Mayan Energy Limited Ord Npv Di

MYN: 0.25 0.00 (0.00%)

Delayed:2017-07-28 15:15:37
Bid Price 0.26 High Price 0.26
Ask Price 0.27 Low Price 0.25
Open Price 0.27 Spread 3.77%
Prev Close 0.27 Volume 1,037,304.00

Mayan Energy Limited Ord Npv Di Share Price Chart


Historic - 1 year

Mayan Energy Limited Ord Npv Di Share Price Information

Name Mayan Energy Limited Ord Npv Di Epic MYN
Sector Oil & Gas Producers ISIN VGG5S26K1152
Activites Mayan Energy (formerly Northcote Energy Ltd) is an AIM listed oil and gas energy company with a vision of building up a midstream service (oil and gas waste management) and downstream operations business in Mexico exploiting the opportunities arising from the liberalisation of that country's energy sector. This vision will complement the Company's present operations which are focussed on the redevelopment and enhancement of its upstream oil and gas interests in Oklahoma and Louisiana. Security Type Equity

Key numbers

Latest Share Price (p) 0.27 Net Gearing (%) 101.00
Market Cap (£m) 0.91 Gross Gearing (%) 105.99
Shares in issue (m) 338.69 Debt Ratio 313.79
P/E Ratio -4.50 Debt-to-Equity Ratio 0.08
Divs per share (p) 0.00 Assets / Equity Ratio -16.70
Dividend Yield (%) 0.00 Price to book value -4.79
Dividend Cover 0.00 SROCE (%) -7944.44
Earning per share (p) -0.06 EPS Growth (%) 50.00
52-week high / low (p) 1.88 / 0.01 DPS Growth (%)

Mayan Energy Limited Ord Npv Di Broker Views

Date Broker Rec. Price Old target price New target price Notes

Mayan Energy Limited Ord Npv Di Director Deals

Mayan Energy Limited Ord Npv Di Company News

Mayan issues operational developments at US fields

Mayan announced the following operational developments at its Zink Ranch and Shoats Creek fields in the United States as well as the addition of a seasoned oil and gas professional to its advisory team.


- Zinc Ranch and Matthis Assets: The company commenced the process of obtaining the regulatory approvals and engaged vendors necessary to implement the work program announced in conjunction with the approximately US$2 million farm out of interest in its Zink Ranch and Mathis assets (see RNS dated 18 July 2017).

An environmental impact study required to obtain drilling permits has been commissioned, and is expected to be completed within the next three weeks. The Company is of the view that the study is unlikely to encounter any material issues that might delay work.

Vendors and contractors to undertake the workover operations at Zink Ranch have been engaged with equipment moving in and the planned workovers to commence during August 2017.

- Shoats Creek: Re-start of operations of the Lutcher Moore #20 (LM20) well are currently underway:

The company completed the installation of a mono-pump in the Lutcher LM20 well that will better handle the water and sand issues which had previously caused a cessation in production and details with respect to flow rate from the well will be provided in due course as production stabilizes.

After further evaluation of the Lutcher Moore #14 well, the company elected to move forward with installation of an inter-meter on the Lutcher Moore #14 well to produce the well on gas lift on an intermittent basis as downhole pressure permits.

Using this method, the Lutcher Moore#14 will be able to contribute economic volumes of oil and gas at very low operating cost driven by gas pressure from the formation which, as it exceeds certain levels, will be permitted to drive liquids to the surface resulting in oil and gas production.

As pressure declines, production will cease for a time allowing pressure to accumulate which in time will drive additional production.

The intermeter is a very inexpensive solution that will allow a high return, positive cash flow to be realized from this well.

Following reactivation of the salt water disposal system to accommodate production from the LM20 well, the Company intends to take advantage of excess water disposal capacity at Shoats Creek to produce the Lutcher Moore #13 (LM13) well from various sands tested in early 2Q 2017.

