Update on 3.75% Interest in Andalas' Concession

25 April 2017

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

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

Update on Mayan's 3.75% Net Interest in Andalas' Concession in Indonesia

Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, notes today's RNS announcement from Andalas Energy and Power Plc ("Andalas"), the AIM listed Indonesian focused energy Company, which provided an update on its Tuba Obi East ("TOE") farm-in agreement, a project in which Mayan has a right to participate in up to a 3.75% net working interest level (see Mayan RNS of 26 April 2016, 8 March 2016)

Andalas reports that that following the expiry of Andalas' TOE technical assistance contract, Pertamina, the Indonesian State-Owned Oil and Natural Gas Company has indicated to them that it (Pertamina) will now develop TOE.

Because Mayan did not subscribe funds to the TOE project, there will be no financial impact to Mayan as a result of Andalas' announcement. 

Mayan believes that Andalas' announcement has no bearing on its rights until 30 April 2020 to participate in any future Andalas upstream Oil and Gas project at a level that is equal to 12.5% of Andalas' participation in such a project.

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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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.