Mayan Energy Limited Board Appointment and Corporate Update (8319I)
29 November 2018 - 6:00PM
UK Regulatory
TIDMMYN
RNS Number : 8319I
Mayan Energy Limited
29 November 2018
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
29 November 2018
Mayan Energy Ltd ('Mayan' or 'the Company')
Board Appointment & Corporate Update
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company,
is pleased to announce the appointment of Ms. Sarah Cope as
independent Non-Executive Director of the Company with immediate
effect. Ms. Cope has extensive Board level experience with
AIM-listed companies in addition to an in-depth knowledge of the
oil and gas sector. Ms. Cope's appointment forms part of Mayan's
strategy to build a team at both Board and management levels with a
complementary skillset and expertise to grow the Company and
generate value for investors. In line with this, the Company is
pleased to provide a corporate update for its shareholders.
Ms Cope has over 20 years' experience as an investment banker in
London, advising small and mid-sized companies at Board level on
corporate governance, strategy, acquisitions and disposals, capital
markets and regulatory compliance. Previously she has advised AIM
listed companies in the Oil and Gas sector as both Nominated
Advisor and Broker, assisting publicly traded companies to raise
finance for their exploration, development and production projects
around the world. Accordingly, she has an expert understanding of
AIM regulations and compliance. In her role at Cantor Fitzgerald
Europe Ms. Cope successfully developed and co-led its Oil and Gas
franchise, and she similarly specialised in the sector at previous
roles held at RFC Ambrian, finnCap Limited and RBC Capital Markets.
Sarah's experience has provided her with exposure to a wide network
of professional contacts as she has been intimately involved in
company and project generation, development, and financing.
Lately, she has employed her corporate governance skills through
serving as a Non-Executive Director of the board of quoted
companies. Currently, Ms. Cope acts as a Non-Executive Director on
the board of directors for AIM traded Anglo African Oil and Gas and
Main Market (Standard) listed Predator Oil & Gas and chairs the
audit committee for both.
Corporate Update
Additionally, the Board of Mayan announces that the full review
of the Company's asset portfolio undertaken by an independent third
party, as per the announcement dated 9 October 2018, has now been
completed. A report has been produced covering Mayan's total asset
portfolio including Zink Ranch, Austin Chalk, Stockdale and the
Forest Hill Fields. The review team spent 7 days in the field to
assist in producing its report which included licence, fixed asset
and a geological report along with proposals for initial
development and operatorship of each project. The Board of Mayan
now intends to review the findings of the report to determine a
development strategy focused on the optimal opportunities for value
generation in the near to medium term. The Company will provide an
update to the market regarding this strategy in the upcoming
weeks.
Corporate disclosure
The Company announces that on 22 December 2015 it entered into
an agreement that provided for certain fees for services to be
provided by Southern Coastal Operating LLC ("SCO") in developing
oil fields in the US. SCO is wholly owned by Mr Eddie Gonzalez
("EG") who was CEO of Mayan from 1 September 2016 to 5 October
2018. Under the agreement with SCO, a total of US$40,513 was paid
by Mayan in H1 2018 to SCO for the provision of various earthmoving
and heavy equipment at the Company's operations and approved within
its US operation's budgets. The directors of the Company
independent of SCO during H1 2018, being Mr Charlie Wood and Mr JD
McGraw, consider these payments fair and reasonable in so far as
shareholders are concerned.
Chairman of Mayan, Paolo Amoruso, said, "We are delighted to
welcome Sarah to Mayan and believe that her knowledge of the sector
and the AIM Market will be of real value to the Company. Over the
course of her career, Sarah has earned respect within the industry
and has developed an invaluable network of contacts, in addition to
experience in the sector as well as of regulatory procedure and
compliance. I look forward to working closely with her as we work
to progress Mayan.
"Having received the independent full operational review report,
I am looking forward to undertaking an assessment of the findings
with the Board and members of the technical team as we work to
devise a strategy that enables Mayan to become value generative to
its shareholders."
Regulatory Information
Ms Sarah Cope (nee Wharry), aged 46, is currently a director of
Anglo African Oil and Gas plc, Predator Oil & Gas Holdings plc
and Oak Lea Services Limited and is a partner of Cantor Fitzgerald
LP. Sarah has no past directorships or partnerships in the last
five years and there are no other details to be disclosed pursuant
to AIM Rules Schedule 2(g).
**ENDS**
For further information visit www.mayanenergy.co.uk or contact
the following:
Charlie Wood Mayan Energy Ltd +44 7971 444 326
Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Frank Buhagiar St Brides Partners Limited +44 20 7236 1177
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Gaby Jenner St Brides Partners Limited +44 20 7236 1177
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Colin Rowbury Novum Securities Limited +44 20 7399 9400
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Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange)
North American based energy company. It is actively pursuing a
primary recovery oil strategy focused on re-stimulating wells
within mature producing basins with immediate cash flow leveraging
commercially available technologies and projects that are shallow,
low risk with low levels of capex and infrastructure already in
place. It also remains interested in creating shareholder value by
strategic investments in similar projects with high cash generative
potential and by forming beneficial development partnerships that
enable the use of pioneering and leading extraction
technologies.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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