Operations Update: Restarts Production at Oklahoma Project
Marion Energy Limited (ASX: MAE, MAEO, MAEOA) advises that production operations at its Oklahoma project have recommenced with production currently running at a level of approximately 200,000 cubic feet of gas per day.
For the near term, production operations at Oklahoma will be limited to producing from wells that are currently profitable and cash flow positive. As the Company’s main focus for both the near and medium terms will be on its Utah projects, it is not intended to undertake any major additional capital expenditure on the Oklahoma project for the time being other than for minor upgrading work to be undertaken on selected wells and field compression. Once this work is completed, it is anticipated that production levels will increase to and be maintained at a level within a range of 250,000-300,000 cubic feet of gas per day.
The Company has a 100% working interest in the Oklahoma project.
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