Member Info for orslega

"With fully funded work programmes being targeted for the coming weeks and months, the Company expects stabilised net production to be above the key 80 bopd level by year end."

Well, as he says the assets are there, importantly they are fully funded - more waiting Q4 starting next week. How much above 80 bopd - that is the question?

Zink Ranch Field, Osage County, Oklahoma

.......Mayan is now the bonded operator at ZinK Ranch and has legal rights to operate the field, it awaits final government processing of the transfer of operatorship to enable the commercial sale of oil from the field. The change in operatorship has since enabled the commencement of the development plan set forth in the RNS dated 19 June 2018, post period end.

As part of the onboarding process, the new operator conducted a field survey, the results of which are highly encouraging. As well as approximately 300 barrels of oil in the tanks for immediate sale, the three wells, which have historically accounted for a substantial............ short term test of these wells indicates production could be increased to 24-30 barrels of oil per day without requiring any investment or down hole work. In tandem with this, operating costs at the field can be immediately and substantially lowered by shutting in five wells with oil cut less than 2%. These wells will then be evaluated for remedial action.

Additionally, the field survey concludes that there remains considerable upside from previously disclosed plans to undertake development activity including workovers, recompletions, new drills and a previously contemplated pressure maintenance programme. In line with this, following the receipt of the relevant permits, the Company intends to perforate the #15 well in the untapped Prue formation, targeting 8' of identified pay with potential to add up to 30 barrels a day of additional production based on analysis of analogue wells. On a more general note, the field is in excellent shape from a compliance and environmental standpoint allowing the Company to focus on projects to increase daily production.

Next week: Austin Chalk

Production continued to increase over the weekend, reaching a peak of 163 barrels of oil on Sunday 23 September, as fluid levels in the well bores continued to decline and oil cut improved substantially from approximately 8-11% at the beginning of the week to 17-22% by Sunday afternoon. Meanwhile the two vertical wells were turned on during the afternoon of Monday 24 September and produced a combined 64 barrels of oil in the approximate 15 hours of production to 8am Tuesday morning.

While production levels are expected to decline from initial flush levels, the Company is highly encouraged by these results, particularly as these have been achieved prior to any work being undertaken on the recently acquired wells. Mayan believes production from the three horizontal wells can be significantly enhanced via the implementation of an initial low cost, low risk workover programme, involving the perforation of the Anacacho zone and the acidisation of both the Austin Chalk and Anacacho. The initial horizontal workover operations are expected to commence in the week commencing October 1. The two vertical wells will be produced over the next 30 days and assessment made as to the best technique/s to enhance longer-term stabilised production levels. In addition to increasing existing production levels, there are currently 966 barrels held in tanks that the Company will be looking to sell at the earliest opportunity.

"Austin Chalk - strong initial production ahead of workover programme all five wells turned on in late September 2018"

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MYN/13806751.html

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MXO/13806163.html

probably just before AGM starts - any update has to be in the public domain.......that will give opportunity for a few bottom feeders to buy in :

Annual General Meeting ('AGM') will be held on Thursday 27 September at 10.00am at the offices of Hill Dickinson LLP, 105 Jermyn Street, St James', London, SW1Y 6EE.

posting at 02.22!! Thought you'd sold out?

It is all about meeting the Nasdaq listing requirements - onwards and upwards.

As announced on July 12, 2018, the Company has submitted its formal application to list the Common Shares in the U.S. on the NASDAQ Capital Market. The board of directors of the Company seeks to complete the Consolidation in order to meet the minimum bid price initial listing requirement for the NASDAQ Capital Market. While the Company is hopeful that the recent launch of its extraction plant in Utah and its efforts of expanding into other geographic areas that have substantial oil-sands reserves will drive its current price per share up organically, the proposed Consolidation is intended to ensure the Company meets one of the NASDAQ Capital Market’s listing requirements. Petroteq anticipates that its Common Shares will meet the minimum closing price requirements to list on the Nasdaq Capital Markets, which vary between US $2, 3 or 4 depending on a number of other listing requirements required to be met by the Company for its initial listing on the Nasdaq Capital Market.

looks like ISA transfer - someone expecting tax free gains from here, fingers crossed.

Buys showing as sells - usual.

tick up, watch afternoon positioning

yep - normal to issue the trading update etc on the day of the AGM - many companies do this.

RNS 7am tomorrow imo

See yesterday Petroteq issued $1m shares in exchange for 17 supplier invoices - preserving cash.

That also demonstrates suppliers want some of the action. Otherwise why would do this.

Eddies been teaching them, lol

Listening to that interview it seems petroteq are on track for their initial 1,000 bopd - they must be awaiting the necessary licence to sell as the oil is sitting in storage.

News soon.

Zinc Ranch - also payment there in shares to contractor - at 0.85, contractor needs to pull their finger out to recover the value of their agreed fee.

"Subject to positive results, the Company intends to implement a field wide pressure maintenance programme in 2019 to enhance production on the remaining 12 wells in the field

As part of the turnkey contract an environmental impact study, permitting and site selection for the drilling of possible future new wells, beyond the initial five referenced above, will be undertaken

The total cost of the programme is US$255,000 which includes the following payments to the Contractor:

Initial payment of US$125,000 (£94,700) payable in Mayan shares based on £0.0085 per share equivalent to 11,141,176 Ordinary Shares.

Additional payment of US$100,000 upon completion of the five well workovers prior to the nitrogen injection. Mayan can elect to pay in cash or Ordinary Shares at the time of completion.

Payment of US$5,000 per month in cash for six months for pumping and regulatory reporting services

The Contractor indicated a preference to receive the initial US$125,000 payment in shares of Mayan which the Directors believe highlights the Contractor's confidence in the success of not only the programme at Zink Ranch but also ongoing activity across Mayan's Texan assets

The Contract anticipates initiation and completion of the five workovers within 30 days of Mayan assuming operatorship at Zink Ranch - the Company has engaged counsel to complete this process and anticipates a timely resolution of this matter

https://www.reuters.com/article/us-global-oil/oil-just-below-four-year-high-as-producers-resist-output-rise-to-offset-iran-sanctions-idUSKCN1M501Z?feedType=RSS&feedName=newsOne

Mayan model started life as being profitable at circa $35 - a range of $80-85 with near term production of 300-500 bopd send the market cap soaring.

Don't forget - as oil prices keeps rising the 80 bopd it needs to cover its overhead will keep dropping: )

Don't forget to vote if you not attending - let your share provider know how you would like to vote, they will vote on your behalf.

http://mayanenergy.co.uk/wp-content/uploads/Notice-of-AGM-September-2018-1-1.pdf

labrat?

2M at full ask

Some larger orders sitting there.....haven't seen that for a long while