Member Info for orslega

"Smart Bit LLC and Mayan to fund their respective working interests for capital costs on the wells which are estimated at totaling approximately US$410,000 net to Mayan for the 12 well programme."

$34,000 per well: payback very quickly

"Mayan has also agreed to issue US$175,000 of new ordinary shares at a price of 0.7p per share in settlement of outstanding creditors"

More cash saved - creditors happy to take share at premium - 0.70p

"This stops the shorter negativity over the leases, and the negative comments regarding poor practise in responding to the authorities by the previous operator."

Indeed.

Forest Hill update - there was problem with the operator, all sorted now:

Update on Forest Hill Field work programme
· Workovers on an additional 2 - 4 producing wells at Forest Hill Field due to recommence in July 2018 - follows satisfactory resolution of issues relating to access and rights regarding certain leases with a neighbouring operator
· Production at Forest Hill is highly profitable due to low costs which at current oil prices generates excellent netbacks
o Realised oil price is WTI plus US$2.00
o All-in operating costs are expected to average less than US$15 per barrel of oil based on an expected production level of 5,730 gross BOPD over a 30 day month

Good riddance Cornhill!

As expected Eddie is going after the Stockdale gas discovery

"All seven vertical wells will be completed in both upper and lower Anacacho zones as well as the lower Escondido sand where the Morris#1 encountered natural gas"

Very interesting - Eddie has a handful of sticky investors stumping up £850K - no Cornhill, no brokers very good.

Look how he plan to spend the money - excellent

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MYN/13691192.html

Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce that it has entered into a conditional Sale and Purchase Agreement to acquire 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 (the "Acquisition") for a total consideration of US$605,000 (the "Consideration"). Completion is conditional on the completion of full due diligence and Mayan and the Vendor entering into a Joint Operating Agreement ("JOA"). The Acquisition is in line with Mayan's objective to increase net production to 300 - 500 bopd by securing select under-exploited US onshore assets at attractive prices and enhancing production by applying the Company's in-house expertise and advanced technologies and techniques. The Company will update investors when the Acquisition has closed.

In addition, the Company also announces that it has raised £850,000 gross via a Placing with a limited number of high net worth investors (the "Placing") of 141,666,666 new ordinary shares of no par value each (the "Placing Shares") at a price of 0.6p per share (the "Placing Price") with a warrant for every 2 shares subscribed exercisable at 0.9p (the "Placing Warrants"). The Placing Price represents a discount of 11.8% to the last closing price on 22 June 2018. The net proceeds of the Placing will be used to fund the Consideration, new work-overs at Stockdale and Austin Chalk, and general working capital. The Placing was arranged by Mayan and Novum Securities Limited ("Novum") who have been appointed as broker to replace Cornhill Securities following this Placing. In addition to the Placing, Mayan has also agreed to issue US$175,000 of new ordinary shares at a price of 0.7p per share in settlement of outstanding creditors ('Settlement Shares').

Acquisition of seven vertical Stockdale wells and five Austin Chalk wells

7 Stockdale Wells (Working Interest 60%/ Net Revenue Interest 45%)
· Provides multiple opportunities to replicate the success of the Morris#1 well at the Stockdale field which has been producing at a gross rate of over 80bopd following a low cost workover
· Production at Stockdale is highly profitable due to low operational costs which at current oil prices generates excellent netbacks
o All-in operating costs at Morris#1 are expected to average less than US$14 per barrel based on an expected production level of 2,760 gross BOPD over a 30-day month
· Low cost development programme will involve reworking Stockdale wells using the techniques and technologies that were successfully deployed on the Morris #1 well
o All seven vertical wells will be completed in both upper and lower Anacacho zones as well as the lower Escondido sand where the Morris#1 encountered natural gas
o Water to be piped into existing salt water disposal well ("SWD")
o Due to work previously undertaken by

April 2018

"Eddie Gonzalez, Managing Director, said: "The new zone identified by our technical team speaks to both the quality of personnel that shareholders have working for them and the upside potential in the Stockdale Field. Natural gas is historically a low maintenance revenue stream when volumes are of sufficient quantity and as a result we are excited by the significant volumes that may result from this zone. At current prices of WTI US$67.80 per barrel and Henry Hub Natural Gas of US$2.78 per mcf, 1.3 mmcf/d is equivalent to approximately 50 barrels of oil per day on a price adjusted basis."

