DRE: MES management need to update Do they even have the Block yet?
Marauder Resources East Coast Inc (C-MES) - News Release
Marauder amends MoU for Puntland production sharing
2012-03-13 20:11 ET - News Release
Shares issued 65,914,502
MES Close 2012-03-13 C$ 0.235
Mr. Robert Shields reports
MARAUDER RESOURCES EAST COAST INC. ANNOUNCES AMENDMENT TO PREVIOUSLY ANNOUNCED MEMORANDUM OF UNDERSTANDING AND AGREEMENT IN RELATION TO UP TO US$15 MILLION DEBENTURE FINANCING
Marauder Resources East Coast Inc. has amended its previously announced memorandum of understanding with the government of Puntland following a thorough technical review by the company. Marauder has selected an offshore block, covering 10,000 square kilometres in the Gulf of Aden, in which to focus its exploration efforts, believing the acreage has the best exploration potential of the three blocks reviewed under the original memorandum of understanding. Under the current MoU, Marauder and the government are working toward executing a production-sharing agreement on or before July 15, 2012. If the PSA is executed, Marauder would be operator and 100-per-cent-working-interest holder of the block that will have an initial exploration period of three years with a right to extend into a second three-year period. The area is an extension of the Dharoor subbasin where an exploration well is currently being drilled onshore by Horn Petroleum. The geology is analogous to the Sabatayn and Sayun basins in Yemen that contain an estimated six billion barrels of recoverable oil.
Marauder has entered into an agreement with a private financial organization for a convertible debenture of up to $15-million (U.S.) and is subject to due diligence. The financing will allow Marauder to sign a formal production-sharing agreement with the government of Puntland and commence an exploration work program over the block. The final terms of the convertible debenture financing will be announced by Marauder once settled.
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