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Mayan - its placing ahoy warns Zac Phillips after more bad news

By Tom Winnifrith | Thursday 1 February 2018


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.


The City's No 1 oil analyst makes an oblique reference to the shoddy way this stock is promoted but the reality is that today's news is grim and it is placing ahoy (YET AGAIN). Zac "the Knife" Phillips of SP Angel opines:

Mayan Energy (MYN – 0.63p) – Operations Update:

As a standalone update, today’s announcement reflects the state of the Company in that it is all just below par. While operationally missing out on one well in an eight well programme isn't a big deal, when the Company is so cash strapped, every cent and missed target, in a litany of missed/poor targets, counts.

In this context, we can’t see how the Company doesn't return to the market, especially after its shambolic Deloro investment, which was risible for reasons we set out when it was announced.

What the Company needs is more focus on the operations and less hype and hyperbole – let the assets speak for themselves, and above all, a sanguine assessment of its inherent risks and how to mitigate them.

Ends.

I think that is a SELL!


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