LONDON (Alliance News) - Mayan Energy Ltd said Wednesday it has agreed to alter the structure of USD10 million funding agreement for Deloro Energy LLC, which will translate into a small dilution to the company's equity interest in Deloro.
Deloro is a private company established to acquire 49% interest in the Asphalt Ridge heavy oil project in Utah, US, being developed by Petroteq Energy Inc.
The company has agreed to alter its Deloro investment structure to ensure the timely advancement of the Asphalt Ridge project. Post restructuring Mayan's equity holding in Deloro will be 17.3%, previously 17.6%.
Mayan shares closed down 1.9% at 0.77 pence each.
