Member Info for orslega

4/4/2018 - last communication from Eddie: Note aggressive development plan. This is only heading way - wait and see or if you like, buy in at 20% discount to CEO purchase. Eddie Gonzalez, Managing Director, said: "While the last few months have seen a larger than expected number of lost work days due to unanticipated levels of precipitation, we used the time well completing upgraded production facilities at Forest Hill Field to support the aggressive development drive we are pushing through in Q2. The solid production we announce today is an important milestone for Mayan, representing the first sustainable, diversified, internally generated cash flow base the Company has had. The stability and financial flexibility resulting from having a significant volume of daily production will facilitate continued development of our assets with additional wells and production to be added at Forest Hill and Stockdale in coming weeks."

22/11/2017 Following news on the 16th Nov 2017 of a �2m placing & investment into SPV Deloro Energy LLC, in which a 49% interest is being acquired from Petroteq in the Utah based Asphalt Ridge heavy oil prospect, we revisit our valuation model for Mayan Energy. Trading at less than 2 times our earnings estimates for FY18 the stock remains dramatically undervalued. Oil production expected to hit 500 bopd net by early summer 2018 Mayan is developing shallow low-risk projects with low levels of capex and existing infrastructure in the mature oilfields of Texas/Louisiana. Management plans to add 1,000 bopd annually with the promise to shareholders of no shortage of high impact value trigger events over the next few months. New Asphalt Ridge project could add 400 bopd net within 30 months The latest deal is a heavy oil play in Utah where oil sands are mined and oil extracted by a patented advanced technology invented by �40m market cap TSX-listed Petroteq Energy. In this deal, Mayan/partners will gain access to this technology to roll out to similar plays in Utah and worldwide. Significant increase in reserves is on the cards Mayan has fast improving fundamentals and significant inventory of new wells & reserves, which should provide a significant reserves upgrade which we anticipate will provide a material uplift in the value of the company. DCF analysis reveals an upside of almost 700% Discounting the forecast cash flows (at a conservative rate) from the workovers/new wells at the existing operations, as well as the new Asphalt Ridge project allows us to confidently increase our near term target price to 2.1p. We update coverage of Mayan Energy & move to a Conviction Buy stance.

In case peeps aren't following closely, MCW is the old name for Petroteq - so the patent referred to below is owned by the same entity. 2014 - when the oil market collapsed. Dr. R.G. (Jerry) Bailey, CEO of MCW Energy Group stated, "After many years of engineering and research, we're extremely proud to finally bring this ground-breaking extraction technology to the market." MCW's patented extraction technology utilizes benign solvents in its proprietary closed-loop system, uses no water in the extraction process and does not require high temperatures or pressures. MCW anticipates that independent third party testing will show that over 99% of these benign solvents is recovered and recycled for re-use within the system, and that the extraction process is environmentally friendly. https://petroteq.energy/news/press-releases/detail/34/mcw-energy-group-to-unveil-its-proprietary-oil-sands

https://www.cnbc.com/2018/04/13/oil-prices-again-vulnerable-to-super-spikes-as-geopolitics-heat-up-and-oil-glut-fades.html

“This will be dependent on the negotiating skills and will have been orchestrated before Myn rework the Morris 1, the economics must fit the further investments,” Good post BT - precisely, Eddie ain’t stupid.

Roll back to RNS 8/8/2017 - 9 months ago: "Whilst currently not producing, the Forest Hill Field has been historically prolific- there are more than 230 wells on the property- and the Company believes that there remains substantial oil in place which could be recoverable by implementation of a waterflood or other enhanced oil recovery programmes. � The workover program is expected to be undertaken in three phases, being: o August 2017: Phase 1- the workover of 6 initial wells with the objective of adding 60 barrels a day gross production from these wells which produced as recently as Q1 2016; o 2017/18: Phase 2, workover of 50-70 wells; and o 2018/19: Phase 3, workover of remaining X0-X0 wells by means of water flood to capture additional reserves and production. � The Company expects to add substantial value to the property in Phase 1 and then to approach farm-out partners to aid in development costs associated with the Phase 2 and Phase 3 work plan where it expects each well to average 20 barrels per day of oil production following the workover;" Last para - interesting strategic plan i.e. bringing in farm-out partners. However this was in August 2017 when WTI was $48. Given the big upswing in oil prices i.e. 50% more since then I wonder whether they now actually will need to take in any farm-out partners - quite likely that with the programme now picking up momentum that can afford to go it alone. No wonder Eddie is excited. I also see they originally planned 50-70 FH wells in phase 2, so they'll be catching up now - a decent bank facility will do just that. Interesting times indeed.

