Melbourne, Mar 11, 2009 AEST (ABN Newswire) - Marion Energy Limited (ASX:MAE)(PINK:MAEJF) respond to a price query from the Australian Securities Exchange. The response is reproduced below:
RE: PRICE QUERY
I refer to your letter dated 10 March, 2009 regarding the change in the price of the Company's securities from $0.345 on 3 March, 2009 to a high of $0.525 today with an accompanying increase in volume of trading in the securities over this period and reply to your queries as follows:
1. The Company is not aware of any information that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company.
2. The Company advised the ASX on 16 February, 2009 that it had mandated Goldman Sachs & Co to commence a process to seek global buyers for the company and/or its assets either in whole or in part. This appointment was made as a result of the Board of the Company being of the view that the company's recently independently assessed natural gas Resource in Place of between 2.4 and 4.3 Trillion cubic feet of gas recoverable has an underlying value materially in excess of the then market capitalisation and it therefore resolved to seek alternatives to enhance the value for shareholders. The Company has also recently announced to the ASX that it has commissioned an independent update of its 1P and 2P Reserves which stood at 319 billion cubic feet of gas as at 30 June 2007.
3. Apart from possible interest caused by the above factors, we have no other explanation for the price change.
4. We confirm that the Company is in compliance with the listing rules and in particular Listing Rule 3.1.
Yours sincerely
Peter Collery
Company Secretary
Contact
North American Contact:
Mr Jeff Clarke
Managing Director & CEO
Ph: +1-214-244-7690
Email: jclarke@marionenergy.com
Australian Contact:
Mr Peter Collery
Executive Director and Company Secretary
Ph: +61-3-8862-6466
Email: peter@marionenergy.com.au
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