(MENAFN- ProactiveInvestors)
() has been granted a trading halt by the ASX this morning with its shares placed in pre-open.
Marathon requested the halt pending the results of the company’s General Meeting to be held in Adelaide this morning.
The company is moving to acquire ARP TriEnegy which owns the Leigh Creek Energy Project (LCEP).
If security holders approve the resolutions trading in the company’s securities will be reinstated when it satisfies Chapters 1 and 2 of the Listing Rules.
The LCEP is located at Leigh Creek in central South Australia 550 kilometres north of Adelaide.
The project is over and around the existing coalfield (which is owned and operated by Alinta Energy).
The LCEP is contained within the recently granted PEL 650 itself contained within the area of PELA 647 (both held by TriE).
The LCEP proposes to develop an In Situ Gasification (ISG) process at depth (300m – 1500m) using standard oil industry technologies such as directional drilling.
The halt will remain in place until the opening of trade on Friday 29th May 2015 or earlier if an announcement is made to the market.
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