Mayan Energy Limited (AIM:MYN) entered into a conditional sale and purchase agreement to acquire 60% stake in seven Stockdale wells and five Austin Chalk wells in Wilson and Gonzalez Counties, Texas from Smart Bit LLC for $0.61 million on June 25, 2018. the consideration includes $0.04 million in cash within seven days of execution of the agreement and $0.57 million at closing in the form of 50% cash and 50% ordinary shares of Mayan Energy Limited. The cash portion will be funded with £0.85 million ($0.64 million) via a placing of 141.7 million new ordinary shares of Mayan Energy Limited. Completion is conditional on the completion of full due diligence, Verification of the Stockdale lease package and the Austin lease package, including material contracts, title information, operating agreements, well files, geologic data, and environmental information as may currently exist, delivery by Smart Bit of an assignment of leases and Mayan and Smart Bit entering into a joint operating agreement. The transaction is expected to close within 30 days subject to satisfaction or waiver of the conditions. As of July 26, 2018, Mayan has entered into a revised Sale & Purchase Agreement to extend the due diligence and completion period until August 22, 2018. James Biddle and Roland Cornish of Beaumont Cornish Ltd acted as the financial advisors for Mayan.