Mayan Energy Share Discussion Threads

[gimmetheloot] 01/3/2018 21:29

Torp = troll ;-)))

[torp] 01/3/2018 21:00

Keya, you have a reluctance to accept simple facts which subsequently throws doubt on your other posts. Really what's the issue here?

Mayan spent $701,000 on Other Admin Expenses in that 6 month period.

Prior to that the Annual Report to end Dec 2016 stated Other Admin Expenses for the full year at $1.7m. Now THAT report WAS mostly Northcote since Mayan had only been there since Sept 2016.

What can be seen is that these expenses have come down a little, from $1.7m to $1.4m per year but they are still awfully high, esp compared to revenue.

It's just my view, and maybe that of others, that these expenses need to be ruthlessly cut before this share is going to go anywhere.

[keya5000] 01/3/2018 20:23

Except it or not I care little about your thoughts, when EG took over at Mayan it was weeks if not days from appointing the administrators.

They had been signed into a multitude of stupid deals that had all been absolute loss leaders and a pure cash drain. Staffing costs had also been at a horrendous level for a company of its size.

Eddie assessed what he had culled the majority and stabilised the company. That came at a cost and the dilution that followed was the expensive cost of life support that was needed at the time.

Through good management and shrewd deal making EG assembled a team and a number of decent assets.

The shoats creek disaster was soon ended, albeit after an attempt to make it work but the historic logs etc had been way out and it was soon decided the cash involved in progressing the asset was not suited to a company that at the time had a sub £2m mcap.

Things progressed to last Autumn and the strategy played out since at Forrest Hills and Stockdale has been testament to the change in fortune we have seen. We have also through the shrewd guidance of our CEO got involved in Ashphalt Ridge which I consider to be a company maker in its own right.

The past is now behind them and the new company is progressing, market cap is now £10m and I expect this will continue to grow at the same rate.

This only happened and will continue to grow down to the tight control and stewardship of the new team taking 'New Mayan' forwards.

Yes look at the past its relevant and it clearly shows you not only the capability of the management to turn around a train wreck but it shows you that growth curve is now going to go parabolic.

[keya5000] 01/3/2018 20:12

Torp/magic,

wait for the next six month report and see the difference.

These things take some time to work through, periods of gardening leave, contractual obligations that had to be covered.

If you have the balls contact the company introduce yourself either to be Torp or Mr Magic and ask to speak to Mr Gonzales.

I am sure he will put you straight.

Goodnight.

[torp] 01/3/2018 20:06

Keya/Graphite - "The admin expenses relate to the last full accounting year prior to EG's tenure."

Utter BS, and shame on you, that's a complete lie and a total mislead.

The Interim Report published 29th Sept 2017 covered the 6 month period to 30th June 2017. Mayan have been here since Sept 2016.

Mayan spent $701,000 on "Other Admin Expenses" in that 6 months
Revenue for the same period was stated as just $53,000



It's that massive discrepancy between money soaked up by expenses and low revenue that imho has contributed in no small part to the endless issuing of confetti which in turn has devastated the share price It's reasonable to assume that while ever revenue stays low and those expenses stay ridiculously high (all other things being equal) that we will continue to see the confetti issued.

Hence whilst there may indeed be future potential to be had, like so many other AIM diluters, the problem is the number of placings to be endured along the journey. That's the risk imho. Last placing was Nov 2017.

[spagnolia] 01/3/2018 19:31

Yes Keya5000 nice story unfolding - similar to early GKP days lol

Were we up 1%?

[highly geared] 01/3/2018 18:28

Nice 1.8 million uncrossing trade.

[keya5000] 01/3/2018 18:23

Spagnolia yes another blue day.

Great being a Mayan holder is it not?

[keya5000] 01/3/2018 18:22

The admin expenses relate to the last full accounting year prior to EG's tenure.

I know for a fact he reduced head count and the company is now slick and not carrying any deadwood.

Torp is basically living in the past, this is a new company looking forwards with a top class CEO and team around him.

[spagnolia] 01/3/2018 17:07

Did we Finnish Blue? Looked like a late Buy?

[kingkongtimmo] 01/3/2018 17:01

RNS tomorrow?

[cashandcard] 01/3/2018 16:47

Torp,


I hate to say it, but NCT was a failure and Mayan tried but could not make SC work so have recapitalised and gone for a cheaper and less riskier approach - yes its incredibly bad for those invested here but the company did need more funds to pursue a different strategy and path. What would you rather have them do, spend even more on the troublesome SC field after realising its too costly and problematic (previous operators constantly struggled with it and could not make it work) or have a good chance of trying to generate more sustainable returns and value from a cheaper and less riskier program? The past is what it is, just that, its a miracle its still here through the oilprice crash. Look at what they are doing now, not a year ago or two years ago, now. As HG infers above, look at direction of travel and what they are doing.

