Mayan Energy has widened its FY pretax loss to $7.1m, from a loss of $6.2m. Revenue for the year was just $270,000, from $841,000.
"The recently announced investment in Block Energy is an exciting step for the Company offering Mayan shareholders exposure to a highly accomplished management team, with a very attractive asset and potentially high impact development programme," the company said.
It intended to take additional steps to lower the cost structure in the third quarter of 2017 while looking to increase production and cash flow at Zink Ranch.
"Additionally, the Board is evaluating several opportunities to enter into and participate in cash generative projects, businesses and investments. We look forward to updating the market as to our progress with respect to becoming a cash generative company in due course.
"The Board of Directors continues to make determined progress toward resolving legacy problems as well as identify and implement value enhancing strategies going forward."