Marion Energy Limited
ASX:MAE ISIN:AU000000MAE0
News
Marion Energy Limited (ASX:MAE)(PINK:MAEJF) is pleased to advise of the following Progress Report regarding the treatment of Clear Creek, Utah wells to eliminate the formation of hydrates.
Marion Energy Limited (ASX:MAE)(PINK:MAEJF) is pleased to advise of the following Progress Report regarding the treatment of its Clear Creek, Utah wells to eliminate the formation of hydrates in the wells. The presence of hydrates and the steps being taken to eliminate them were advised to the ASX in an announcement dated 12 September, 2008.
Marion Energy Limited (ASX:MAE) has previously advised the ASX it was significantly behind (6 to 9 months) its target to establish stabilised production from its Clear Creek project. After overcoming severe winter weather and infrastructure delays, which led to a delayed commissioning of the Clear Creek project in June 2008, the Company wishes to advise that it has experienced a further delay in achieving its forecast levels of stabilised production due to the wells unexpectedly encountering hydrates in the reservoirs.
Marion Energy Limited (ASX:MAE)(PINK:MAEJF) advises that the Oman 10‐19 well, the first well of the recently announced infill drilling program at Clear Creek, Utah (ASX Announcements of 13 and 26 August, 2008) has been spudded and drilling is now in progress. Further announcements will be made when significant target milestones are achieved.
Marion Energy Limited (ASX:MAE)(PINK:MAEJF) is pleased to announce that it has finalised the acquisition of the interests of Odyssey Energy Limited (ASX:ODY) in the Helper and Jester-Bloomington projects, thereby increasing Marion's 2P gas reserve base by 29 Bcf to approximately 319 Bcf (billion cubic feet). Odyssey held a 30% working interest in the Helper Project and a 33% working interest in the Jester-Bloomington Project. This transaction was previously announced to the ASX on 24 June, 2008.
Marion Energy Limited (ASX:MAE) advises that the drilling rig which will commence the recently announced infill drilling program at Clear Creek, Utah (ASX Announcement 13 August, 2008) is currently being moved to the drilling location and the Company is preparing to commence drilling operations.
Marion Energy Limited (ASX:MAE) is pleased to announce that it has raised A$15 million in a placement via the issue of 17.442 million shares at A$0.86 per share. Patersons Securities Limited is the Lead Manager to the placement.
MARION ENERGY LIMITED (ASX:MAE) provides the opportunity to listen to an audio broadcast with Jeff Clarke, MD in a presentation titled "MAE - Gas Production Commissioning Operations Commence at Clear Creek - Mr Jeff Clarke, MD".
Marion Energy Limited (ASX:MAE) is pleased to announce that the gas and water pipeline systems connecting the Alpine School District ("ASD") wells to the main compression and processing facilities at Clear Creek, Utah has been laid and commissioning of the upgraded facilities has commenced. During this completion phase, it was necessary to shut the field in, as tie-ins were made, and safety tests carried out. Shut-in periods will also occur from time to time as the ASD3-17 and 6-17 wells, together with the Ridge Runner wells, are all brought on stream and production is increased to its full capacity.
The Directors of Marion Energy Limited (ASX: MAE) are pleased to announce the appointment of Mr. Douglas Martin to the Board as an independent Non Executive Director.
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