Mayan Energy Share Discussion Threads

[highly geared] 11/11/2017 17:59

Pre suspension, Block Energy was at £4.4 million market cap. The Georgian assets look promising and the work over strategy very similar to Myn, targeting 350 bopd in the near term. This will likely drive an uplift in market cap to £25 million region looking at their assets as a whole.
Myn stake is c. 7% assuming CLN conversion, if I’ve got my figures right.So, if they retain the Block stake for 12 months, it’s potentially worth c £1.75m . Not huge but it diversifies risk further and may provide useful funding if/ when the stake is sold. It will be interesting to see what the Block share prices returns from suspension at.A longer term hold may see a greater return if we see full field development.

[glibgibon] 11/11/2017 15:03

I have about £16k invested here, but it is only currently worth £3k. That said, I am quite hopeful with the recent work done by Eddie and Dr Khan. While the Align report is partially a paid report by Mayan and they are an investor here so have a vested interest, the figures for poo have already been surpassed which as previously stated makes the figures in the report slightly conservative.

A slow and sustainable buildup of the fields would be preferable but as we don't know all the admin costs involved in the company as a whole it is difficult to say what our profit point may be. If more funding is required then I doubt it will be at a massive discount as per previous placings. I was pleasantly surprised that the last placing was successful at a 15% premium - not sure if the same will occur again, but I am quite happy with the work progress that has happened and also that they are looking to sell Shoats Creek rather than develop it further. With the poo increasing, this could only help the prospect of a successful sale. The SC field has a lot of potential but the expenditure required is currently beyond our means. There is a lot of oil there that someone will eventually want to buy and we already have the oil and gas lines connected for them.

With my track record I cannot predict what the share price will do in the short term but if we continue to meet the projected production levels and workover dates then market confidence will return here and the share price should reflect the prospects of the company as opposed to asset value.

[graylyn1] 11/11/2017 14:34

Block Energy plc

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. 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.
Block Energy is a Georgian focussed E&P company focussed on the exploitation of previously discovered fields which are prime for western technology and enhanced production techniques. Block Energy is traded on the NEX Growth Market.

Block Energy has two main interests:
Norio Oil Field, Georgia. Block has a 69% working interest (WI) in the Norio oil field which has produced over 2 million barrels (“Mbbls”) of oil and currently produces around 20 barrels of oil per day (bopd), from shallow (less than 1,000 meter deep) wells drilled in the Soviet era.
• Since its acquisition, Block has performed a detail screening of the field analysing over 50 wells and management have now prepared a low cost/risk recompletion programme which is expected to revitalise production to around 300 bopd.

• Successful execution of the company’s proposed plan for Norio will lead the company into full field development, which is expected to raise production to a peak of approximately 2,000 bopd.

Option to farm-in to Block VIII, Georgia. Block’s second interest is an option to farm-in to Block VIII, one of the largest blocks in the Georgia hosting over 4,700 square kilometres of prime acreage and home to multiple discoveries. Blocks’ initial target is the East Kavtaiskhevi (“EK”) discovery, which was also discovered back in the soviet era. Block’s farm-in commitment is to drill a deep appraisal well which will test multiple zones, unlocking a potential 36m bbls of oil.

[sweetnodude] 11/11/2017 14:18

If there is strong demand for Block Energy shares after the AIM admission I wonder if Mayan might sell into the strength to raise some working capital?

[ryan83] 11/11/2017 14:06

Imagine Forrest Hill flows 100BOPd.....each well

We will find out soon

[patientcapital] 11/11/2017 13:33

Taken from Block's website:

EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Notes:
(1) All times shown in this document are London times unless otherwise stated. The dates and times given are indicative
only and are based on the Company’s current expectations and may be subject to change. If any of the times and/or
date above changes. The revised times and/or dates will be notified to Shareholders by announcement through a
Regulated Information Service provider.
EVENT EXPECTED
DATE
EXPECTED TIME
General Meeting 15 November 2017 10.00 am
Deadline for Proxy Form for General 13 November 2017 10.00 am
Meeting
Record time and date for the consolidation 15 November 2017 Close of Business
Dealings in the new Ordinary Shares 16 November 2017 8.00am
NEX Exchange
Crediting of CREST accounts with new 16 November 2017 8.00am
Ordinary Shares
Despatch of definitive share certificates 30 November 2017
in respect of new Ordinary Shares in
certified form

[113mike] 11/11/2017 12:39

Thanks for that. Nice!

