Mayan Energy Share Discussion Threads

[highly geared] 03/10/2018 17:16

Spawny; TXP best small oiler around. Should be at 2000BOPD now with c $40 net backs and lots of drilling to come for the remainder of 2018-19 that will take it to c. 3000BOPD by this time next year.
They also have 2 exploration wells at Ortoire in 2019 which will be step changers if they are successful. £25 millions market cap ( should be double this with their progress and POO).

[brasso3] 03/10/2018 15:53

The situation has turned desperate here. Eddie is the only one to blame.

[spawny100] 03/10/2018 15:52

me three. Thanks for TXP mention grannyboy. Switched my MYN half into them and half RRE thankfully

[grannyboy] 03/10/2018 15:41

I doubt it very much...

[mkmmkm1] 03/10/2018 12:24

Align Research wading in with an open letter to C Wood .... let's hope that stimulates market interest ... and some oil production too!!

[sleveen] 02/10/2018 17:17

"This flexibility gives the Directors discretion around when expenditure is incurred, but it is probable that further equity finance will be required at some point during the next 12 months."


FURTHER EQUITY FINANCE, what could that possibly mean?

[lab rat99] 02/10/2018 17:10

Shoats Creek has been relinquished, there will be no sale anytime. They do have the option of selling the Deloro stake not sure how liquid this though or the block shares.

[sleveen] 02/10/2018 16:25

"With fully funded work programmes being targeted for the coming weeks and months, the Company expects stabilised net production to be above the key 80 bopd level by year end. "



The work programme may well be fully funded, but the G&A is unlikely to be.

£850k was raised in H1, the G&A for H1 was $850k, the remainder of the £850k rasied will be burned soon if H2 G&A costs are similar to H1.

Also the cash on the balance sheet is $59k is that really enough to fund the work programme?

It's unlikely that Shoats Creek will be sold any time soon, so the $2m current asset for sale (presumably Shoat's Creek) on the balance sheet is unlikely to be monetised to raise further cash IMV.


So placing ahoy IMV. The one thing MYN are experts at.

[fairenough11] 02/10/2018 14:28

No raising for the foreseeable as per RNS--Please read.

[wiltshireram] 02/10/2018 12:06

placing incoming?

[spagnolia] 01/10/2018 19:46

Oil flying...hoping we get a good new CEO and legals move fwd soon! Results from the workovers before agm to!

[grannyboy] 27/9/2018 17:00

Highly Geared (3138), I've been in TXP from around the 11p mark, and agree, I think TXP are the best of the T&T Oilers..

If anyone's interested do some research on RBD, nearly half of mc in cash after recent fundraise, carried out 4 well workover all in production, first of three well drilling programme made a discovery.

Fully funded for drills in wick(Scotland) and coulter(Bournemouth bay), due to be spud in 4Q..

[sleveen] 27/9/2018 13:29

Even with a new CEO, funding is needed.


$20k revenue in 6 months at $60/b is around 2 barrels/day.

So for how long/how much production for the wells?

Looks like many of the wells were first flush production and then fell to a dribble.

A placing or a refinancing is needed.

[spawny100] 27/9/2018 13:25

I've felt that for the last 10 months spag. I'm tired of my money sitting here based on a feeling that things "might" change for the better at some unspecified point in the future. Best of luck....

[spagnolia] 27/9/2018 13:20

Spawny....i agree totally but feel things could turn quickly here based on what i heard and discussed after...all imo.

[spagnolia] 27/9/2018 13:12

Gas was discussed...will update. I think we will have a new CEO soon to!

[spagnolia] 27/9/2018 13:12

It was and it turned into a meeting....lol
But some good snipets and i can see some positive changes happening soon! Also 80 bopd should be hit and surpassed soon....fingers crossed!

[grannyboy] 27/9/2018 12:59

Looks like spagnolia attended the wrong agm.

[spawny100] 27/9/2018 12:18

At the AGM? it was adjourned wasn't it?

[spagnolia] 27/9/2018 12:17

Was at the AGM today - will update later however, I see some very promising things happening and changes for the better!! Next few weeks could be very interesting! WIll add more later......

[spawny100] 27/9/2018 12:10

I'm out for now. Can't be doing with more jam tomorrow and have run out of patience with this one. The cancellation of the AGM was the final red flag for me. SO they have 1200 odd barrels of oil to sell - whooppeee doo. Most of us were hoping that that amount would have been 2-3 days production by this stage. Good luck all who keep the faith here