Marion Energy Limited (ASX:MAE) Quarterly Activities Report for the Period Ending 31 March 2010
Melbourne, May 3, 2010 AEST (ABN Newswire) - The Directors of Marion Energy Limited (ASX:MAE) present their Activities Report for the March 2010 Quarter.
The March 2010 Quarter saw the Company commence a number of initiatives aimed at providing a sound foundation to enable it to successfully develop its considerable reserves and resource in ground and provide significant demonstrable progress in field operations over the next six to nine months. A process of Board and Management renewal and a strategy to recapitalise and strengthen the Balance Sheet were initiated and the previously announced operational focus continues to be implemented with encouraging initial results.
- Operational strategy further developed to bring 8 to 12 key Clear Creek wells into production. Work is currently in progress at varying levels of remediation on four of these wells.
- Work program for next 6 months further refined with management targeting each well to achieve production rates in a range of 1 to 4 million cubic feet of gas per day.
- The early success indicated from remediation operations with gas production and sale into the distribution system from the Oman 2-20 commencing in December 2009 continues with this well remaining on production throughout the quarter. This result gives confidence the operations being undertaken result in similar outcomes at the other wells. Work also commenced on Ridge Runner 13-17, 11-17 and 2-19 wells during the quarter.
- Placement of $2.8 million completed.
- Bank facilities renegotiated on advantageous terms.