Marion Energy which ODY holds 8% (27,500,000 shares) is having its AGM in 8 days or so. There is an expectation that the flow rates will be released for the first two re-completed wells on Monday the 23rd. Flow rates expected are between 5-7mmcfpd (first well) and 1-3 mmcfpd (2nd well). The newly appointed COO, Jay Stretton, is held in high esteem in the industry and there is an expectation that 20 - 40 mmcfpd is his target flow from all current wells within the Marion which should be on stream within mid to late 2010. $80k to $160k (@ $4 x 1000 mccf) cash flow per day would certainly pay for debt levels, wages, administration and new drill holes. etc., should it be achieved. (Remember this is only spectulation until officially announced.)
No news on Marion's 2:1 x 15 cent (plus free oppies) SPP share issue as yet. We can only hope that when flow rates come out that company interested in MAE will make an offer that is acceptable to all shareholders of both MAW and ODY.
Fingers crossed that announcement made and JS is well worth the 7 million options MAE is giving him to defrac and re-complete all MAE's wells. Good luck all, Bernie
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