27th Sep 2018 13:09
LONDON (Alliance News) - Mayan Energy Ltd on Thursday said it swung to an interim loss following a non-repeating gain a year earlier, as it looked ahead to furthering its development programmes despite "unforeseen issues" pushing back some timelines.
Revenue for the six months ended June 30 more than halved to USD20,000 from USD53,000, while the company swung to an operating loss of USD837,000 from a USD99,000 profit a year earlier.
Last year's interim results were boosted by a USD834,000 gain following the release of decommissioning provisions associated with assets disposed of during the period.
Looking ahead, the company said that, while "unforeseen issues" have pushed back some timelines, "nothing has changed" in terms of its core asset base quality.
"With funds in place, a bolstered corporate team with further appointments expected, and all outstanding issues now or in the process of being resolved, we are in a position to embark on the various development programmes we have in place, starting with the Austin Chalk wells in Gonzalez County, Texas," said Mayan Energy.
At Austin Chalk, the company said it has been encouraged by performance at the wells given that it is yet to undertake any of its planned "production enhancement" operations.
"Together with work due to commence at Zink Ranch and Stockdale, the next few weeks and months promise to be a highly active period, as we focus on scaling up Mayan's production and revenue profile, realising the underlying value of our portfolio, and in the process building a cash flow positive oil and gas company," the company said.
Shares in Mayan were down 15% at 0.3921 pence on Thursday.
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