Member Info for orslega

Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce that the Company has concluded discussions with its Farm-In partner and consequently will now revert back to retaining a 100% working interest in the Zink Ranch Field in Osage County, Oklahoma ('Zink Ranch' or the 'Field'). Mayan has further received a proposal from an established third-party contract operator based on an independent review by a leading geologist in Osage County identifying up to 3.5 million barrels of recoverable oil that can be economically developed through a multi-phase, low cost development programme. Zink Ranch comprises 1,560 net acres held by current production of approximately six barrels of oil equivalent per day. The development programme establishes a 160 gross barrels per day end of 2019 target for Zink Ranch. � Mayan to retain a 100% Working Interest and 75% net revenue interest in Zink Ranch following successful negotiations with its former Farm-In partner on the Field, Longview Oil and Gas LLC ("Longview") to terminate the Farm-In Agreement dated 11 July 2017 o This has no impact on Mayan's on-going development partnership with Longview at Stockdale and Forest Hill Fields in Texas and purely reflects identification of a better suited partner for the development of Zink Ranch � Pilot pressure maintenance programme ('PPMP') will involve the workover and restoration of production from five existing wells and the conversion of one well to an injection well for pressure maintenance operations - PPMP is scalable enabling field wide rollout subject to initial success � Existing infrastructure at Zink Ranch will limit the cost of the PPMP to under $US30,000 per well plus approximately US$100,000 to convert one well to injection, purchase a tri-plex pump and make necessary surface improvements to implement the pressure maintenance programme � The Roke Quadneutron Log tool and other technologies and techniques that have worked well on the Forest Hill and Stockdale Fields will be deployed at Zink Ranch � The plan further identifies, subject to submission of an environmental impact study [and anything else?], 9 low risk, shallow, proven drilling locations based on the work a pre-eminent drilling geologist in the area � Mayan is in discussions with the author of the plan KVD Oil LLC to oversee the implementation of the revised field development plan as replacement operator � Mayan is also in discussions with a well known oil and gas company to participate in the development of Zink Ranch as an industry partner on terms to be finalised. This is expected to fund the PPMP and then potentially further development of Zink Ranch as outlined above. � Initial production data from the programme expected in late Q3 2018 Eddie Gonzalez, Managing Director, said: "We are pleased to have resolved matters at Zink Ranch and agreed a way forward.

....regardless of technicals the fundamentals must mean very soon that the share is heading to that level - 1.6p would be about right with the current production. That will be only the start of the re-rate. Looking forward to news on number of fronts shortly.

Pash - Twitter: #MYN the week ahead: 0.85p breaks us out of the 6-week range and weekly pennant, bringing the following targets into play: 1.30p - Cup & Handle ext. 1.60p - Bullish Pennant ext.

https://www.cnbc.com/2018/05/11/get-ready-for-100-a-barrel-oil-and-the-conflict-it-represents.html?__source=sharebar%7Ctwitter&par=sharebar

"and Mayan Energy (MYN) announced it is now producing 137 net barrels of oil per day." https://upcomingdrills.com/2018/05/13/oil-news-round-up-sdx-savp-eme-hnr-ntog-myn-frr-zen-pvr-trp-echo-coro-pve-sou-amer-blvn-igas/ For starters : )

who knows but the company paid a number of suppliers in shares, saving cash, so it might be them - or possibly Cornhill but as broker they will need to RNS if is them.... The sp has consolidated well, waiting for next news which will go take us to the next pricing platform : )

here - not for very much longer imo

Cornhill getting ready for some action - they took shares as part of previous placing...

note - the workovers are also cheap $50K a pop. The oil price has obviously risen substantially since June 2017 - it was a doer then, so now even more so now. Longview will also be keen to get ZR moving, Another near term project, in Eddie's own words, a hidden gem : )

