MEC Resources (ASX:MMR) Advise That PEP11 New Seaclem-1 Well Gas Considered "Highly Likely"
Perth, Nov 18, 2010 AEST (ABN Newswire) - MEC Resources (
ASX:MMR) investee company, Advent Energy Ltd ("Advent") is pleased to advise that it has received and reviewed a report from global geoscientific and environmental consultants RPS Group (LON:RPS) describing gas as "highly likely "at the target drilling depths for the New Seaclem-1 Well.
The New Seaclem-1 proposed drilling location is 55km east of Newcastle, NSW, and is designed to target the Great White & Marlin prospects in PEP11. The report from RPS covers the nature of the expected drilling conditions for the top hole section of the New Seaclem-1 well.
RPS has reviewed each geological horizon in the seismic profile at the New Seaclem-1 proposed drilling site.
It concludes that in sediments from 471 to 605 metres below sea level that gas is expected to be encountered, coincident with the Great White and Marlin prospects. The key conclusion is that geological horizons exist within these sediments that are "highly likely" to contain gas due to the strength and variety of seismic attributes observed at those levels.
The RPS report conclusions provide independent confirmation of the extensive post and pre-stack seismic attribute analyses of both the conventional and site survey data undertaken by Advent's seismic consultant Total Depth Pty Ltd. Both studies confirm the New Seaclem-1 zones of interest show seismic attributes that are consistent with gas saturation.
The confirmed presence of hydrocarbons at New Seaclem-1 will further demonstrate that the PEP11 permit is connected to an active and prospective hydrocarbon province located offshore eastern Australia. RPS' report is extremely encouraging for Advent and its joint venture partner Bounty Oil & Gas (ASX:BUY) as it approaches its first offshore exploration well within PEP11, off the coast of Newcastle, NSW.
The major shareholders of Advent are MEC Resources (ASX:MMR), BPH Corporate (ASX:BPH), Talbot Group Investments and Grandbridge (ASX:GBA).
About MEC Resources Limited
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.
| ||
|
