Mayan Energy Limited Board Appointment and Corporate Update (8319I)

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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              [phone] 
 Roland Cornish    Beaumont Cornish Ltd          [phone] 
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 James Biddle      Beaumont Cornish Ltd          [phone] 
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 Frank Buhagiar    St Brides Partners Limited    [phone] 
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 Gaby Jenner       St Brides Partners Limited    [phone] 
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 Colin Rowbury     Novum Securities Limited      [phone] 
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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.

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November 29, 2018 02:00 ET (07:00 GMT)