Apart from Cacoethes post, not much has been mentioned about...

Apart from Cacoethes post, not much has been mentioned about resolutions 1 & 2 being withdrawn.

I haven't read completely into the ramifications (due to work commitments) however I gather they can still use the finance from Tick tack toe & La Jolla up to 15% of issued capital. I stand to be corrected by those that have had more time to analyse what has happened.

The question has to be asked - What has changed since these proposals were put forward?

I assume the larger shareholders (those that actually decide these votes) were fully aware of the finance set up, but have now changed their minds. One would assume the reason to be ?. they don't want more dilution to a 3rd party & would prefer funds to come from a SPP or similar - they have to replace these funds from somewhere.

A SPP will not occur until Marion put out some PROPER announcements concerning actual flows (not the current fluffy announcements we're getting) Then the sp will improve & there'll be less dilution to the director's options - lets face it, that's all they care about. I can only deduct - they are not far away from this stage.

I assume Marion were on the brink of bankruptcy prior to these arrangements, but now they (the company & major holders) can walk away from these highly dilutive fundings. Be fully aware that after a certain near death, these large holders will not risk the future.

The Directors now have their options - even a greater % than the original issue, based on what their original options represented compared with shares on issue at time of expiry, not to mention it is now divided by 3 directors instead of all the others holding the original options. Note also PC & KL now are on equal footings as JC. They are now risking their own future wealth & would be fully aware they wont get a 3rd chance! Just keep JC away from the wells PLEASE !!!!!!

They must have had some fairly good info to get the major shareholders to vote for this over the top, if not criminal gift of options. We may think we're the smartest in the pack with our own analysis of mae, but these large shareholders are not stupid, they are able to buy up big for a reason.

The workover rig is going to stay on the same pad, can't imagine it costing too much to move it to the other CC pad, so they must be getting results. I presume these wells will require the full 5(?) stage worker program, once again they have understated test flows from 11-17 which were previously reported at in excess or 7mmcf/d.

Don't expect too much from the original 1960's well workovers, Hcaboc is probably right with his post claiming they had to startup these wells to keep the leases - you've gotta do what you've gotta do. I do remember an announcement they put out a few years ago saying not much could be done with all but one of these wells as they were originally fracced with nitro/tnt or something similar.