Mayan Energy Limited Ord Npv Di

MYN: 0.32 -0.03 (▼7.58%)

Delayed:2017-09-26 11:23:43
Bid Price 0.30 High Price 0.32
Ask Price 0.31 Low Price 0.32
Open Price 0.33 Spread 3.28%
Prev Close 0.33 Volume 1,059,185.00

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) 0.31 Net Gearing (%) 101.00
Market Cap (£m) 1.99 Gross Gearing (%) 105.99
Shares in issue (m) 604.16 Debt Ratio 313.79
P/E Ratio -5.50 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 -10.47
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 updates on Block Energy investment

Mayan has noted that Block Energy, a Company in which it has a £300k investment, is to acquire the outstanding 31% working interest in the producing Norio field in the Republic of Georgia.

This acquisition triggers a fundamental change in Block Energy's business activities and status and will be treated as a reverse takeover under the NEX Exchange Growth Market Rules for Issuers.

Consequently trading in the Block Energy's ordinary shares on the NEX Exchange Growth Market has been suspended pending publication of its AIM admission document in line with its intention to dual list on AIM, a market operated by the London Stock Exchange.

Mayan holds an investment of £300,000 in Block Energy, via £90,000 of equity @ £0.0085 per share and £210,000 in a Secured Convertible loan with a flat 10% coupon, as announced on 27 June 2017. The loan note converts at a 10% discount to any price at which Block Energy's shares are listed or admitted on any stock exchange other than NEX.

Mayan Chairman, Charlie Wood said "We are pleased to see the progress Paul and his team at Block Energy are making on the development of their portfolio of assets in Georgia. The impending publication of a CPR and progression to dual-listing on AIM signals the next step in their development phase and the unlocking of value for Mayan as a Block Energy shareholder."

At 1:53pm: (LON:MYN) Mayan Energy Limited Ord Npv Di share price was +0.02p at 0.33p

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Mayan enters deal with PyroPhase for testing of production enhancement tech

Mayan entered an agreement with PyroPhase regarding the test of proprietary production enhancement technology owned by PyroPhase on two wells in Forest Hill Field, Wood County Texas, in which Mayan has an agreement to earn a 70% interest through the farm in announced on 8 August 2017.

Pursuant to the agreement, PyroPhase will install, operate, maintain and, if necessary, remove all equipment associated with the test from two wells, the Quitman 18 and the Quitman 40.

All work associated with the workover and installation of PyroPhase' equipment on the first well will be paid by PyroPhase.

On the second well in the two well program, Mayan will be responsible for only the cost of the workover rig associated with installation of the equipment.

Mayan expects these two wells to contribute to two of the six workover wells it will undertake in Phase 1 of the work programme at the Forest Hill Field.

Established in 2006 with a focus on developing advanced oil recovery technologies, PyroPhase specializes in "in situ" electromagnetic heating simulation studies and production analysis.

By partnering with PyroPhase, the Company will potentially benefit from state-of-the-art reservoir stimulation technologies while getting two wells brought on production at a substantially reduced cost.

CEO Eddie Gonzalez commented: "The opportunity to work with PyroPhase in a production test of their reservoir stimulation technology while having two wells turned to production to enhance revenue and cash flow for the Company is a win-win with major upside for Mayan shareholders.

"Our technical team, led by Dr. David Kahn, is excited by the potential highly profitable expansion opportunities in the East Texas Oil Field that would result from a successful test of PyroPhase' proprietary technologies on our wells.

"We will monitor the progress with great interest and advise shareholders of the performance of the test in due course."

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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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