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Zac The Knife utterly savages Mayan Energy

By Tom Winnifrith | Friday 29 September 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Even by the standards of the City's No 1 oil analyst Zac "The Knife" Phillips of SP Angel this morning's note was a savage and brutal attack. Think of a hunter bludgeoning a baby seal to death. The object of the Knife's ire is AIM disaster story Mayan Energy (MYN) and the great man writes:

Mayan Energy – Strange Priorities: Today’s Interims we are informed of the progress the Company has made in the period. We are reminded that Shoats Creek, once vaunted as the engine for growth and value creation, is now on the way out of the Company, the “newly” introduced Oklahoma assets move centre stage and cost cutting reigns supreme, with creditors being paid with shares.

It is all the more curious, therefore, that given the issues that the Company is facing in funding its own activities, whatever they are now, that it should invest a substantial portion of its limited cash resources in to a company whose operations are in Georgia. This is the most ridiculous use of funds, and one that should be damned by the Company’s owners.

The previous management were a disaster, and as this announcement underlines, the current team appear worse. It is clear that the Company now need to revisit their aims and objectives and disclose what exactly their strategy is, and if it is back to the US upstream sector, they need to explain why they have invested in an early stage Georgian focused company. Given the change in focus, again, it’s probably time for another name change.

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