AOGL.L Regulatory News (AOGL)

8.30am 21 March 2017

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

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

Operations update- Lutcher Moore ("LM") 13 Shallow Well Perforation

Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, further to the announcement of 13 March 2017, is today providing an update on the timing for the exploitation of the new formation recently detected at Shoats Creek Field ("Shoats Creek"):

Shoats Creek

· LM 13- Shallow Well: whilst the bad weather lifted towards the end of last week, it has not been possible to access the site given the standing water, the saturated ground and the state of the dirt track access roads to the field. Hence the planned work has been delayed; the expectation is now that weather and terrain conditions permitting, work will get underway over the course of the next two weeks. The intention of the work is to undertake a re-entry and squeeze with the intention of isolating the pay formations identified at 2,600 and 2,900 feet. Once the cement job has been completed, the well will be perforated and swabbed, first at the 2,900 level and if necessary at the 2,600 level. Indications as to whether these formations are oil bearing is expected to be determined during the first two weeks of work on the well. 

· Once the new zone has been proved, further work will be required to complete the well and install surface equipment, with further announcements concerning economic viability and sustainable production rates to be forthcoming in due course. 

· LM 20: The next stage of the rework of this well will follow on from work on the LM13-Shallow well. 

Mayan has a 50.00% WI and 37.7% net revenue interest ("NRI") in the LM 13 Shallow Well formation. And has a 20.00% WI and 15.08% NRI in LM 20 in respect of oil, and a 50.00% WI and 37.7% NRI in respect of gas.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

**ENDS**

For further information visit www.Mayan energy.com or contact the following:

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) oil and gas energy company; whose present operations which are focussed on the redevelopment and enhancement of its upstream oil and gas interests in Oklahoma and Louisiana.