MAE marion energy limited

for gods sake, page-9

  1. 1,017 Posts.
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    I have had my whinge, or at least made voiced my frustrations, and will now back off making any further comment for the next month. Have revisited last company announcement which dealt with issues concerning possible production and re-listing and will place it here under as a reminder. Will now wait with some anticipation...
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    ASX RELEASE

    31 January 2014

    Operational and Corporate Update 
    Operations Update – Clear Creek Field

    Marion Energy Limited (ASX: MAE) is pleased to advise that further to its announcement dated 25
    November 2013, it is making good progress with operations at its Clear Creek, Utah project.

    Following the fracture stimulation and flow back of the Oman 2-20 well, Marion has installed compression
    at its Clear Creek field. The Company is currently bringing six of its wells at the Clear Creek project into
    production. Pumping units have been installed on five of these wells and a sixth unit is currently being
    delivered. The fluid levels in these wells are in the process of being drawn down, which will enable the
    Company to maximize production rates. Although gas production has commenced and gas is flowing into
    the sales line, ongoing flow rates can presently not be determined, but should become more apparent over
    time.

    In addition, Marion is currently conducting operations at the Utah Fuel #8 well, with a view to installing a
    pumping unit and bringing it into production. The Company is also in the planning stage for the fracture
    stimulation of the Oman 10-29 well, with this operation planned to be completed during the month of
    February, 2014. This will leave the remaining two wells, the RR 11-20 and 1-30, to be brought into
    production, which is currently targeted to be accomplished in February 2014.

    At this stage the Company cannot give any guidance as to production rates but will do so when the fluid
    levels are drawn down in the well bores and stable rates are achieved.

    Corporate – Update on Relisting of Marion’s Securities on the ASX

    Marion’s securities have been suspended from trading on the ASX since October 2011 due to not lodging
    the Annual Accounts/Reports and other statutory reports for the financial years 2011 through 2013, and
    also to not holding the Annual General Meetings for these years as well. The outstanding reports are nearly
    complete with auditors currently finalizing their audit work, and drafts of the relevant Notices of Meeting
    for the Annual General Meetings have been forwarded to corporate regulators for review.

    Once the Annual Meetings are held it, is intended to apply for relisting as soon as possible thereafter.
    Although the timing to hold the Meetings is subject to both the Annual Reports and Notices of Meeting
    being finalized and approved where necessary by corporate regulators, and as such outside the control of
    the Company, Marion is currently targeting to hold the AGM’s in March 2014.
 
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