MEC Resources Limited (ASX:MMR) Releases New Seaclem 1 Progress Report No. 2
Perth, Dec 13, 2010 AEST (ABN Newswire) - MEC Resources Limited (
ASX:MMR) investee company Advent Energy Ltd (Advent) has advised on the current progress of the drilling activity at New Seaclem-1.
The Ocean Patriot reached the New Seaclem-1 drilling site, located 55 km due east of Newcastle, NSW, and ran the first anchor at approximately 0700 AEDST.
Once all anchors are run, the rig will ballast down and prepare to spud.
New Seaclem-1 is anticipated to spud early on Thursday 16th December.
Further details and updates on the schedule and activities will be announced in due course.
--------------------------------------------------------------PEP11 Participants Equity--------------------------------------------------------------Asset Energy Pty Ltd* 25%* A wholly owned subsidiary of Advent (Major shareholders of Advent include: MEC Resources, BPH Energy (ASX:BPH), Grandbridge (ASX:GBA) and Talbot Group Investments)--------------------------------------------------------------Bounty Oil & Gas (ASX:BUY) (PINK:BYOGF) 75%#--------------------------------------------------------------
(*) Asset Energy is Operator for the Joint Venture
(#) Asset Energy is increasing its interest in PEP11 to 85% on completion of the New Seaclem-1 well. Bounty Oil & Gas will thereby reduce to 15%.
About MEC Resources Limited
ASX:BPH), Grandbridge (ASX:GBA) and Talbot Group Investments)--------------------------------------------------------------Bounty Oil & Gas (ASX:BUY) (PINK:BYOGF) 75%#--------------------------------------------------------------
MEC Resources (ASX:MMR) aims to achieve maximum capital appreciation by early stage investing into small and medium-sized energy and minerals exploration companies with strong growth potential and a well-defined exit strategy, such as an initial public offering or acquisition.
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