Salt water disposal lines to dispose of water volumes associated with the LM13 to be installed following addition of the LM14 to production via inter-meter.

Completion of disposal lines will allow the well to be placed on pump. Further stimulation/enhancement of LM13 to be evaluated. Final results to be announced in due course following stabilization of production from this well.

Dr David S Kahn was recruited to act as oilfield technology advisor to the company.

Dr Kahn bringing more than 25 years as an executive with major oil and gas companies including Baker Hughes, Halliburton, and, Texaco.

In the last 15 years, he has been a principal and founder of several successful companies globally including Ivanhoe Energy, Black Pearl & Tanganikya.

Dr Kahn brings specialist expertise in reservoir stimulation that the Company believes will greatly be of benefit in its exploitation of Zink Ranch and Mathis assets as well as evaluation of future opportunities in Oklahoma and Texas.

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Mayan agrees Oklahoma farm out deal

Mayan Energy has announced that it has now entered into a $2m farm out deal, with Longview Oil & Gas, of a 50% working interest in company's currently 100% owned and operated Zink Ranch and Mathis leases in Osage County, Oklahoma.

Highlights of the terms of the agreement include:

- Mayan will receive consideration of $50,000 in cash; and a 50% carried interest (worth approximately $2,000,000) to effect the following:

> one new drill well on each of the Zink Ranch and Mathis leases; and

> five workover's of wells at the Zink Ranch lease;

- The Mathis new well will be a 3500' vertical drill to target the Mississippian formation with an estimated cost of $1,300,000. As previously reported the Mathis leases have two seismically identified drilling locations at shallow depth (less than 3500') in the Mississippian formation. Mayan believes that owing to reduced costs in the oil services industry, as well as stable oil and natural gas prices, that a vertical well to target the Mississippian reserves is attractive at current prices.

- The Zink Ranch new well will be an 1800-2000' drill, to target and fracture multiple Pennsylvanian sands with an estimated cost of $350,000.

- The five Zink Ranch workovers are intended to generate production by fracturing existing tight formations within existing wells to unlock their potential, with an estimated total cost of $300,000;

- Mayan has agreed that an affiliate of the farm-in partner will act as Operator in respect of the farm-in work with the obligations of such set out in a to be executed Joint Operating Agreement;

- Detailed timings of the proposed investments are presently being negotiated with Mayan's new partner, but the indicative work plan suggests that the program will start within 90 days. Mayan will update the market once the program is finalised.

Eddie Gonzalez, CEO, commented: "This is an excellent transaction that unlocks value latent within Mayan's portfolio. We have been able to do this as a result of a number of factors, including the resolution of the regulatory and legal challenges that were facing the oil and gas operators in Osage County, Oklahoma that have now largely been resolved; our restructuring of our Oklahoma operations and now, finding an investor who was attracted by the prospects offered by our Oklahoma assets.

The transaction creates several potential sources of near to medium term upside for production, revenues and our share price. And we now look forward to reporting to shareholders in due course on the development of the program as it rolls out. Indeed, if as we hope, this program works out, our intention will be to accelerate the development of our Oklahoma assets; as we believe that they have the potential to underpin the turnaround of Mayan and will prove to be the foundation for the plans and deals we are already working on."

At 2:00pm: (LON:MYN) Mayan Energy Limited Ord Npv Di share price was -0.03p at 0.29p

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Mayan Energy widens FY pretax loss

Mayan Energy has widened its FY pretax loss to $7.1m, from a loss of $6.2m. Revenue for the year was just $270,000, from $841,000.

"The recently announced investment in Block Energy is an exciting step for the Company offering Mayan shareholders exposure to a highly accomplished management team, with a very attractive asset and potentially high impact development programme," the company said.

It intended to take additional steps to lower the cost structure in the third quarter of 2017 while looking to increase production and cash flow at Zink Ranch.

