Advent Energy - Retention Licence 1 Renewed
Sydney, July 11, 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.
Retention Licence 1 (RL1) in the onshore Bonaparte Basin has successfully been renewed for a further five year term.
As previously announced, RL1 comprises the Weaber Gas Field which has been independently assessed to contain a mean(note:1) 18.4 Bcf Contingent Resource(Note:*).
------------------------------------------------Weaber Field 1C 2C 3C Mean------------------------------------------------Gas Initially In Place (Bcf) 0.33 13.9 54.1 21.9Contingent Resources (Bcf) 0.25 11.5 45.8 18.4------------------------------------------------1 The mean is the average of the probabilistic resource distribution* Contingent Resources, as defined under the Society of Petroleum Engineers Petroleum Resource Management System (SPE PRMS) guidelines.
In addition, RL1 and the nearby EP386 have been assessed to comprise considerable unconventional (shale gas) resources, estimated at 9.8 Tcf prospective recoverable resources (P50).
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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