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| Home : 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 |
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Mar 13
2012 |
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 |
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CALGARY, ALBERTA--(Marketwire - March 13, 2012) - Marauder Resources East Coast Inc. (the "Company" or "Marauder") (TSX VENTURE:MES) is pleased to announce that its previously announced Memorandum of Understanding with the Government of Puntland has been amended following a thorough technical review by the Company. Marauder has selected an offshore block, covering 10,000 km² 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 ("PSA") on or before July 15, 2012. If the PSA is executed, Marauder would be operator and 100% 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 sub-basin 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 6 billion barrels of recoverable oil. |
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| Source:http://www.marketwire.com/mw/release.do?id=1631441&sourceType=3 |
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