Here's the detail - July 2017 RNS: ZR workovers imo could be soon on the agenda - the climate is right now Farm-Out Valued at US$ 2,000,000 Mayan (AIM: MYN) is pleased to announce that further to its RNS of 26 June 2017, relating to the restructuring of Oklahoma leases, it has now entered into a US$ 2m farm out of a 50% working interest in company's currently 100% owned and operated Zink Ranch and Mathis leases in Osage County, Oklahoma. Highlights � Farm-Out agreement entered into with Longview Oil & Gas, LLC; � Mayan will receive consideration of: o US$ 50,000.00 in cash; and o a 50% carried interest (worth approximately US$ 2,000,000) to effect the following: � one new drill well on each of the Zink Ranch and Mathis leases; and � five workover's of wells at the Zink Ranch lease; � The Mathis new well will be a 3500' vertical drill to target the Mississippian formation with an estimated cost of US$ 1,300,000. As previously reported the Mathis leases have two seismically identified drilling locations at shallow depth (less than 3500') in the Mississippian formation. Mayan believes that owing to reduced costs in the oil services industry, as well as stable oil and natural gas prices, that a vertical well to target the Mississippian reserves is attractive at current prices. � The Zink Ranch new well will be an 1800-2000' drill, to target and fracture multiple Pennsylvanian sands with an estimated cost of US$ 350,000. � The five Zink Ranch workovers are intended to generate production by fracturing existing tight formations within existing wells to unlock their potential, with an estimated total cost of US$ 300,000; � Mayan has agreed that an affiliate of the farm-in partner will act as Operator in respect of the farm-in work with the obligations of such set out in a to be executed Joint Operating Agreement; � Detailed timings of the proposed investments are presently being negotiated with Mayan's new partner, but the indicative work plan suggests that the program will start within 90 days. Mayan will update the market once the program is finalised Eddie Gonzalez, CEO, commented: "This is an excellent transaction that unlocks value latent within Mayan's portfolio. We have been able to do this as a result of a number of factors, including the resolution of the regulatory and legal challenges that were facing the oil and gas operators in Osage County, Oklahoma that have now largely been resolved; our restructuring of our Oklahoma operations and now, finding an investor who was attracted by the prospects offered by our Oklahoma assets. The transaction creates several potential sources of near to medium term upside for production, revenues and our share price. And we now look forward to reporting to shareholders in due course on the development of the program as it rolls out. Indeed, if as we hope, th

Zinc Ranch - Newbies might be interested in this "hidden gem". Eddie will be eying up some action here soon imo Dr. David S. Kahn has been recruited to act as oilfield technology advisor to the Company. Dr Kahn bringing more than 25 years as an executive with major oil and gas companies including Baker Hughes, Halliburton, and, Texaco. In the last 15 years, he has been a principal and founder of several successful companies globally including Ivanhoe Energy, Black Pearl & Tanganikya. Dr. Kahn brings specialist expertise in reservoir stimulation that the Company believes will greatly be of benefit in its exploitation of Zink Ranch and Mathis assets as well as evaluation of future opportunities in Oklahoma and Texas. Eddie Gonzalez, CEO, commented: "I am very excited about the addition of Dr. Kahn to our team. His expertise will immensely aid our efforts at Zink Ranch where we are moving forward with the work program contemplated in the transaction announced 18 July 2017. As I have previously and publicly opined, Zink Ranch is a hidden gem in the Company's portfolio and the farm out validates my opinion and previous statements with respect to its value to this Company. I reassert: Zink Ranch is the type of project a company of the size of Mayan should undertake.

exit + free ride on Block IPO is an option Eddie will be looking at....but pressure for cash is now easing as production kicking in..... No one has mentioned it but 100 bopd+ which is where Mayan are right now - this level of production is generally known as the kick start for a bank revolving credit facility - there are many examples on AIM to support this. My bet is that Eddie will be looking at this to accelerate the roll out both at Stockdale and Forest Hill. He has many leases to exploit for both.

$17M of historic tax losses also means Mayan will pay no corporate tax for a while - that is worth circa $5M in saved tax - rather nice for what is effectively a start up. There is a market for tax loss companies and somehow I don’t think Mayan is interested - Eddie needs them all 👍

big volume day - definitely on more radars

We heard yesterday from Align that Eddie is lining up an interview shortly - don't miss it - it will be eye opener for many newcomers.

Indeed- imo sit tight / add a few and watch what happens.

page 29 of 2016 accounts: "Group tax losses carried forward amount to US$ 16.4 M (2015: US$ 17.4 M) as determined by cumulative losses multiplied by the US standard rate of corporation tax 30% (2015: 30%). Such tax losses will be recoverable only when it is probable that taxable profits will be available. The deferred tax asset has not been provided for because of uncertainty over the timing of future taxable profits against which the losses may be offset." Well the above policy will now be reversed.

some interesting calcs over on twitter - 5.2p as forecast sp. One point which has not been not noted is the accumulated tax losses - at 31/12/2016 Mayan have $16M+ of tax losses so US corp tax will not be chargeable for 3-4 years. That is huge bonus - worth $4.5M in saved tax. Very soon Mayan will be profitable and those losses will need to be shown in the accounts as a deferred asset - currently they are not recognised - so the balance sheet will be substantially improved with this recognition. Current accounting policy says that these losses have been ignored as at 31/12/2016 therefore no signs of profitability. All change now.

obviously a seller still there - this has been down to 0.27 in recent months - so plenty of profit to be made for some medium term investors/traders. But much much more to be made - the company has barely got started.....

and as Eddie says more of the same. The beauty is the exceptional low cost model without the risk of not finding oil - and then the possibility of a new discovery, i.e. Stockdale gas. Market is starting to wake up how undervalued - but it is still way way way off. It will correct though - no choice.