Mayan Energy Limited Distribution of Petroteq Shares and Warrants (1059F)
25 Octobre 2018 - 8:00AM
UK Regulatory
TIDMMYN
RNS Number : 1059F
Mayan Energy Limited
25 October 2018
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
25 October 2018
Mayan Energy Ltd ("Mayan" or the "Company")
Distribution of Petroteq Shares and Warrants
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company,
is pleased to announce it has been notified of the distribution of
TSX listed Petroteq Energy Inc ('Petroteq') (TSXVE: PQE OTC: PQEFF)
shares and warrants pro rata to the Unit Holders of Deloro Energy
LLC ("Deloro"). Mayan will receive 1,035,233 Petroteq ordinary
shares and 1,035,233 Petroteq warrants exercisable at US$0.91 for
its 17.3% interest in Deloro. The shares and warrants are being
distributed fully tradable and vested. As at close of business on
23 October 2018, the value of Mayan's shares in Petroteq is
$631,492 based on a closing mid-market price of US$0.61. Deloro's
remaining asset is a shareholding of 61,102,564 shares in
Mayan.
Petroteq is developing the Asphalt Ridge heavy oil sands project
in Utah, which holds contingent resources of 87.5 million barrels.
Petroteq's patented protected technology utilises a modular and
small footprint/capex, allowing it to extract over 99% of all
hydrocarbons without the need for high temperatures or pressures
while using no water and generating no greenhouse gases. It
announced on the 27 September 2018 that it had completed the
unification, testing, calibration and adjustment of the 14
processes that constitute Petroteq's patented extraction system and
that the Asphalt Ridge plant was in commercial production.
Production is being ramped up towards an initial rate of 1,000 bopd
as part of its Stage 1 development. Petroteq is awaiting the
receipt of the final business permit to commence transportation of
oil off site which is expected imminently. The latest presentation
is available on
https://content.equisolve.net/petroteq/media/a9bc1245c1b816150e14fa309f4aa53c.pdf
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").
**ENDS**
For further information visit http://mayanenergy.co.uk/ or
contact the following:
Charlie Wood Mayan Energy Ltd +44 7971 444 326
Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Frank Buhagiar St Brides Partners Limited +44 20 7236 1177
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Gaby Jenner St Brides Partners Limited +44 20 7236 1177
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Colin Rowbury Novum Securities Limited +44 20 7399 9400
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Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange)
North American based energy company.
Petroteq is a Canadian-registered holding company, publicly
trading on the TSX Venture Exchange (Symbol: PQE) and the OTC
trading platform (Symbol: PQEFF). Its offices are located in
Toronto, Ontario, Canada, Los Angeles, California and its initial
oil sands processing plant is in Vernal, Utah.
Petroteq is a fully integrated oil and gas company focused on
the development and implementation of a new proprietary technology
for oil extraction. The Company has an environmentally safe and
sustainable technology for the extraction of heavy oils from oil
sands, oil shale deposits and shallow oil deposits. Petroteq is
engaged in the development and implementation of its patented
environmentally friendly heavy oil processing and extraction
technologies. The proprietary process produces zero greenhouse gas,
zero waste and requires no high temperatures. Petroteq is currently
focused on developing its oil sands resources and expanding
production capacity at its Asphalt Ridge heavy oil extraction
facility located near Vernal, Utah. The Company also owns a
minority stake in an exploration and production play located in
southwest Texas held by Accord GR Energy Inc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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