Mayan Energy Limited Update on 3.75% Interest in Andalas' Concession (2756D)
April 25 2017 - 7:15AM
UK Regulatory
TIDMMYN
RNS Number : 2756D
Mayan Energy Limited
25 April 2017
25 April 2017
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil & Gas
Mayan Energy Ltd ("Mayan" or "the Company")
Update on Mayan's 3.75% Net Interest in Andalas' Concession in
Indonesia
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company,
notes today's RNS announcement from Andalas Energy and Power Plc
("Andalas"), the AIM listed Indonesian focused energy Company,
which provided an update on its Tuba Obi East ("TOE") farm-in
agreement, a project in which Mayan has a right to participate in
up to a 3.75% net working interest level (see Mayan RNS of 26 April
2016, 8 March 2016)
Andalas reports that that following the expiry of Andalas' TOE
technical assistance contract, Pertamina, the Indonesian
State-Owned Oil and Natural Gas Company has indicated to them that
it (Pertamina) will now develop TOE.
Because Mayan did not subscribe funds to the TOE project, there
will be no financial impact to Mayan as a result of Andalas'
announcement.
Mayan believes that Andalas' announcement has no bearing on its
rights until 30 April 2020 to participate in any future Andalas
upstream Oil and Gas project at a level that is equal to 12.5% of
Andalas' participation in such a project.
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"). Market soundings, as defined in MAR, were taken in respect
of the Subscription, with the result that certain persons became
aware of inside information, as permitted by MAR. That inside
information is set out in this announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of inside information relating to the
Company and its securities.
**END**
For further information visit www.Mayan energy.com or contact
the following:
+ 1 469 394
Eddie Gonzalez Mayan Energy Ltd 2008
+44 7971 444
Charlie Wood Mayan Energy Ltd 326
Beaumont Cornish +44 20 7628
Roland Cornish Ltd 3396
Beaumont Cornish +44 20 7628
James Biddle Ltd 3396
Cornhill Capital +44 20 7710
Nick Bealer Limited 9612
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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