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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mayan Energy Limited | LSE:MYN | London | Ordinary Share | VGG5S26K1152 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.14 | 0.13 | 0.15 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
14 October 2016
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil & Gas
Mayan Energy Ltd (“Mayan” or “the Company”)
Gas production brought on line. Cost saving measures now kicking in.
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to announce the commencement of gas production from the Shoats Creek Field (“Shoats Creek”) and the impact of cost cutting measures introduced by its new management team.
Completion of Shoats Creek gas pipeline and initiation of gas sales
Operational profitability now achieved
Commenting on the above, Mayan’s CEO Eddie Gonzalez said: “I am really pleased to report that we achieved this important production milestone. I think it shows that together with the cost cutting measures we have taken, our new team is on track to meet another of our objectives: namely achieving US operational profitability. And if we factor in the benefit of oil and gas prices, which have moved favourably upwards during the last few months, I would say that we are comfortably ahead of our game plan.
“Looking ahead, we are now in a position to begin to unlock the value and cash flow from the Shoats Creek, and on the back of that, and our plans to monetise some of our non-core assets, we will then pick up speed in moving forward with our plans for Mexico.
“Finally, I have to say that after a little more than a month in the job, I am really looking forward to keeping up the news flow of our progress against the targets that we have set ourselves, and in particular how we will be further improving returns to the Company, as we finesse and fill in the details of our previously reported plans for the development of our assets.”
ENDS
For further information visit http://www.mayanenergy.com/ or contact the following:
Eddie Gonzalez | Mayan Energy Ltd | + 1 469 394 2008 |
Charlie Wood | Mayan Energy Ltd | +44 7971 444 326 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Elliot Hance | Beaufort Securities Ltd | +44 20 7382 8300 |
Nick Bealer | Cornhill Capital Limited | +44 20 7710 9612 |
Elisabeth Cowell | St Brides Partners Limited | +44 20 7236 1177 |
Notes:
Qualified Person
The technical information that is contained in this announcement has been reviewed by Mr. Kevin Green, a Consultant to the Company and a Petroleum Geologist who is a suitably qualified person with over 30 years' experience in assessing hydrocarbon reserves and who has consented to the inclusion of the technical information.
Copyright r 14 PR Newswire
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