Issue of Equity

23 March 2018

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

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

Exercise of Warrants

The Company announces that it has received notice of the exercise of warrants to subscribe for a total of, and accordingly issued, 3,333,333 new ordinary shares in the Company (the "New Ordinary Shares"). The exercise price of the warrants was 0.3 pence. The Company has received £10,000 in respect of this exercise.

Application has been made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 29 March 2018.

Following Admission, the Company's enlarged issued share capital will comprise 1,170,502,597 ordinary shares. The Company does not hold any shares in treasury. This figure of 1,170,502,597 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

**ENDS**

For further information visit www.Mayanenergy.com 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. The Company is currently primarily focussed on building out production at its Stockdale and Forest Hill oil fields in Texas.