Issue of Equity

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

16 November 2017

Mayan Energy Ltd ("Mayan" or "the Company")

Issue of Equity

Mayan (AIM: MYN), the AIM listed oil and gas company, announces that, further to the announcement made earlier today, it has now issued 5,064,102 Ordinary Shares of nil par value (the "Ordinary Shares") at the same price as the Placing announcement earlier today being 0.6p per Ordinary Share to Charlie Wood and JD McGraw, directors of the Company, in lieu of accrued salaries (the "Deferred Settlement Shares"). Application has been made for the Deferred Settlement Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM (the "Admission") and it is expected that Admission will become effective and dealings will commence on or around 22 November 2017.

Following the issue of the these Deferred Settlement Shares along with the 432,692,304 Placing, Settlement and Adviser and Deloro Investment Shares, Mayan's issued share capital will consist of 1,166,335,931 Ordinary Shares of no par value with voting rights. No Ordinary Shares are held in treasury at the date of this announcement and therefore following the Admission, the total number of Ordinary Shares in Mayan with voting right will be 1,166,335,931.

The above total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

**ENDS**

For further information visit www.mayanenergy.com or contact the following:

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) oil and gas energy Company focussed on the redevelopment and enhancement of its upstream oil and gas interests in Oklahoma and Texas.

 This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.