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MAYAN ENERGY LIMITED - Appointment of Vice President – Operations

PR Newswire

London, August 9

Mayan Energy Ltd / Index: AIM / Epic: MYN / ISIN: VGG5S26K1079 / Sector: Oil & Gas

10 August 2016

Mayan Energy Limited (‘Mayan Energy’ or ‘the Company’)

Appointment of Vice President – Operations

Update on Shoats Creek

Mayan Energy Limited is pleased to announce the appointment of Mr. Stephen Brock as Vice President of Operations with immediate effect. Mr. Brock brings more than 15 years’ experience in drilling, workover, oilfield infrastructure & waste disposal and production operations, having previously been employed by, amongst other companies, Tervita LLC, Henley & Associates, Inc. and Exco Resources, Inc.

In recent months Mr. Brock has been providing consulting services to Mayan Energy, during which he has overseen improvements at Shoats Creek Field (‘Shoats Creek’) to include the successful re-entry and testing of the LM#19 well, the successful testing of the LM#14 well and improvements in performance of the LM#20.

At the same time Mr. Brock played a significant role in the negotiation of the natural gas sales agreement on behalf of Shoats Creek Development, Inc. and the initial oil sales from the LM#20 well. It is a measure of the value attributed to his contribution to Mayan Energy that the Company has offered Mr. Brock the position of Vice President – Operations, and the Board is pleased to report that he has accepted this position. Mr. Brock will now be the primary officer responsible for management of operations at Shoats Creek.

Mayan Energy Chairman Ross Warner said, “We are pleased with the steady improvement in operations at Shoats Creek over the last few months, which we attribute to Stephen Brock and the team. As the first of a number of management and Board level changes being evaluated by Mayan Energy, we believe that Stephen has already shown he has what it takes to enhance and extract the value within our portfolio of interests, particularly those at Shoats Creek. Indeed, it is with keen anticipation that we look forward to reporting in due course further news coming out of Stephen’s leadership initiatives. At the same time, I should also say that we have been taking a very hard look at our cost structure, and will be finalising substantial headcount and cost savings in the near term, some of which have already begun to be implemented.”

Stephen Brock, Vice President of Operations said, "I am very excited to accept this position. Since I started working at Shoats Creek I have been impressed by the quantity and diversity of opportunities that appear to be available there: these include both existing and new wells (targeting payzones at multiple depths) with potential revenue streams from both oil and gas. I believe that Shoats Creek is a major oil and gas asset, and I will be focussed on further developing it, with the intention of creating real value for Mayan Energy in the short to medium term.”

Indeed Shoats Creek Development, Inc. has now been notified that Enerfin has delivered the meters and other equipment necessary to allow for connection to their gas line, and pending the completion of works on our side, will allow for sale of natural gas from Shoats Creek very shortly.

The information contained within this announcement is deemed to constitute inside information under the Market Abuse Regulations (EU) No 596/2014

 **ENDS**

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