Attis Oil and GasLtd – Final Results

Attis Oil and GasLtd – Final Results

Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to announce its final results for the year ended 31 December 2018. The full audited Report and Accounts for the period under review will be available on the Company’s website today at www.mayanenergy.com and are being posted to Shareholders. Extracts are set out below.

Highlights

  • Completion of full portfolio review and strategic development plan for core US onshore asset base focused on building a revenue generative, highly profitable oil and gas company
  • Core assets include Austin Field in Texas, Zink Ranch in Oklahoma and post period end the Fort Worth Basin
  • Robust corporate governance and financial/fiscal structure put in place across the business by strengthened Board to ensure returns are maximised and risks minimised:
    Non- Executive Chairman, Paolo Amoruso appointed providing strong US legal oil expertise
    Non-Executive Director, Sarah Cope appointed strengthening the board’s governance
  • Rationalisation of US operations and consolidation of US corporate structure successfully executed
  • Settlement of multiple outstanding claims and potential lawsuits with creditors

Post Balance Date Highlights

  • Excluding P&A liabilities, 70% of liabilities as at 31 December have been settled
  • Re-negotiated terms of acquisition of Austin Field interests reducing the consideration payable to US$375,000 and increasing the working interest in six well package
  • Acquisition of Attis Oil & Gas Ltd, US onshore operator with 50% of 98 producing gas wells in Fort Worth Basin, Texas
  • Executive COO, Thom Board to join the board to lead US operations
  • Commencement of a six well workover programme and recommencement of production at Austin Field
  • Control of field operations at Zink Ranch field secured and commencement of workover programme
  • During May 2019 a mean average production of 131 Boepd and net mean average production of 93.8 Boepd

Charlie Wood, said, “2018 represents a year of progress for Mayan following changes in management and a review of the asset portfolio which resulted in decisions to pursue, monetise or dispose of certain assets.   The addition of two new experienced board members has significantly strengthened the governance and controls required for a listed entity.   Following the post balance date acquisition of Attis Oil & Gas, the Company now has an excellent platform and team in place from which to build a profitable oil business, and I look forward to providing further updates on our progress during the year ahead.”

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