"Additionally, the Board is evaluating several opportunities to enter into and participate in cash generative projects, businesses and investments. We look forward to updating the market as to our progress with respect to becoming a cash generative company in due course.

"The Board of Directors continues to make determined progress toward resolving legacy problems as well as identify and implement value enhancing strategies going forward."

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FLASH: Mayan Energy widens FY pretax loss

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FTSE slips as palette of fallers offset mining gains

London shares opened marginally lower, in keeping with the rest of Europe, as falls among a string of sectors only just offset gains among big-ticket miners.

In early deals, the FTSE 100 was down 1.4 points, or 0.02%, to 7445.4, while the FTSE 250 was down 60.45, or 0.31%, to 19,624.2. Gold, silver and copper were up, as was crude.

GKN (GKN) led with a fall of 2.34% to 338p, and was chased by M&S (MKS), down 1.84% to 337p. Among other fallers were several utilities led by National Grid (NG.), down 0.95% to 995.45p.

Leisure stocks Tui (TUI), down 1.78% to 1129.5p, and Carnival (CCL), down 1.77% to 5132.5p, were also in focus.

Other sectors down included insurers, commercial property, tobacco, house builders and retail.

To the upside, Anglo American (AAL) guided with a 2.63% rise to 1000.1p, with Rio Tinto (RIO) up 2% to 3118p and BHP Billiton (BLT) adding 1.69% to 1161.25p.

Several banks and supermarkets fashioned minor gains, too.


Mayan Energy (MYN) fell 36.84% to 0.3p as it raised £587,500 in a subscription at 0.3p a share. It also agreed to invest £300,000 into Block Energy Plc, a NEX-listed oil and gas company with interests primarily in Georgia.

Caledonia Mining (CMCL) rose 377.61% to 480p after a share consolidation. Electric Word (ELE) rose 14.81% to 3.88p after recommending a 3.93p a share cash offer by Sport Business Acquisitions Ltd. The acquirer was owned by Riccardo Silva and Marco Auletta.

Saffron Energy (SRON), down 10.26% to 4.38p, said it continued to make good progress in its application for a full production concession from the Emilia Romagna regional government in Italy.


Northgate (NTG), down 10.1% to 478.25p, said its FY pretax profit has slipped to £72.2m, from £77.6m, with total dividend coming in at 17.3p a share, from 16.0p.

Carpetright (CPR), up 9.44% to 197p, has described the 52 weeks to 29 April as a year of significant strategic progress. It said a positive trading momentum was re-established in the second half and it had made an encouraging start to the new financial year.

IG Design Group (IGR), up 5.11% to 360p, said its revenues rose 31% to £311m in the year to the end of March. Pretax profit rose 32% to £13.0m, while underlying profit before tax was up 51% at £16.3m.

Debenhams (DEB), down 3.64% to 42.88p, has warned pretax profits for the year could be towards the lower end of forecasts if current market volatility continued. Group like-for-like sales fell 0.9% in the 15 weeks to 17 June, but were up 1.8% in 41 weeks to 17 June.

RhythmOne (RTHM), up 3.59% to 43.25p, has acquired certain assets of RadiumOne Inc, a data-driven marketing platform. It also confirmed President Edward Hastings would succeed Subhransu Mukherjee as CEO, effective 19 July 2017.

Verona Pharma (VRP), up 2.1% to 121.5p, announces regulatory approval in five European countries for a Phase 2b dose-ranging trial of RPL554 for maintenance treatment of chronic obstructive pulmonary disease (COPD).

Other stocks in the news included Satellite Solutions Worldwide (SAT), RedstoneConnect (REDS), Molins (MLIN), Findel (FDL), James Cropper (CRPR), BCA Marketplace (BCA), Rambler Metals & Mining (RMM), Benchmark (BMK), Oxford Metrics (OMG), LondonMetric Property (LMP), Gaming Realms (GMR), XLMedia (XLM), Polar Capital Holdings (POLR) and AfriAg Global (AFRI).

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