AOGL.L Regulatory News (AOGL)

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

5 October 2018

Mayan Energy Ltd ("Mayan" or the "Company")

Directorate Change

Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, announces the resignation of Mr Eddie Gonzalez as Chief Executive Officer with immediate effect. Mr Charlie Wood, currently Executive Chairman of Mayan, will assume the role of interim Chief Executive Officer prior to his appointment being confirmed at the Annual General Meeting due to be held on 11 October 2018.

The Company is also pleased to announce the appointment of Mr Paolo G. Amoruso as Non-Executive Chairman with immediate effect. Mr Amoruso, a qualified lawyer, has extensive experience in the upstream US oil and gas sector having worked previously for Shell Oil Company and Devon Energy Corporation, and Hyperdynamics Corporation. His appointment is designed to continue to develop and progress Mayan's portfolio of onshore oil and gas assets. Mr Amoruso will also Chair the Mayan Audit Committee and sit on the Remuneration Committee.

Mr Amoruso has over 20 years of experience serving companies in the upstream oil and gas sector, successfully executing a variety of domestic and international transactions and joint venture operations as well as advising on public and private equity offerings. Mr Amoruso is based in Texas, USA and is currently a Partner of the law firm, McGowen & Fowler PLLC, a boutique firm specialising in providing legal and commercial advice to businesses in various stages of development in the energy industry.

Before joining McGowen & Fowler PLLC, Mr Amoruso spent six years at publicly listed Hyperdynamics Corporation (NYSE: HDY and OTCQx: HDYN) an offshore exploration and production company as Vice President of Legal and Commercial Affairs and as Corporate Secretary where he was responsible for major business transactions, including a US$40 million private investment in a public equity transaction with Blackrock Corporation, a US$150 million public offering and a US$30 million registered direct offering. Mr Amoruso has also held positions at Devon Energy Corporation (NYSE: DVN) and Shell Oil Company.

Mr Amoruso is licensed to practice law in the State of Texas and earned a Master of Laws in Taxation from the New York University School of Law, and a Juris Doctorate, Master in Business Administration, and Bachelor of Science in Economics from the University of Houston.

Interim Chief Executive Officer of Mayan, Charlie Wood, said, "I am delighted to welcome Paolo to Mayan and I look forward to drawing on his significant commercial expertise. Paolo has previously advised the Company on permitting and tenure of leases and will be of particular value for the Company when conducting operating and licence negotiations. For over 20 years Paolo has gained experience in corporate governance matters as well as executing corporate agreements and transactions at the highest level, and this will be of great benefit to the Company as it enters the next chapter of its development. I thank Eddie for his contribution over the past two years and his work in turning the business around and putting it on strong footing for future growth.

"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."

Regulatory Information: Mr Paolo Gianluca Federico Amoruso, aged 48, currently holds or has held the following directorships and partnerships in the last five years:

Furthermore Mr Amoruso, in his capacity as a Partner of McGowen & Fowler PLLC, as provided legal services to the Company. For the 12 months to 30 June 2018 these amounted to US$15,490. The Company anticipates that McGowen & Fowler PLLC will continue to provide such services.

Settlement Agreement

The Company has entered into a Settlement Agreement with Mr Eddie Gonzalez with respect the unpaid amounts under his service contract.

Mr Gonzalez will be paid £15,384 in cash and issued 24,707,626 million ordinary shares at the Company's 30 day VWAP of 0.4067p per share or value of £115,385 within 7 days of this agreement. The shares issued are subject to a 6 months lockup and the shares will be held with the Company's UK lawyers. A further announcement will be made following the issue of the settlement shares.

There are no other matters which are required to be announced pursuant to paragraph (g) of Schedule 2 to the AIM Rules.

Special note concerning the Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

**ENDS**

For further information visit http://mayanenergy.co.uk/ or contact the following:

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy Company. The Company 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.