Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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In my view, Mayan will be fine now. The response to the last update is a bit disappointing but understandable given the history. It is all down to the next couple of updates showing progress and that they haven't wasted the new monies.
Fingers crossed indeed.
Although I’m negative I do hope you boys get some/all/profit money out of Mayan and PQE.
You not hold ffs
Yep I agree. As I said AB and DS have not covered themselves in glory but they have made progress: not as much as they should have done and not as quickly.
Fingers crossed.
Putting my positive head on. Which is rare.
Sometimes hold have to hold stocks a long time and look wrong ( sometimes years )
To get that 6 months rise and be proved right. Could be myn and pqe are an example of just that.
Jaundice - had to google it but a weird thing to say as it effects mostly OAP’s, anyway..
Misrepresent the position - I said it was a bad call as things stand? You feel being 70% down or whatever we are is good?
It may come good as I said (and I own a few @ .43) but at the min it’s been a total let down for investors who have been in for a good while.
very Helpful! thx
Typical, I have been checking QEM regularly and when I don't they come out with an update.
Surprised it has taken them this long to progress the seismic: I was expecting the results about now. Over-eager again.
Well spotted.
PQE Partner
Talking or which, QEM comment this week:
"Petroteq’s proprietary technology was reportedly able to extract hydrocarbons from QEM’s Julia Creek Project. The company commenced Stage 2 optimisation testing in March 2019 quarter to determine the final yield of the hydrocarbon products and full results of the testing are eagerly anticipated in Q2, 2019."
https://kalkinemedia.com/news/qem-limited-kicks-off-2d-seismic-survey-at-its-flagship-julia-creek-project/
Since that will be our next hot topic, I thought it would be a good idea to read up on past announcements (good and bad); I have posted the links below.
https://www2.trustnet.com/Investments/Article.aspx?id=20140227070000P471B
http://www.morningstar.co.uk/uk/news/AN_1398426531343971100/AllianceNewsPrint.aspx
http://www.morningstar.co.uk/uk/news/AN_1401869053784724900/AllianceNewsPrint.aspx
https://www.proactiveinvestors.co.uk/companies/news/59874/northcote-energy-to-spud-new-well-at-zink-ranch-later-this-month-70256.html
https://www.proactiveinvestors.co.uk/companies/news/60850/northcote-energy-brings-second-zink-ranch-well-online-71284.html
https://markets.ft.com/data/announce/detail?dockey=1323-13273626-7VRBPKROKUAA1V5SBMMGSG3GOH
The rest are on the RNS feed.
http://www.insideoilandgas.com/index.php/news/374-mayan-energy-ltd-s-development-of-zink-ranch-field-oklahoma
So the announcement above gave target of 190 bopd by end 2019: nine low risk drilling locations.
So summary:
It looks like there has been over 50 wells drilled at ZR but records are incomplete: 18 are currentl producing and about half have been abandoned (I think that means plugged and abandoned rather than not producing). It has its own SWD.
It looks like we have been producing frm the Cherokee sands. It may be that we have the Red Fork Sands on our acreage which produce elsewhere. It may be that we can produce from the Tonkawa Sands, the Cleveland Sands, Atok and Morrow. This is presumably what the sub-surface survey is going to look at.
Rob Bensh has an asset in the Red Fork that he says he is doing quite well with.
DYOR
You need to deal with the jaundice it will affect you long term.
I have a fairly decent position in PQE and am well down as are most people but that doesn't mean it is okay to misrepresent the position. AB and DS have not covered themselves in glory but where we are is not "and nothing".
I gave DS the benefit of my wisdom a little while back and obviously he took a different view on the way forward. So far, to me, it looks like I was right and he was wrong: that could very quickly change to the complete opposite.
The plant works, the tech works, they are producing (I don't know what the latest position is) and they have acquired more assets. We know that they are in talks with at least two partners but we don't know the terms or if they will proceed.
It is not doom and gloom but they are well behind schedule.
The rumours are that something is happening. We will see in due course. Ideally, I would like them to do a deal with a proper partner who can bring capital and proper management in but who knows?
