Mayan sees full-year loss increase on Mexico impairments

Gross losses for the full-year to 31 December increased to $7.15m from $6.14m in the prior year.

During the reporting period the company raised $3.54m in fresh capital, before costs, via the issue of 14bn shares.

Over the course of 2016, the outfit lowered its operational cash costs from $360,000 per month to $150,000 and management had identified further reductions for the future.

It also invested £300,000 in Block Energy, the NEX-listed oil and gas company whose main focus was Georgia.

In parallel, the firm's non-core asset portfolio was rationalised, generating $90,000 in net cash.

Group debt load was lightened by approximately $750,000 as a result of cash settlements at a discount.

The AIM-listed oil and gas energy company also said that just prior to Thursday's results it had negotiated the settlement of $300,000 in debt owed to the operator of its Zink Ranch assets in Oklahoma, USA, obtaining a 100% working interest and 81% revenue interest in exchange.

Significantly, the company also announced that Ross Warner, the non-executive chairman, would be stepping down with non-executive chairman Charlie Wood set to take his place.

Mayan chief Eddie Gonzalez said: "I look forward to progress with the investment in Block Energy and Zink Ranch operations over the remainder of the year whist we work to better monetise Shoats Creek and introduce new opportunities to the Company."

At period end, the company's cash stood at $155,000, versus $90,000 at the end of 2015.