Advent Energy Concludes Waggon Creek-1 Production Testing
Perth, Oct 29, 2012 AEST (ABN Newswire) - MEC Resources Limited (
ASX:MMR) is pleased to advise that investee Advent Energy Ltd ("Advent") has concluded its production testing program at Waggon Creek-1 in its 100% owned EP386 in the onshore Bonaparte Basin.
Advent's 100% interests in EP386 and nearby RL1 are held by wholly owned subsidiary Onshore Energy Pty Ltd. Advent's major shareholders remain MEC Resources (ASX:MMR), BPH Energy (ASX:BPH), Talbot Group and Grandbridge (ASX:GBA).
During production testing of Waggon Creek-1, gas has flowed from multiple perforated zones over the gross interval from 378m to 595m KB and preliminary field calculated flow rates range from approximately 0.5 to 0.9 million standard cubic feet per day on choke sizes from 18/64" to 32/64". Compositional analysis of comingled gas samples obtained during the second flow test shows similar gas properties with the gas samples obtained from the previously perforated upper zones, thereby indicating a potential single gas column over this 217 metre interval with significant gas resource upside in this stratigraphic trap. Further investigative work could refine this upside potential. In addition, no formation water has been interpreted to have been produced from the perforated zones during this production test.
Down hole pressure gauges have been retrieved and interpretation of this data can now commence to refine preliminary indications from field observations. MEC will provide further details in due course.
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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.
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