As for other admin expenses, yes that does look quite high, perhaps you should put that question to them.


Cash

[highly geared] 01/3/2018 16:34

Torp
Fair point on the timescales and dilution, I stand corrected there.
On the £500k admin/ other expenses, whether they continue to run at these levels will be revealed in the FY results. The income is coming from oil sales on the well reworks. Timing may be an issue in terms of income generation to exceed costs but for me and other shareholders it’s about direction of travel from Q2 2018; 400bopd should = $7 million gross revenue. Plenty to cover G&A.
Khan has £250k+ in , EG has taken shares in lieu of salary and injected cash for shares.
Markets value the future, the past had been horrendous but the new business has decent prospects IMO.

[torp] 01/3/2018 14:12

Noone was talking about the old Northcote HG. Why do you bring it up ?

Mayan themselves have taken the share issue up from 10 billion to equiv of 466 billion and Mayan have, in their 1.5 yr tenureship presided over at least a 90% drop in share price value.

It is Mayan's Interim report (not Northcote's) that states they burn through $700,000 in 6 months on "other admin expenses".

I ask again. What income is coming in vs that $1.4m in expenses ?

[highly geared] 01/3/2018 13:57

Torp; I was one of many who lost 95% of share value under the previous failed strategy of Randy whatever he was called , Mexico, Shoats creek etc.under the Northcote banner. Yes ,it WAS a basket case and I’m £10k worse off for my sins.
However, I change my mind if the facts change and they have. This is essentially a new business with a low risk strategy that should reward shareholders. We’ll see won’t we.

[torp] 01/3/2018 13:42

"At around £10 million market cap, what’s the risk?"
"Seems a compelling risk/reward play on a 12-18 month timeline..."

Yeah I'm sure it does if you so conveniently ignore the dilution and financial situation !!

10 billion shares Mayan started out with and today, after a 400 to 1 consolidation there are 1.16 billion or the equiv of 466 billion !!! Funny how that doesn't get a mention in your cherry picked list. Last placing was back in Nov 2017. . . .

On top of that the company burns through equiv of $1.4m each year in "Other Admin Expenses" according to last interim report. Tell me Highly Geared, how much income is currently coming in vs just those "other admin" expenses?

[johns288] 01/3/2018 13:32

No bleeding from my eyes reading another one of your pointless posts. Heard of a life? Suggest you get one

[wossupsa] 01/3/2018 12:22

Are you lot experiencing bleeding from your ears with the share price at such 'dizzy' heights, just wondering?

[wossupsa] 01/3/2018 12:19

eye2, are you really reporting multi million purchases, lol? Must have been a satellite phone job ;o)

[highly geared] 01/3/2018 11:05

At around £10 million market cap, what’s the risk?

- oil insitu , existing wells, no drilling risks
- cheap at $25k per workover with c 4-8 month payback
- infrastructure in place
- management with skin in the game
- 400bopd from direct assets in next 3 months, 500 bopd with Deloro/ Asphalt contribution.
- 500 x 300 production days / year= 150k barrels @ $30 net back =$4.5 million annual profit ( in 18-19).
- £3.2 million profit on a PE of 6-8 = £20-25 million market cap
- As more wells brought on line and Asphalt moves to 5000 bopd , the revenue/ profit grows and grows

Seems a compelling risk/reward play on a 12-18 month timeline...

[saw89] 01/3/2018 09:44

Looks like this will be taken up soon past this last bit of resistance imo then onto 1.3 / 1.6 short term target

[jayj4u] 01/3/2018 08:35

Bought some more today in the morning. MM were asking for 0.96p!!! but I picked it up for 0.899

[fairenough11] 28/2/2018 16:15

Align Research
‏

@AlignResearch
1m1 minute ago
More
Noted that the "friendly" MM's continue to try and shake the Mayan Energy tree #MYN We continue to be astounded at sellers here given firming of fundamentals. Reminder of prospective forecasts - … #VALUE

[highly geared] 28/2/2018 12:25

One way to look at this (and Align has), is that within 12 months, Mayans share of Asphalt ( through Deloro) will be c 400 Bopd or c. 125,000 barrels annualised.
With quoted net backs of $35 at current WTI price, that’s around £3.25 million annual profit.
With a long production profile , assuming even a conservative PE ratio of 6 provides a c. £20 million market cap on its own. That’s without Mayans short term 300-500 Bopd target on its own assets.
Simply way too cheap based on risk, timeline and fundamentals.

[113mike] 28/2/2018 11:17

Excellent! nice find...all shaping up nicely imho