9 Oct 2018 07:00
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas
Mayan Energy Ltd ("Mayan" or "the Company")
Chairman's Letter to Shareholders
9 October 2018
I note recent speculation regarding the management of the Company. The adjourned AGM scheduled for Thursday 11 October at 10am is a chance for shareholders to attend the Meeting and vote as they see fit and I therefore welcome them to take this opportunity. As your new Chairman I'm committed to ensuring Mayan is a well governed and hopefully successful public company. I have extensive experience in the oil and gas sector, as reiterated in my appointment announcement dated 5 October 2018, and believe the Company has an asset base that has the potential to deliver value. In order to achieve this, a reorganisation is being implemented that commenced with my appointment. I'm working with Charlie Wood, who agreed to assume the position of CEO, and JD McGraw, the independent director, while we orchestrate this transition and build a new team and board over the next 3 months to develop our asset base. Charlie's role will be reviewed after the end of that period. Any new additions to the board and management will go through a rigorous selection process to identify persons with the appropriate skills to take the business forward.
During this period of transition, we are also going to review our assets in order to allocate our financial resources in a disciplined manner to the project portfolio that we believe will maximise the Company's returns. Initially, this will require us to put on hold development activity, including the recompletion and assessment work scheduled on the Austin Chalk Wells in Gonzalez County, Texas. We will be sending a team to visit all the field operations during the second half of October and once we have addressed the operational and leadership issues, we will update the market accordingly with plans for increasing current production and field development.
Paolo Amoruso
Chairman
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
**ENDS**
For further information visit http://mayanenergy.co.uk/ or contact the following:
Charlie Wood | Mayan Energy Ltd | +44 7971 444 326 |
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 |
Gabby 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.