TIDMMYN
RNS Number : 9447A
Mayan Energy Limited
30 March 2017
7.00am 30 March 2017
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil & Gas
Mayan Energy Ltd ("Mayan" or "the Company")
Subscription, TVR Updates and Mobilisation at Shoats Creek
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company,
wishes to announce that it has raised GBP600,000 (before expenses)
with institutional and private investors through a Company arranged
subscription (the "Subscription") of 12,000,000,000 new ordinary
shares of no par value each (the "Subscription Shares") at a price
of 0.005p per Subscription Share (the "Subscription Price"). The
proceeds will be used to fund ongoing working capital and Shoats
Creek Field ("Shoats Creek") development.
The Company is also pleased to announce that weather and terrain
conditions at Shoats Creek have improved significantly which has
allowed the mobilisation of equipment to the Lutcher Moore ("LM")
13 Shallow-Well to commence the re-entry, squeeze and perforation
program, which was referred to in earlier announcements of 13 and
21 March 2017.
Shoats Creek
-- LM 13- Shallow-Well: As previously reported a re-entry and
squeeze of LM 13 will be performed, with the objective of isolating
the pay formations identified at 2,600 and 2,900 feet. Once the
cement job has been completed, the well will be perforated and
swabbed, first at the 2,900 level and if necessary at the 2,600
level. A determination as to whether these formations are oil
bearing is expected within the first two weeks of work on the
well.
-- As previously reported, once the new zone has been proved,
further work will be required to complete the LM 13 Shallow-Well
and install surface equipment, and further announcements concerning
its economic viability and sustainable production rates will be
forthcoming in due course.
-- LM 20: The next stage of the rework of this well will follow
on from work on the LM13-Shallow-Well.
Mayan has a 50.00% WI and 37.7% net revenue interest ("NRI") in
the LM 13 Shallow Well formation. And has a 20.00% WI and 15.08%
NRI in LM 20 in respect of oil, and a 50.00% WI and 37.7% NRI in
respect of gas.
Subscription Details and Total Voting Rights ("TVR")
The Subscription is conditional on Admission and application
will be made for the Subscription 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 Subscription Shares will commence on
or around 5 April 2017.
Following the issue of the 12,000,000,000 Subscription Shares,
the Company's issued share capital will consist of 33,144,630,415
Ordinary Shares of no par value 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 33,144,630,415.
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.
Following the Subscription, the Company intends to undertake a
Share Consolidation Scheme, with the intention of consolidating 400
Ordinary Shares of no par value into 1 new consolidated share of no
par value. This will bring the issued number of shares more in line
with the size of the Company and effect a more manageable trading
price for the shares and a further announcement concerning this
exercise will be announced in due course.
Commenting on the above Eddie Gonzalez said:
"Given the recent delays and operational difficulties at Shoats
Creek, the Company is pleased to have completed the Subscription
today. This, along with recent non-core disposals, will improve the
Company's treasury position whilst the work at Shoats is ongoing.
We looking forward to announcing the results from LM 13 as they
come through, and as I have said before, if LM 13 plays out, we
expect it could have a major impact on our thoughts as to the
development of Shoats".
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.
**ENDS**
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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