31 Dec 2018 07:00
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas
31 December 2018
Mayan Energy Ltd ('Mayan' or 'the Company')
Update
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to provide an update to shareholders following the announcement dated 29 November 2018.
The Board has completed its review of the full operation report, produced by a third-party U.S. based operator (the 'Operator') and is now working with the Operator to formulate a development strategy to rationalise the Company's financial resources across its existing asset portfolio with the aim of re-commencing material production across the portfolio of onshore U.S. oil and gas assets. Accordingly, the Company is looking to engage the Operator to assist with the development and management of its portfolio.
Over the course of the previous few weeks, the Company has enacted a cost cutting exercise significantly reducing its overheads. Additionally, the Company is in the process of appointing a Technical Advisory Committee as a cost-effective way to strengthen Mayan's in-house technical capabilities. The Technical Advisory Committee will be able to advise on production enhancement and development processes as well as expediate the assessment of additional new opportunities.
The Company remains conscious of its commitment to Shareholders to complete the reorganisation and review of the asset base in a timely manner and therefore the Company will look to update its shareholders in the early New Year with all relevant developments regarding the appointment of the Operator, the formulation of its development strategy for its portfolio of Texas and Oklahoma based oil and gas assets and membership of the Technical Advisory Committee.
**ENDS**
For further information visit www.mayanenergy.co.uk or contact the following:
Charlie Wood | Mayan Energy Ltd | +44 20 7236 1177 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Frank Buhagiar | St Brides Partners Limited | +44 20 7236 1177 |
Gaby Jenner | St Brides Partners Limited | +44 20 7236 1177 |
Colin Rowbury | Novum Securities Limited | +44 20 7399 9400 |
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy company. It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow leveraging commercially available technologies and projects that are shallow, low risk with low levels of capex and infrastructure already in place. It also remains interested in creating shareholder value by strategic investments in similar projects with high cash generative potential and by forming beneficial development partnerships that enable the use of pioneering and leading extraction technologies.