LONDON (Alliance News) - Shares dropped in Mayan Energy Ltd on Tuesday after it said development activity will be put on hold as the company conducts a review of its assets for allocation of funds.
Shares in the energy company fell 18% to 0.23 pence on Tuesday.
Chairman Paolo Amoruso said that following the board reorganisation that took place on Friday last week, Mayan Energy would review its assets to determine how its financial resources should be distributed.
As a result, development activity will be put on hold, including the re-completion and reassessment of work scheduled for the Austin Chalk Wells in Gonzalez Country, Texas.
In the second half of October, a team will be sent to visit all field operations, and plans will be drawn up afterwards for increasing the current production and field development, Mayan said.
