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Mayan Energy looks to Georgia and the Caucuses with new investment as it raises capital

“The value of this investment has the potential to dramatically increase over the coming year," said CEO Eddie Gonzalez.

oil field operations
The company raised £587,500 and it will invest £300,000 in Block Energy

Mayan Energy Ltd (LON:MYN) has raised new capital and is setting out in a new direction, with a proposed acquisition into Georgia and the Caucuses.

The company raised £587,500, issuing shares to institutional and private investors, and it proposes to invest £300,000 in NEX-listed Block Energy.

Block is building a portfolio of assets in Georgia, including already discovered and producing oil fields.

Eddie Gonzalez, Mayan Energy chief executive, said: "The investment in Block Energy is an exciting step for the company offering Mayan shareholders exposure to a highly accomplished management team, with a very attractive asset and potentially high impact development program. 

“The value of this investment has the potential to dramatically increase over the coming year and I look forward to monitoring the progress of Block Energy in the future. 

New Mayan Energy shares are being issued at a price of 0.3p, a 37.5% discount to Monday’s closing price, and a further £180,000 of equity is also being issued to satisfy creditors and advisor fees.

In Tuesday’s statement, Gonzalez added that the Mayan Energy board recognises the poor performance of the company’s assets in the United States over the past year, and “continues to make determined progress” in resolving legacy problems whilst implementing value enhancing strategies.

He added: “Regarding Shoats Creek and the LM13 Shallow Well, the company continues to work on the well before perforation can be undertaken and will update investors as soon as this has been completed and the results from the planned perforation at the 710 foot level are known."

Quick facts: Attis Oil & Gas

Price: 0.011 GBX

Market: AIM
Market Cap: £1.19 m

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