Natural gas has risen nicely since then, to US$3 per mcf - Eddie will be keen to get the gas flowing given the low cost installation/monthly running.

https://ycharts.com/indicators/natural_gas_spot_price

There is a premium to this price locally and a guaranteed market.

June RNS

"Mayan is currently engaged in discussions with several municipal purchasers regarding a long-term contract including addition gas anticipated to be unlocked at the Stockdale Field as a result of the Company's planned development plans

The Company expects to realise pricing that will yield a premium to the spot price of the natural gas used to generate electricity if it were sold to a gas gathering / marketing company as is common practice in the United States"

Be good to also hear news about other targets for Stockdale - think we are aware that this is not just about Morris 1 - it sounds like the field/discovery much bigger. Eddie said they are entering into a long term contract so that suggests they are confident of finding further gas. Bring it on.

MYN have +3%

Cracking on with it - they are fully funded after recent £4M raise

https://twitter.com/BlockEnergyplc/status/1010096785233235968

who just sold 1,603 shares. Labratt is now out. RIP

Mexico>>>>Mr. Gonzalez will aim to provide significant contacts and relationships beneficial to potential opportunities and partners in Mexico, Central and South America. “With the recent initiation of production at our facility, we have a backlog of interest from partners around the world for which a visit to an operating facility was the logical next step.” stated Alex Blyumkin, Executive Chairman of Petroteq. “Our plan is to add experienced energy entrepreneurs and executives to our ranks to handle the inquiries we have been fielding, as well as develop new opportunities that will help the Company grow.” In keeping with this initiative the Company is pleased to announce that experienced entrepreneur, Heriberto “Eddie” Gonzalez, has agreed to join Petroteq’s Advisory Board. Mr. Gonzalez has demonstrated the ability to create growth opportunities as well as manage corporate activities for shareholder benefit in the energy and other industries in both public and private companies. He is currently Managing Director of Mayan Energy Limited, a London AIM listed issuer. Mr. Gonzalez’s background includes start-up, turn around and growth of multiple companies with a consistent track record of value creation and achieving successful exits for investors. As a native Spanish speaker with cross border business experience, Mr. Gonzalez will aim to provide significant contacts and relationships beneficial to potential opportunities and partners in Mexico, Central and South America. David Sealock, CEO of Petroteq commented, “We are excited to have Eddie on our team. He brings multiple skill sets that will benefit the Company in terms of identification, development and execution of potential business opportunities. His proven willingness to go to bat for Petroteq is a positive indicator for great things to come from this appointment.” https://globenewswire.com/news-release/2018/06/20/1527238/0/en/petroteq-energy-expands-advisory-board.html Note: Eddie has a couple of Mexican deals lined up in the background for Mayan - this is the public domain if you listen to his first interview - he made it very clear he would progress when the time is right......since then oil and gas prices have picked up considerably. Let see.

"V few seem able to hold shares these days for more than 5 mins" Precisely - and of course the MMs make loads more for that very reason. The spread is ridiculous.

Gone : )

take Miller's advice "Just keep reporting their posts" It does work, keep it up - admin have to take notice - otherwise they are not operating within their own rules.

Newbies re Eddie Eddie Gonzalez manages all operational aspects of Mayan and has a consistent track record of building up and successfully selling services related businesses, including being involved in 2015 in a 100,000 MMBTU 2-year natural gas deal between U.S. suppliers and Comisión Federal de Electricidad, the Mexican state-owned utility. Mr Gonzalez is fluent in Spanish and English and comfortable in both US and Mexican business cultures. Mr Gonzalez is a member of the Remuneration Committee.

"I am honoured to have been asked to join Petroteq's advisory board and look forward to being able to assist its management team on the development of Petroteq's strategy as well as helping to facilitate some of its external relationships with local operators, the public and government." This has Mexico written all over it. Well trodden territory for Eddie (de-rampers read what he has achieved in Mexico todate)

But Misty cannot tell you what's happening at ground level. Wait and see.

so do you not think this is being addressed buy the company?