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Mayan Energy adds new boss and new capital to go with new name

The company, which just raised £500,000, told investors it was expecting ‘high impact news flow’.

directors in a meeting
The company's relaunch continues

It has already picked a new name and now Mayan Energy Limited (LON:MYN) - formerly Northcote Energy - has new management and some new capital as its relaunch to focus on Mexico continues

Heriberto (Eddie) Gonzalez Jr, who has been president of Shoats Creek Development Inc since March, becomes the group’s new chief executive, taking over from Randy Connally who has resigned with immediate effect.

The company has also appointed JD McGraw - who is described as being “significantly involved in US public markets” - as its new non-executive director and it highlighted the recent appointment of Stephen Brock as Vice President Operations to lead development of Shoats Creek.

Mayan Energy’s plan is to unlock value and cash flow from the producing Shoats Creek field, in Louisiana, USA, in order to support its expansion and development into Mexico’s increasingly deregulated energy industry.

The company told investors it was expecting ‘high impact news flow’ - including well testing, production additions at Shoats Creek, cost cuts and Mexico progress - although no specific timetable or projections were given.

It has raised £500,000 through a share placing, with 3.33bn new shares issued at 0.015p each, to support the new strategy. Gonzalez Jr took up £50,000 of the new shares.

Gonzalez Jr, in a statement, told investors he would “bring new energy, focus and execution to Mayan”.

“Having previously established a profitable business in post energy-reform Mexico, I share their vision that there is a strong opportunity to capitalise on the deregulation of the country’s energy sector to build a leading energy services company with significant revenue streams,” he said.

“Mayan has already made a positive start having begun construction of a waste remediation plant, which will provide an excellent foundation asset for us to build upon.”

He added: “Mexico provides Mayan with an opportunity and lies behind the proposed name change to Mayan Energy Limited.  However, I believe it is firstly important to manage the Company’s cost base tightly and strengthen the balance sheet.

“At Shoats Creek in Louisiana, Mayan have a proven field with multiple low cost, high impact opportunities to rapidly grow production and cash flows which it can use in the short term to facilitate future growth in Mexico.”

Gonzalez Jr explained that at Shoats Creek the plan is to bring several more wellbores on stream in the near term, while it also plans to gain access to nearby infrastructure to commercialise gas resources as soon as possible.

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