TIDMMYN
RNS Number : 9494P
Mayan Energy Limited
06 September 2017
6 September 2017
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
Mayan Energy Ltd ("Mayan" or "the Company")
Operations Update, Issue of Equity and TVR
Mayan (AIM: MYN) is pleased to announce the following operations
update regarding it operations at Shoats Creek, Oklahoma and the
recently acquired interests in the Stockdale Oil Field, Wilson
Country and Forest Hill Field in Wood County, Texas. In addition,
it has also completed a supplementary placing to the previous
placing announced on 8 August 2017 of 287,000,000 new ordinary
shares of no par value each ("the Ordinary Shares") in the capital
of the Company at a placing price of 0.3 pence (the "Placing
Price") per Ordinary Share (the "Placing Shares"). The ordinary
shares issued were originally contemplated to be included in the
placing announced in the RNS of 8 August 2017 (the "Placing") but
were delayed by documentation requirements associated with the
non-UK investors participating.
Furthermore, the Company is pleased to announce the following
operational highlights:
Operational Highlights
-- Mayan has initiated the work plan at the Stockdale Oil Field,
Wilson County, Texas and plans to initiate production testing
during the week commencing 11 September 2017 and results will be
announced thereafter;
-- Mayan is coordinating service providers to initiate the work
program at the Forest Hill Field in Wood County, Texas and
anticipates operations to commence in the second half of September
2017;
-- Mayan has engaged a service provider to provide the
environmental studies associated with implementation of the work
program at the Zink Ranch Field in Osage County, Texas. Mayan
anticipates completion of the study and initiation of operations at
the beginning of October;
-- Operations to restore continuous production to the Lutcher
Moore #20 well have been completed and successful with a 24-hour
test yielding 123 barrels of oil. Flooding associated with
Hurricane Harvey has necessitated shutting in the Lutcher Moore #20
and ceasing operations at Shoats Creek generally until weather
conditions improve; and,
Placing Details
The Company has raised gross proceeds of GBP38,462 through the
conditional placing of 12,820,514 Ordinary Shares at the Placing
Price. The Placing is conditional on Admission and application will
be made for the Placing Shares, which will rank pari passu with the
existing Ordinary Shares, to be admitted to trading on AIM (the
"Admission"). It is expected that Admission will become effective
and dealings in the Placing Shares will commence on or around 12
September 2017.
Settlement Shares
In addition, the Company has also issued 10,000,000 Ordinary
Shares at the Placing Price to meet certain adviser and Consultant
fees (the 'Settlement Shares').
Application will be made for the Settlement Shares, which will
rank pari passu with the existing ordinary shares, to be admitted
to trading on AIM ('Admission'). It is expected that Admission of
the Settlement Shares will become effective and dealings will
commence on or around 12 September 2017.
Use of Funds
The funds raised by the Placing will be used to supplement the
placing announced in the RNS on 8 August 2017 and are in accordance
with the associated Use of Funds.
Eddie Gonzalez, CEO, commented: "We continue to make progress
across all of our main initiatives. Preparation for initiation of
work programs in Oklahoma and Texas are well underway with news
expected imminently on multiple fronts. The investors associated
with this Placing are highly supportive internationally based
investors that will support the Company and its initiatives going
forward. While initially contemplated to be part of the Placing
announced 8 August 2017, documentation requirements prevented this
from occurring at that time."
Total Voting Rights ("TVR")
Following the issue of the 22,820,514 Ordinary Shares (being
12,820,514 Placing Shares and 10,000,000 Settlement Shares,) the
Company's issued share capital will consist of 650,310,294 Ordinary
Shares with voting rights. No Ordinary Shares are held in treasury
at the date of this announcement and therefore following the
Admission, the total number of Ordinary Shares in the Company with
voting right will be 650,310,294.
The above total voting rights figure may be used by shareholders
as the denominator for the calculation by which they will determine
if they are required to notify their interest in, or a change to
their interest in the Company.
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.
Qualified Person
The technical information that is contained in this announcement
has been reviewed by Kevin Green, a Consultant to the Company and a
Petroleum Geologist who is a suitably qualified person with over 30
years' experience in assessing hydrocarbon reserves and who has
consented to the inclusion of the technical information.
**ENDS**
For further information visit www.Mayanenergy.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; focussed on the redevelopment and
enhancement of its upstream oil and gas interests in Oklahoma,
Louisiana and Texas.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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