[patientcapital] 11/11/2017 12:17

Posted on lse - Reads well (pun intended):

ProfW
Posts: 205
Off Topic
Opinion: No Opinion
Price: 0.695
RE: MayanToday 12:03Graphite:

Any of you calculate the Possible upside of these small wells..?

Take a look at these Numbers..

Attributable Daily Production in Barrels to MYN == 50

Oil Price per barrel == $60.00

Number of Production days per annum 300

Revenue per well per annum == $900,000

Total Number of Wells End of Year 1 == 6

Total Revenue == $5,400,000

Average PSR (Price to Sales Ratio) of Junior Oil Producer == 11

Target Market cap in USD == $59,400,000

Exchange Rate per USD == 0.75813

Target Market cap in GBP == £45,032,922

MYN Shares in Issue == 733,643,627

Target share price per share == 6.1383 Pence

[piperpeter] 11/11/2017 12:04

It would only need an average 335 barrels per day to match annual revenue with the current market cap.

335 bbls @ $55 x 365 = $6,725,125 = £5,100,000.

There is also the potential, in the not too distant future, to receive revenue from the Company stake in Block Energy to consider.

Pp.

[tomboyb] 11/11/2017 10:40

News next week should tell us where we are -

Target initially of 500 BOPD is quite significant -

[astralvision] 11/11/2017 10:08

But what does the itchycoo analysis mean Someuwin?
Ah, just sean the targets, that looks great. Never heard of that type of analysis before, further research beckons.

[jayj4u] 11/11/2017 09:19

Over 110 million shares traded today....who cares about the disposal of 66 millions!

Im in this stock and it's got an awesome potential! Just do you own homework! Look at their assets via their web site!


hxxp://mayanenergy.co.uk/

[ianbag] 11/11/2017 08:30

The Align note is quite conservative I believe, but that is good as it is far better to over deliver than under in the market. Plus lets face it the track record of the previous bod was totally underwhelming. I suspect that this approach is quite deliberate as a means to rebuild credibility with the market. Hence the market cap should react accordingly and increasingly strong until fair value is reached.

[keya5000] 11/11/2017 07:59

BMW I don't think that quantity alone caused the spike to .74.

Could be good buys those come Monday

[bmwman3] 11/11/2017 04:10

Brasso 3 I'm afraid the midday spike was caused by myself, I believe, by buying two tranches of 200.000 and 400.000 odd in two trades @0.675 after which it jumped to 0.70 on the ask, straight after! Good luck all!

[brasso3] 10/11/2017 22:45

I expect it will open at 0.75p - 0.8p on Monday as there will be some coverage over the weekend to raise MYNs profile.

[highly geared] 10/11/2017 22:32

The Align Resaerch note previously posted by Keya (I think) is excellent.
It shows their asset base will take them to 1000 bopd by 2019.
Regarding funding, they’ll need more but are probably ok up to 400 bopd by which time I expect the market cap to be approaching £25million. I hope they do a raise of £2 million at this point to accelerate development to the point in 2019 that we’re producing 1500-2000 bopd and with a market cap of £100 million.
May sound fanciful but it’s simply a case of using proven technology to reactivate and optimise existing wells without drill success risk.
Tried on line and telephone order to buy another £5k before the close but nothing available in size.

[piperpeter] 10/11/2017 22:27

What are the chances of some production from all four fields before year end?

Pp.

[brasso3] 10/11/2017 22:18

1 barrel every 30 minutes looks like a reasonable estimate. 48 BOPD would be a big result.

[keya5000] 10/11/2017 22:10

Looks like a tap running, leave a tap running and see how many gallons you get in one hour.

The well if does 50bopd will be a massive success given the numbers available.

[brasso3] 10/11/2017 22:06

I guess that news had already leaked that oil was flowing albeit in small quantities. If they can do this in a week then it bodes well for the remainder of the field.

[astralvision] 10/11/2017 21:59

10p new target?

[keya5000] 10/11/2017 21:58

Black Gold and that's at least one Forrest Hill well flowing nicely, how many more is it 100+ on that field?