Fugro Services and RPS Energy Legal Proceedings Settled
Sydney, Aug 22, 2013 AEST (ABN Newswire) - MEC Resources Ltd (
ASX:MMR) ("MEC") is pleased to advise that the legal dispute involving Fugro Survey Pty Ltd ("Fugro"), RPS Energy Pty Ltd ("RPS") and Asset Energy Pty Ltd ("Asset"), details of which have previously been disclosed to the market, has been settled at a court appointed mediation. Asset is a wholly owned subsidiary of MEC's investee entity, Advent Energy Ltd ("Advent").
The dispute between Asset, Fugro and RPS arose over performance and fees in connection with pre-drilling site survey works conducted by Fugro at Petroleum Exploration Permit 11 (PEP 11), offshore Sydney Basin, in 2010.
Asset has settled Fugro's claim of $2.2 million with a payment of $100,000.
MEC is extremely pleased with the outcome and looks forward to advising the market on developments in Advent's portfolio of exploration and near term development assets in due course.
Advent's major shareholders remain MEC Resources Ltd (ASX:MMR), BPH Energy Ltd (ASX:BPH), Talbot Group Investments Pty Ltd and Grandbridge Limited (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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