UPDATE: STRATEGIC RE-EVALUATION OF CLEAR CREEK, UTAH GAS PROJECT DISCUSSIONS COMMENCE WITH INTERESTED PARTIES
Marion Energy Limited (ASX: MAE, MAEO, MAEOA) provides the following update with regard to the strategic re-evaluation of its ownership of its Clear Creek, Utah project.
On June 15, 2011 the Company announced that it was evaluating alternatives to accelerate the development of its Clear Creek project. It advised that it would be seeking to form a joint venture with one or more partners to develop the project and that this may include re-arrangement of operatorship of the project with a new partner assuming operatorship of the project.
The Company advises that it has commenced discussions with two parties who are now in the early stages of undertaking due diligence on the project.
The Company stresses that negotiations are at an early stage and therefore it cannot give any indication at this stage of the likelihood of success of these negotiations or that any transaction will be successfully completed.
The Company has a 100% working interest in the Clear Creek project.
Further updates will be provided as negotiations progress.