Member Info for orslega

well if this afternoons trading reporting is go by - the bottom has been reached. Again.

Evidence: 2.75m buy at 23p was a decent chunk, but not huge. But plenty of 1m buys. I added.

I expect a good bounce if not before, at the AGM.

Good luck longs.

.....well maybe the new interim ceo might just provide that information.....who knows.

What we do know is that production has not stopped - otherwise that would have been required to RNS'd. (imo they are doing at least enough to break even)

What I also know though is that those who have helped crucify the share price this last few days are now looking to buy in. The evidence is here on the board today. Why would they do that?

Usual AIM sh*ite.

Bring on the AGM.

he sent it to Richard Jennings of Align Research.

Fun starts soon!

FH

"Following a favourable resolution, the wells will be turned back on and production will resume shortly thereafter."

importantly, production is continuing - that is not on hold.

I for one am not at all ashamed - I have done my research. Like all other investors I am obviously disappointed that the excellent asset base has stalled - but I do expect this to turn round. And quickly.

I am adding.

The AGM will be very interesting. Expect the unexpected imo

very obvious - my agenda is to realise value out of my shareholding.

As has been pointed out they are only ceasing current development activities -but production continues (it obviously needs to).

As I said he is only the interim ceo why the company stabilises. Today's RNS makes that quite clear.

Richard Jennings of Align said he was publishing a full update on their "findings" this weekend.

Has anyone seen it?

Maybe it is all unsubstantiated hot air?

https://www.cnbc.com/2018/10/03/oil-markets-us-crude-inventories-us-sanctions-on-iran-in-focus.html

So WTI is now $11 more than what Mayan have confirmed this week as the "all in" net back of $40 based on WTI at $65 per barrel.

So the 80 bopd mentioned then they need to breakeven now drops back to 65 bopd. By many accounts WTI is still expected to head even higher.

I would be extremely surprised if they are not currently achieving 60 bopd.

So Market Cap. Putting the ridiculously low current market cap of £4.2M in perspective - check the link below.

...this week interview - Paul Vonk CEO Angus:

9 min in:

https://www.youtube.com/watch?v=fNhzlBV_9H8

If you follow his industry standard valuation comment i.e. if Mayan can sustain production of just 100 bopd - that means 36,500 barrels per annum - but let's be prudent and say 30,000 and with net back say $45 (but actual is now $51) = $1.35M profit pre-tax (well there is no mainstream tax because of losses) on 100 bopd only.

$1.35M = £1M.

The industry standard multiple is between 15-25 x annual earnings. So for prudence take low end 15 x £1M = £15M.

Yes £15M MC on just 100 bopd. Even using low end figures, that puts things into perspective somewhat. If there is ever the time to get production back on track it is now. It is so important that the company is not put on hold with all this corporate stuff flying around.

Ignoring valuable investments in Petroteq and Block. Current valuation by any measure is a massive steal. imo

Wonder how those Austin well workovers are getting on. And also must be an update on Zinc Ranch wells.

Yes - cash is king, and at this point every little helps. So continued production is absolute priority right now - with WTI where it is, 60 bopd covers the overhead as confirmed in latest RNS (it said 8 but WTI higher). If the overhead isn't covered that will be problem.

I am deliberately ignoring the current cash value investments in Petroteq and Block Energy. Yes we can access cash from - there's loads of it - but both those investments are on the cusp of making Mayan a lot of money, so best left alone right now imo

GraphiteTech - good to see some level heading thinking there.

Deluded? I am merely stating my view not interested in knee jerk actions which cause the shareholders more pain.

So Align have a major scoop......

I really don't know very much about CW and at this stage not interested in exploring that - as a long term suffering shareholder what I am emphasising is the interim role requirements Mayan sorely needs that right now. He is there and there is no reason why he cannot oversee operations at short term. It is not him doing the work - he is simply the interim ceo figure head.

Then when our overheads are covered on a sustained basis, take proper stock of the Board etc That won't be far off and getting easier to achieve as WTI marches on.

Emotions are running very high right now (I understand that) but we need to be careful about making knee jerk/short term decisions which could end up making the situation far worse.

As the saying goes, be careful what you wish for. There is time to deal with this in a rational way. imo

Shareholders need the current in hand production to continue ang grow at this critical time. Almost certainly imo if the move is to remove CW as the interim CEO succeeds then all current work will immediately cease as a new Board with fiduciary duties will have no choice to take stock of everything corporate.

If production stops it is going to take the new Board quite a while to undertake their required review, meanwhile no production. That will potentially put pressure for a raise - something shareholders certainly don't want.

Isn't the sensible option right now from a shareholder perspective to allow CW to act as interim CEO - as proposed - to get to near term break even production sorted, and sustained and then seek the right CEO with the necessary qualities etc to extract value from what we all know is a very promising portfolio? I'm certainly not sure that by voting for random " in the waiting" directors suggested by Align is in the immediate short term interest/needs of the company or us as shareholders.

From an investment perspective near jerk actions rarely work. The daggers are out for CW right now for all to see - I'm certainly not saying he has the necessary qualifications to be the long term CEO but I would much prefer production stability as the immediate priority then a proper step back to seek out with shareholder approval the "right man for the job". Otherwise it could become even more if a mess and cost shareholders much more. imo

Professionals:

"The stand-out event at Zink Ranch during the period was the appointment by Mayan of Derrick Oilfield Services as a new contract operator at Zink Ranch Field, Osage County, Oklahoma following the termination of the contract of the previous operator. "

imo it would have been better to suspend the share until Board issue had been resolved.

What happens if CW is not voted in as interim CEO next week? Presumably the shares will have to be suspended....?

"I look forward to stepping up to the position of Chief Executive Officer as we continue to build a portfolio of low cost, high margin onshore oil and gas assets and investments in prospective projects globally."

Looks like CW want the CEO position full-time.

Next weeks AGM is going to be interesting - presumably he has done his homework on who will support him if that is the plan.

northfork - I don't know but it seems from feedback at the AGM (I was not there) - that the unofficial line is that he will be replaced - the point is that there is much shareholder dissatisfaction with him right now - failed production amounts/ timescales etc etc

The reality is that in any business climate a CEO who does not meet his own stated expectations ends up being replaced. It might not necessarily be his fault but that's the way business goes....

Regardless, we'll know next week.