Share Consolidation and TVR Update

20 April 2017

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

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

Share Consolidation and TVR Update

As set out in the announcement made on 30 March 2017, the Directors resolved to undertake a consolidation of the Company's share capital ("Share Consolidation") in order to reduce the large number of existing ordinary shares of nil par value in issue ("Existing Ordinary Shares"). Existing options and warrants will also be consolidated.

The Directors believe that this exercise will affect a more manageable trading price for the ordinary shares of nil par value following the Share Consolidation ("New Ordinary Shares"), make the New Ordinary Shares in the Company more attractive to future investors and achieve a more appropriate number of ordinary shares in issue for a Company of Mayan's market value.

Share, Option and Warrant Consolidation

Accordingly, following the passing of the Share Consolidation board resolution, every 400 Existing Ordinary Shares that are in issue as at the close of business on 27 April 2017 will be consolidated into one New Ordinary Share. The New Ordinary Shares arising on implementation of the share consolidation will have the same rights as the Existing Ordinary Shares, including voting and other rights. All existing options and warrants will be consolidated on the same 400-to-1 basis and the Company's new Stock Exchange Daily Official List ("SEDOL") code will be G5S26K115 and its new ISIN code will be VGG5S26K1152. The Company's Tradable Instrument Display Mnemonic ("TIDM") remains unchanged: "MYN".

A fractional entitlement will arise as a result of the consolidation unless a holding of Existing Ordinary Shares is exactly divisible by 400. For example, a Shareholder holding 1,125,000 Existing Ordinary Shares would be entitled to 2,812 New Ordinary Shares and a fractional entitlement of 0.5 of a New Ordinary Share after the consolidation of shares ("Fractional Entitlement Shares").

These fractional entitlements will be aggregated and sold in the market at the best price then reasonably obtainable to any person, and the proceeds of sale (net of expenses) will be paid in due proportion among the relevant members entitled thereto (save that any fraction of a penny which would otherwise be payable shall be rounded down in accordance with the usual practice of the registrar of the Company and save that the Company may retain the net proceeds of sale of such Fractional Entitlement Shares where the individual amount of net proceeds to which any member is entitled is less than five pounds (£5.00)).

Save for any adjustment resulting from the Fractional Entitlements, all shareholders and option holders will retain the same percentage interest in the Company post consolidation as previously held.

Total Voting Rights

Application will be made for the New Ordinary Shares to be admitted to trading on AIM and this is expected to become effective at 8.00am on 28 April 2017. With effect from admission, the Company's issued share capital will comprise 82,861,576 New Ordinary Shares with each share carrying the right to one vote. There are no shares held in treasury. The total number of voting rights in the Company is therefore 82,861,576 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Shareholders who hold Existing Ordinary Shares in uncertificated form will have their CREST accounts credited with the New Ordinary Shares on 28 April 2017. Following the Share Capital Reorganisation, existing share certificates will cease to be valid and new share certificates will be despatched to those shareholders who hold their Existing Ordinary Shares in certificated form, on or before 2 May 2017.

Special note concerning the Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR"). Market soundings, as defined in MAR, were taken in respect of the Subscription, with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

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

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) oil and gas energy company; whose present operations which are focussed on the redevelopment and enhancement of its upstream oil and gas interests in Oklahoma and Louisiana.