Advent Energy Update
MEC Resources (ASX:MMR) is pleased to provide the following update from its investee company Advent Energy Ltd (Advent) regarding the present status of its operations.
PEP11, Offshore Sydney Basin
(Advent 85% through wholly owned subsidiary Asset Energy Pty Ltd, pending formal transfer from Joint Venture partner Bounty Oil & Gas (ASX: BUY))
The New Seaclem-1 well, concluded in January 2011. The well obtained a significant volume of valuable and new information about the offshore Sydney Basin – a previously unexplored area off NSW. Hydrocarbons were not recorded.
Included in these discoveries was the identification of reservoir rocks consisting of high porosity tertiary sandstones. One such sandstone was interpreted to comprise 40 metres thickness with an average porosity of 30%, with considerable thickening updip potential for future exploration.
Further evaluation work continues to be carried out on all aspects of the data obtained from the drilling of New Seaclem-1. It is anticipated that further developments will be achieved upon integration of new data with pre-existing data. Advent has demonstrated considerable gas generation and migration elsewhere within PEP11, with the previously observed numerous other mapped prospects and leads remaining highly prospective for gas.
Advent and its joint venture partner Bounty Oil & Gas (ASX: BUY) are discussing the future exploration program in PEP11 with the excellent foundation of information obtained from New Seaclem-1. The Joint Venture is well positioned for future drilling having completed pre-drilling site surveys over four locations in June 2010. These are likely to be enhanced by 3D seismic acquisition prior to further exploration drilling. Details of future works will be advised in due course, together with more detailed reports on post drilling data integration as it becomes available.
EP386 and RL1, Onshore Bonaparte Basin
(Advent 100%)
Advent has formally requested renewal of EP386 in the eastern Kimberley region of northern Western Australia. Advent is preparing for exploration drilling and potential production tests on existing oil/gas discoveries in EP386 and RL1 (adjacent to EP386 in the Northern Territory) such as Waggon Creek-1, Vienta-1 and Weaber-4.
Included in the preparation for exploration drilling is the receipt of tenders to provide a drilling rig, with work to potentially start as soon as the 2nd quarter of 2011. Updated prospect and drilling details will be provided in the near future.
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