MEC Resources provides the following update from its investee company Advent Energy Ltd (Advent) regarding the present status of its operations.
PEP11, Offshore Sydney Basin
(Advent 85% through wholly owned subsidiary Asset Energy Pty Ltd, pending formal transfer from Joint Venture partner Bounty Oil & Gas)
The New Seaclem-1 well, concluded in January 2011.
The well obtained a significant volume of valuable and new information about the offshore Sydney Basin – a previously unexplored area off NSW. Hydrocarbons were not recorded.
Included in these discoveries was the identification of reservoir rocks consisting of high porosity tertiary sandstones. One such sandstone was interpreted to comprise 40 metres thickness with an average porosity of 30%, with considerable thickening updip potential for future exploration. Further evaluation work continues to be carried out on all aspects of the data obtained from the drilling of New Seaclem-1. It is anticipated that further developments will be achieved upon integration of new data with pre-existing data. Advent has demonstrated considerable gas generation and migration elsewhere within PEP11, with the previously observed numerous other mapped prospects and leads remaining highly prospective for gas.
Advent and its joint venture partner Bounty Oil & Gas are discussing the future exploration program in PEP11 with the excellent foundation of information obtained from New Seaclem-1. The Joint Venture is well positioned for future drilling having completed pre-drilling site surveys over four locations in June 2010. These are likely to be enhanced by 3D seismic acquisition prior to further exploration drilling. Details of future works will be advised in due course, together with more detailed reports on post drilling data integration as it becomes available.
About MEC Resources
ASX listed MEC Resources invests into exploration companies targeting potentially large energy and mineral resources. The Company has been registered by the Australian Federal Government as a Pooled Development Fund enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends.
About Advent Energy
Advent Energy Ltd is an unlisted oil and gas exploration company, held by major shareholders MEC Resources , BPH Corporate , Grandbridge Limited and Talbot Group Investments. Advent holds a strong portfolio of exploration and near-term production assets throughout Australia. Advent’s cornerstone project lies off the coast of NSW in Petroleum Exploration Permit 11 (PEP11), and comprises gas prospects of multi-Tcf capacity where Advent provisionally holds 85% of PEP11 with Joint Venture partner Bounty Oil and Gas holding 15%.
*Photo: Ocean Patriot Rig at New Seaclem-1 Location
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Source:MEC, February 11, 2011;