Mayan Energy : Issue of Equity

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

17 October 2018

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

Issue of Equity

Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, announces that, further to its announcement of 5 October 2018, it has issued 24,707,626 ordinary shares at a price of 0.467 pence per ordinary share ('Termination Shares') to the former CEO Mr Gonzalez under his settlement agreement. The shares issued are subject to a 6 month lockup and the shares will be held with the Company's UK lawyers during that time. The issue of the Termination Shares along with a cash payment of £15,384 will settle all amounts owing to Mr Gonzalez.

The TerminationShares will rank pari passu with existing Ordinary Shares and it is expected that Admission will become effective and dealings in the TerminationShares will commence on or around 18 October 2018. Following the issue of the 24,707,626 Termination Shares, the Company's issued share capital will consist of 1,462,946,943 Ordinary Shares with voting rights. No Ordinary Shares are held in treasury at the date of this announcement and therefore following the Admission, the total number of Ordinary Shares in the Company with voting right will be 1,462,946,943.

**ENDS**

For further information visit http://mayanenergy.co.uk/or contact the following:

Charlie Wood	Mayan Energy Ltd	[phone]
Roland Cornish	Beaumont Cornish Ltd	[phone]
James Biddle	Beaumont Cornish Ltd	[phone]
Frank Buhagiar	St Brides Partners Limited	[phone]
Gaby Jenner	St Brides Partners Limited	[phone]
Colin Rowbury	Novum Securities Limited	[phone]

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy company. It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow leveraging commercially available technologies and projects that are shallow, low risk with low levels of capex and infrastructure already in place. It also remains interested in creating shareholder value by strategic investments in similar projects with high cash generative potential and by forming beneficial development partnerships that enable the use of pioneering and leading extraction technologies.