October 12, 2018 | Posted by

Dear shareholder

We note yesterday’s results from the AGM and make the following comments:

1 The vote in favour we are certain was the result of largely 3 blocks of voting – 1 being from a client(s) of a close associate of Woods, another a personal friend of his (both we believe being immersed in some of the conflicts of interest we have highlighted in the company) and, ironically, the voting of the Mayan stock held in Deloro (the vehicle he used to enrich himself largely at Mayan shareholders’ expense)

2 Many shareholders contacted us going into the vote to relay that their brokers required 7 days notice minimum in order to vote and thus they were unable to as time did not allow. One contact was a group holding 170m shares and there were 2 other individuals holding 30m and 40m respectively. Should these votes have been cast the result would have been rather different.

Given the above, Woods should be under no illusion that our critique of his role and actions this last year are rendered muted nor indeed that the strength of feeling against him from many, many shareholders has changed. He is on borrowed time now with regards to finally getting production going during his “interim” status. The one positive thing however is that this publicity and pressure, I believe, will finally galvanise him into action, not least to try and rescue what remains of his reputation. We suspect news on production and getting to the all important min of 200 bopd will be forthcoming in the next couple of months.

The clock is ticking to restore value in Mayan given the considerable asset base and I remain, as one of the largest shareholders, on Woods’ case to ensure this is delivered.

R Jennings