Advent Energy - Bonaparte and Sydney Basin Assets
Sydney, June 24, 2013 AEST (ABN Newswire) - MEC Resources Limited (
ASX:MMR) is pleased to advise of the following developments in investee Advent Energy Ltd's ("Advent") assets in the onshore Bonaparte Basin (EP386 & RL1) and offshore Sydney Basin (PEP11).
Onshore Bonaparte Basin (EP386 and RL1)
Advent has now received and is reviewing the airborne geophysical data acquired by Beach Energy and provided to Advent under the data sharing agreement with Beach Energy. The survey covered a portion of EP386 and all of RL1. Advent also received data over an intervening area between EP386 and RL1.
To progress Advent's intended initial commercialisation of its EP386 and RL1 assets, Advent has commissioned an engineering study to investigate field development of RL1 through production of Compressed Natural Gas (CNG) and distribution to regional energy consumers.
The East Kimberley Development Programme is progressing well. Key infrastructure will be completed this dry season, with the new sealed road expected to be open in August for public use. Advent notes from various media reports that the State and Federal Government's investments into the East Kimberley region have resulted in major potential intended developments including a sugar mill (Kimberley Agricultural Investments) and massive aquaculture project (Western Australian Resources Limited). Each of these proposed developments may require considerable energy input, including a possible 20 TJ per day requirement for the mooted aquaculture development. Advent is in an exceptional position to satisfy this growing regional energy demand.
Offshore Sydney Basin (PEP11)
Advent's 85% interest in PEP11 is held by wholly owned subsidiary Asset Energy Pty Ltd. Asset Energy's current legal dispute with Fugro Survey Pty Ltd and RPS Energy Pty Ltd has been listed for a court appointed mediation conference on 21 August 2013. A trial date tentatively commencing 10 September 2013 has been retained.
Advent is presently preparing for seismic acquisition in PEP11 in satisfaction of the permit year 2 work commitments. Advent will advise of any developments regarding this activity in due course.
Advent's major shareholders remain MEC Resources (ASX:MMR), BPH Energy (ASX:BPH), Talbot Group 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.
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