Mayan Energy Share Discussion Threads

[torp] 16/10/2018 07:58

@labrat

I remember from LSE you knew a lot about the Shoats Creek project which of course Mayan have now bailed out of. I seem to remember you or someone else mentioning something about the original Aminex contract/sale having something in there that meant they were due something like $3m/$4m out of that. Can you remind me of those details? Asking because now Mayan have pulled out, am wondering where that leaves RRR. I also noted from Mayans RNS on leaving that they mentioned "significant Plug & Abandonment ('P&A') liabilities associated with abandoned well bores at Shoats Creek."

Was that purely a Mayan issue or do you think it now impacts RRR?

Cheers in advance

[jamdan1] 15/10/2018 08:55

Nice big buys coming through

[jamdan1] 12/10/2018 12:27

Can't buy any?

[grannyboy] 12/10/2018 08:41

Yes looks too much like desparate ramping...but then again if i'd had as much 'invested' in these as Align has i'd be ramping(probably,lol)...

But if these don't get too 200bopd, then align's reputation would be zero, so why say it?

[spawny100] 12/10/2018 07:03

200 bopd next couple months? Where did that come from?! Last MYN said on it was hoping for 80 bopd by end 2018 and then in last statement that development activity would be put on hold. I smell porkie pies.

[grannyboy] 12/10/2018 06:25

Haha...they are claiming that it will encourage Charlie boy to get production to 200bopd in the next couple of months....even Charlie boy has said they are going to do a review of the assets....

Is this more rubbish?!!!

[lab rat99] 11/10/2018 13:03

Seems turkeys approve of Christmas.

[lab rat99] 10/10/2018 08:52

Not really a good enough excuse for a supposedly professional outfit imo.

Received plenty of warnings richie, maybe instead of calling those with different views "the worst of humanity" you should have been asking more probing questions earlier.

After sitting through a presentation of the model predicting 1200bpd from zero in a year, was there not some warning signs? Overstretching, delusional maybe. Hope you no longer use the "analyst" that helped with the MYN report.

[richie666] 10/10/2018 07:11

Spawny - perhaps we were lied to?

[spawny100] 09/10/2018 21:30

Align were also the ones saying 'In Eddie we trust" in their last research note. I don't rate them very highly at present.

[brasso3] 09/10/2018 19:54

Existing share holders have been truly screwed here by these crooks.

The only saving grace is that you have Align fighting your corner.

GLA and I hope a complete management change is the result. Even better would be legal action against 'fast Eddie' and co.

[cashandcard] 09/10/2018 19:51

What a mess these folk have made. The strategy of going after cheap workovers was good. But one of the few tell tale signs of any Smallcap heading into trouble is the accumulation of so many assets, stretching themselves thin and failure to deliver any of them. This may need to be recapitalised again just to survive and fight for another day.Cash

[lab rat99] 09/10/2018 09:59

The old Chairman is now the CEO, why would he need to review the assets unless he was not doing his job of chairman properly. Therefore his position is untenable as the new Chairman does not trust his predecessor. How can Charlie Wood be the CEO if the new Chairman is questioning his judgement?

[coldspring] 09/10/2018 09:21

It's sensible to review the assets as it sounds very much like there has been smoke and mirrors in operation. Aligns comments are so damning. It's make sense for the new chair to take stock and believe no one as he tries to chart a course out of this mess.

[richie666] 09/10/2018 07:33

Highly geared - personnel.

[highly geared] 09/10/2018 07:32

The current market cap in a normal company would require say £250-350k net profit after all costs (PE 10-15).
Should be some value in asphalt ( if it works) but we need to understand whether the leased/ operated wells are viable and capable of collectively producing on a sustainable basis. This was supposed to be a low cost low risk accretive production model into a rising POO environment. It’s been an unmitigated disaster. Is it due to personnel or the assets?

[highly geared] 09/10/2018 07:08

I think CW will be out once the new guy completes the review.Probably retained for short term knowledge of assets.Credibility is key if this is to stand any chance of moving forward.

[sleveen] 09/10/2018 06:31

HG agree.

Looks like even the 80bopd (breakeven), given less than 2 weeks ago, is going to be missed:

" this will require us to put on hold development activity, including the recompletion and assessment work scheduled on the Austin Chalk Wells in Gonzalez County, Texas. We will be sending a team to visit all the field operations during the second half of October... "

[highly geared] 09/10/2018 06:26

Come back in 3 months when they can tell us whether they have a viable business and what new funding is required and how dilutive it will be. Should also know by then whether asphalt ridge is working.
Too early for a punt at the moment and high risk of going under.

[spawny100] 09/10/2018 06:25

I don't like CW staying on as CEO and the market won't like "Initially, this will require us to put on hold development activity, including the recompletion and assessment work scheduled on the Austin Chalk Wells in Gonzalez County, Texas." tbh coldspring I'd be getting out at any price if I was still in as this could yet end up returning nothing to shareholders if these issues can't be resolved and the company is wound up. No advice intended dyor etc.

[coldspring] 09/10/2018 06:05

RNS Update from the new chairman. Sensible and pragmatic in his approach. I am already so underwater there is no point in selling now. Will wait and see what happens.

[grannyboy] 08/10/2018 17:33

Well it must only be a couple of months ago when Align had a chin wag with these charlatans, and align came back with the immpression things were moving in the right direction...obviously they didn't ask Charlie boy or fast eddie why they didn't h ave any skin in the company...

And they need to up their interviewing technique, and be more critical..