Offshore Nova Scotia, the Company owns a 50% working interest in 18,414 acres which includes shallow rights at Panuke and Cohasset and all rights in the Balmoral block under Nova Scotia Production Licenses PL-2901 and PL-2902. In addition, the Company currently holds a 0.25% royalty interest in 627,605 acres covering four offshore exploration licenses.
On August 10, 2004, a $16.6 million flow through common share financing was closed at a price of $1.90 per share and Endless Energy changed its name to Marauder Resources East Coast Inc. Under the terms of an over-allotment option granted to the financing Agents, up to an additional 2,631,759 flow through common shares, priced at $1.90 per share, may be issued for gross proceeds of up to $5.0 million. Marauder currently estimates that approximately $15.0 million will be required to fund its share of drilling costs associated with its first well offshore Nova Scotia. An additional $5.0 million to $10.0 million will be required, depending on whether one or two production tests are conducted, to evaluate targeted horizons for this first offshore well. We expect to raise additional equity financing before year-end.
New officers were appointed at this year's Annual General and Special Meeting of the shareholders held June 28, 2004. Company officers are: Robert Shields (President, CEO and Director), Jon Axford (Vice-President), Larry S. Martin (CFO), Gerry O'Reilly (Vice-President, Exploration) and Bill Smith (Corporate Secretary).
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