15/2/2018 - RNS: near on 8 weeks ago from now, tick tock: "The Company is in a position financially to complete this programme with current resources and cash flow available. In addition, we are pleased that actual costs are running significantly less than the budgeted US$30,000 per well we planned to spend. I am very excited about the potential we expect to realise in the next 6-8 weeks as all of the wells are completed and brought online. Crude oil has always been the backbone of the Texas economy and it now forms the backbone of Mayan as well!" This week should a very big week for Mayan shareholders. So near term 250 bopd is worth $450,000 net to Mayan PER MONTH. That will support a very decent revolving credit facility to expand the production map. Work overs costing less than $30K and a few days to complete. How many wells will completed by the end of this year? "The Company is currently evaluating additional wells at Forest Hill that, subject to agreement with the vendors of these additional wells, will initiate Phase 2 of its work program with the intention of identifying 20-30 additional workover candidates and selecting 8-12 for its Phase 2 work program to commence in Q2 2018" They have 4 currently producing at FH, 4 more about to tied in - 3 additional near term identified, plus Stockdale, that's 12 producers - almost now. Per RNS above - in this quarter they are targeting 8-12 new wells at FH, say 8 for sake of prudence for Q2; say Q3 & Q4 8 new wells in each quarter. Maths 12 say pretty current +8(Q2) + 8(Q3) +8 (Q4) = 36 wells and that's being prudent (RNS extract above says selecting 8-12 wells but say 8 for the maths). 36 wells producing by 31/12/2018 and that excludes Asphalt Ridge. Say 36 wells x 30 bopd net (after Kahn magic potion) makes say 1,080 bopd. Then add in phase one AR of 80 bopd. If this production is achieved the market cap will be a few multiples of today's. And that is just the start of the roll out. Massive re-rating coming very soon imo. Next operational update could quite easily be it.

For sure - just clarifying that point. It will not be apparent to many on here.

In case anyone is confused BigTimber is a seasoned oil professional and operating in the US - he knows about all this technical stuff and importantly all the local players. Take note of that. Liked that tick comment, Eddie would certainly agree, lol

7am Eddie's time - so around 2pm here. Maybe.

This what we we are awaiting news on and yes tomorrow seems likely given the workover rig was already on site. Rns 4/42018 � Further to the Company's 13 February 2018 RNS, a workover rig is on location to complete workover of its injection well and acidization and comingling of the upper and lower Anacacho zones in the Morris#1 well � The cost of trucking water from the Morris #1 had proven prohibitive to initiating commercial production operations at Stockdale Field, as a result the Company was forced to temporarily shut in the well until completion of its salt water injection well � The Company is acidizing the Morris #1 well washing out the bottom sand plug to facilitate production from both zones � The initiation of operations on the injection well will allow for continuous commercial production and substantially reduce operating costs avoiding expensive trucking of produced water volumes to commercial disposal facilities

Can only be a bonus - all models were based on much lower pricing : ) https://uk.reuters.com/article/global-oil/oil-prices-near-2014-highs-over-warnings-of-western-air-strikes-against-syria-idUKL3N1RO08C

tiny last couple of days - looks like all sitting on hands awaiting various updated. Good buying opportunity - 20% less than what Eddie paid...

well it has to be very close, they were ahead of all their own timescales. Just over a month ago, an update RNS said this: "Petroteq has completed testing of the following process systems: o Oil sands ore-raw feed material-preparation systems o Oil sands ore pre-treatment and delivery system o Extraction of oil from oil sands o Solvent capture and recirculation system o Solid-liquid phase separation systems o Heavy oil recovery and clean solids removal processes � Pre-production testing of the utility system is in its final stages � Petroteq has received all requisite permissions from the relevant Utah agencies, including the Department of Environmental Quality (DEQ), needed to build and operate the facility in production mode � Notably, Petroteq has received an Air Exemption Permit based on its patented closed-loop, zero-emission technology and a Ground Water Discharge Permit certifying that the construction and operation of the plant have no deleterious impact on the quality of the surrounding ground water Mayan CEO Eddie Gonzalez commented, "We are pleased with this latest update from the Asphalt Ridge project as it continues to progress at a good pace. I look forward to providing further updates as Asphalt Ridge draws closer to entering commercial production later this quarter, together with progress at our ongoing multi-well work programme in Texas." Tick tock, mention of final stages a month ago - so could be any time now based on the above.

just 2 purchases. Everyone sitting on hands for next update.

Not forgetting - another 0.30p investment. Substantial stake. RNS 8/8/2017 "David Kahn, a financial investor and key operational partner for Mayan who will acquire a 12.1% stake in the Company, by subscribing to 83,333,333 Ordinary Shares."

yes - worth noting foe newbies that Eddie also bought shares at 0.30p and 0.60p. He has a clear vision of where he plans to take Mayan. Follow the money imo. Expecting Stockdale update this week. RNS 4/4 "Additional work is planned to bring on an additional three wells at Forest Hill Field in the coming weeks once the Company has completed the work currently underway at the Stockdale Field in Wilson County, Texas" "The Company is acidizing the Morris #1 well washing out the bottom sand plug to facilitate production from both zones � The initiation of operations on the injection well will allow for continuous commercial production and substantially reduce operating costs avoiding expensive trucking of produced water volumes to commercial disposal facilities"

well worth a listen or re-listen to interview last August on **********....if short of time, join at 8.30 min and listen to the last 3 mins - his predictions for the company....looks like he's on course : ) https://twitter.com/hashtag/myn?f=tweets&vertical=default&src=hash

Next stage Eddie talks about is stimulating the FH wells. Presumably the PyroPhase partnering agreement is in point. From RNS last September: "Mayan said by partnering with PyroPhase, it will potentially benefit from state-of-the-art reservoir simulation technology while getting two wells on production for a substantially reduced cost. Chief Executive Officer Eddie Gonzalez said: "The opportunity to work with PyroPhase in a production test of their reservoir stimulation technology while having two wells turned to production to enhance revenue and cash flow for the company is a win-win with major upside for Mayan shareholders." "Our technical team, led by David Kahn, is excited by the potential highly profitable expansion opportunities in the East Texas Oil Field that would result from a successful test of PyroPhase' proprietary technologies on our wells," Gonzalez said.

expecting Stockdale update anytime.