LONDON (Alliance News) - Mayan Energy Ltd said Thursday it has amended the previously announced interest acquisition pact for 12 well bores to extend the due diligence period.
The oil & gas company has extended the sale and purchase agreement deadline with Smart Bit LLC until August 22.
In June, Mayan signed a deal with Smart Bit to buy interests in 12 well bores, including seven additional vertical wells at the Stockdale Field in Wilson County, and three horizontal and two vertical Austin Chalk wells in Wilson and Gonzalez Counties, Texas for USD605,000.
The company has also issued 18.4 million ordinary shares to various advisors to settle amounts owed and for contracted services over the next 12 months at a fixed price of 0.6 pence per share.
Shares in the company were trading 2.6% lower at 0.52p each on Thursday afternoon.
