MAE 0.00% 0.0¢ marion energy limited

directors, page-2

  1. 1,874 Posts.
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    Hi NTaylor

    I agree with what you say re the directors - shall we say - reporting standards. This goes all the way back to the Helper wells. In may 2006 they reported flows of 4mmcf from 1 well. It took until Jan 2007 for them to announce they had problems with these wells. Even today they can't get 0.3mmcf from this well.

    The rhetoric has always been way ahead of action. I can't think of 1 time frame that has been met.

    Having said that, I am still positive on this stock. I think they will get 20mmcf, but can't see it by xmas. It took 4 weeks to get 5mmcf, so can't see 20 in the next 5 weeks. Remember their options expire in June, so they are on a limited timetable, unless they convince the big holders to vote for a rollover.

    Re the hydrate problem, I don't think this has anything to do with the above ground climate. This was discussed on a thread shortly after the problem surfaced. I researched it at the time & from memory the temp is fairly constant at 100' for all parts of the world & then actually increases with depth. The problem occurs in warm climates as well.

    Also to be fair, many of the setbacks were not really foreseeable or preventable by the directors. The questar pumping station going down before the onset of last winter was unfortunate - they now have their own with backup. And of course the last winter was the worst for a long time.

    It's in the directors own interest to get this done asap. I get the impression we shareholders are merely pawns, a necessity, to help them get to their end. By looking after themselves, they'll be looking after me, I'm just going for the ride. Of course if you don't like what you see, or don't believe in the with your feet.
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