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Mayan Energy – sack the entire board says No 1 oil analyst Zac Phillips

By Tom Winnifrith | Friday 22 June 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.

In his morning email to his esteemed clients,  Zac “The Knife” Phillips, of SP Angel, the UK’s no 1 oil analyst, has utterly ripped into Mayan Energy (MYN) demanding the sacking of the entire board. The great man opines:

Mayan Energy– Problem Shared, Problem Doubled:

The announcement made by the Company earlier this week, that Eddie Gonzalez will be combining his CEO role at with an advisory role at Petroteq with regards to “..strategy, dealing with the growing global interest in the Asphalt Ridge project, operational activities and the identification of new opportunities” continues to amaze us with its flagrant disregard for creating value for Mayan Energy shareholders.

Just so we are clear, Mayan shareholders have to be content with (i) the investment in Petroteq (Asphalt Ridge’s title holder) coming via a vehicle (Deloro) established by the management team while the management team were engaged by Mayan, on the basis (we assume) to act in the best interests of shareholders; (ii) pay 50% of Deloro’s funding obligation receiving only 17.6% of the share capital; and (iii) the CEO assisting Petroteq to find new opportunities.

 We tend to believe that the CEO role for any company is difficult enough for small companies in the oil & gas space, but when you are tasked with generating value for shareholders, it needs to be a full-time role and shareholders have a right to expect their management team to be fully committed to generating value for them.

 Consequently, we find the appointment of Gonzalez to the board of Petroteq with a specific brief to “identify new opportunities” is, at best, a disregard for the Mayan shareholders, and at worst, a dereliction of one of his central roles in his position Mayan CEO. In this respect, we believe that the CEO has declared his intention to not serve Mayan shareholders fully and that Mayan’s board, in accepting this arrangement, are tainted with the same brush.

Given that the shareholders of any company have a right to expect that their management team will serve the Company’s needs, we believe that Mayan’s board are no longer suitable to lead Mayan Energy and shareholders should replace them en masse.

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