BOD and the company. Only now is the BOD getting to the stage where they can properly manage the business and we are starting to make progress.
As an aide memoire, just some of the rumours being put about at the time:
The company didn't own the assets
The assets were duff
The BOD had connived in buying duff assets to enrich themselves and parties close to them
The assets would not produce oil
Reports about production were fraudulent
The company was about to go bust
Certain conniving individuals made constant complaints to the NOMAD, AIM and the FCA.
If the BOD had been allowed to get on with the job, we would have been in a much better position sometime around around the middle of last year and as a result still had Block. What has happened at Austin could and should have happened June/July last year.
Certain individuals were trying to steal produced oil off us and others were trying to steal assets and leases.
Imagine being in the middle of that S-storm and trying to remain sane and run the company.
There are unscrupulous individuals out there and we need to navigate our way carefully. In my view PA and CW and righted the ship and now we need to see how much progress can be made over the next 3 months.
DYOR
topped up another 1m. Under 0.14p is good for me. ATB. :o).
BLOE market cap £45.88m -SP 16.85
Suppose needs must but this decision by MYN in 20 November 2018 not looking too clever now !
"Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, announces that it has completed the sale of its 3.29% interest in AIM traded Block Energy Plc ('Block Energy') (AIM: BLOE), the exploration and production company focused on the Republic of Georgia. The £203,213.94 proceeds will be allocated to the development of the Company's existing portfolio of onshore US oil and gas assets, once the current independent review has been finalised, and for working capital."
https://www.blade-energy.com/service-item/subsurface-services/
It depends, as always. In our case maybe 4/6 weeks.
15/4 RNS - not sure but Attis have been onsite ZR for nearly a month now - plus they will know results of topside field production- so news on ZR next week would be reasonable.
· The Attis team have been in the field over the past week assessing the near-term requirements for optimisation.
· Initial topside field production enhancement techniques will be applied during April.
how long do these studies take, do you know? Any insight into complexity, type of data it generally delivers?
ZR - RNS 15/4 - news also due soon re sub-surface studies.
Charlie Wood, CEO of Mayan, said, "We are pleased to report that we are already delivering close to breakeven production from the Austin Field and expect the numbers to improve going forward. Importantly, through this initial field development programme we have established a strong working relationship with our operator, Attis, who has shown a disciplined cost- controlled approach in delivering production resulting in an excellent return on capital deployed. We will continue to monitor performance and proactively implement further enhancements. We are applying the same methodical approach at Zink Ranch as we take control of operations and make further assessment of the development opportunities across our acreage. As part of this plan, the Company has begun sub surface geological studies at Zink Ranch with a view to further development and establishment of reserves and additional exploration opportunities will be evaluated at the Austin Field in the near future."
Petroteq just posted this on their twitter account - be good if they could update the market on their current production and sales.
https://finance.yahoo.com/news/u-sanctions-iran-venezuela-set-crunch-heavier-oil-230643462--finance.html?guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvL3BnZlVFWjF6TUs&guce_referrer_sig=AQAAAGK-Y5UGM0kNOGGYp-of-OFM4crq6PXnhQj5CpTxD2prC8i-pcnZ9-7uEi60G5mzqwe7qWOuYp84kBMvgEUIecCQ4AVOcgZHIPQGtKWV-WFPWjeAB8fC_is63Gyb8MMZAdnOEljA6f3ZGeKB6GMAR2ssimlnhEeVgxYMgUBiJc0G
Well the company will have the money from the fund raise next Tuesday and it can get on with its plans,
The thing I will be really interested in is the subsurface studies. In particular, I want to understand just how big the Prue is at ZR.
DYOR
pretty much all sitting on hands, probably awaiting next operational update, plenty going on.
Starting to close. 14.5 to buy 13.1 to sell.