DYOR
Good post Ors! When you add some balance into the mix your posts are decent ;-)
Unfortunately... where Charlie is concerned what he has done to PI’s here (I’ll save doing a list) for me is unforgivable.
PQE may come good, but it’s a poor call as things stand much like the BLOE one.
1,000BOPD has been coming for 12 months, in January they said they were imminent and here we are 8th May and nothing.
Benefit of hindsight and all that, of course but at some point you will stop bashing CW - why, well because regardless of your personal vendetta and attempt to have him removed you might - but unlikely - acknowledge - that he has overseen the turn around of fortunes here. I have always said my preferred option was to do whatever was necessary to keep disruption to a minimum - get production going as quickly as possible but in a well thought out plan which can be sustained. It has taken a good deal longer than shareholders expected but all seems to be going well. The share price indicates the market are not certain but let's see.
It was very noticeable that those out to get CW were noticeably absent when the last update stated they were now breaking even. You came late to the party here but in case you weren't aware this is the first sustained production of any oil and first real revenue. Currently $200,000 per month and rising, not insignificant, why did this happen? It happened because Thom Board and his outfit Attis were selected to change Mayans fortunes. In CW defence I guess that he had nothing to do with it?
Anyway we are where we are and imo we are in a much better position than many thought. CW position has been made clear - his tenure of interim CEO may or may not continue, but likely not imo as the business redefines, after all he is not a US oil man.
And for what it's worth Petroteq imo should be great investment for Mayan, returning considerably more than the cost. It is a shame they are not currently in a position to take advantage of a crazily low share price - I have been adding here as I believe Petroteq could become one of the best investments around. By a long mile. Let's see.
Honest answers.
Yes it’s up 7% Ors, only another few bags and Mayan may get the chance to get its investment back!
How does Charlie manage to get the shitty end of the stick on every deal he makes? Honest question...
On the move at long last :)
pqe could do with getting a decent operational update out to stop the rot. Overdue by their own timeline.
Plus Nasdaq listing update
Chinese investors (better not let them in too cheap)
the next Rns should move the price if positive. Aim is full of bad investors all they see is the dilution, will take time. Be incredibly surprised if Pqe stays around these levels for much longer.
I’m surprised our SP is not moving up given the positive figs. we’ve already had from Austin. I hope the figs. from Zinc don’t get the same reaction... otherwise we will be talking up Petroteq..... just for a change!
Probably one of the creditors we settled shares on.
Just had a look and possibly Aminex, Smart Bit or the "Consultant"
Mayan has agreed to a second amended and restated sale and purchase Agreement (the 'Agreement') with Smart Bit LLC ('Smart Bit'). This updated the original agreement with Smart Bit as announced on 23 August 2018. Under the terms of the Agreement Smart Bit has agreed to sell Mayan a 100% WI and retain a 10% gross overriding royalty interest in the following wells at Austin Field: Edwards, Neubauer Stanush, Kosub, Ritchie Talley and a 5% gross overriding royalty at the Garrison well.
The consideration for the revised agreement is as follows:
1. US$170,000 cash already paid by Mayan Energy
2. 48,614,725 shares in Mayan Energy Ltd
a. 25,274,725 shares previously issued 0.7p
b. 23,340,000 further shares issued at 0.2p
Total consideration under the revised deal on the effective date of the transaction is approximately US$375,000.
NB I had it in my mind that the consideration for the Austin Chalk wells was $500k but it was varied to $375k plus the 10% ORRI. Note a chunk of the shares were issued at much higher prices. All in all, the Austin Chalk purchase will have turned out very well. I expect that when we the CPR on them, the valuation will be much higher than the purchase price.
DYOR
Certainly am gaining a lot of interest over here from them.
Who’s the massive sell?
trade?
news this week?
almost on daily basis the PQE PR machine produces :
https://www.facebook.com/Petroteqenergy/videos/417032069131485/
Ben - do the Chinese like what they see?
Excellent..........!
may the force be with you...... :)
All the best.