Advent Energy EP386 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 Exploration Permit 386 (EP386) in the onshore Bonaparte Basin.
Advent has advised that the Western Australian Department of Mines & Petroleum (WA DMP) has approved the renewal of EP386 in the onshore Bonaparte Basin for a 5 year term. The minimum work requirements for the permit are as follows:
Year of Term - Minimum Work Requirements
1 - Production Test, 2D Seismic Reprocessing
2 - One Exploration Well
3 - Geophysical and Engineering Studies
4 - 50km New 2D Seismic Survey
5 - Geophysical and Engineering Studies
Advent holds 100% of EP386 where 9 wells have been drilled since 1963. All wells encountered significant oil and/or gas shows. Five discoveries have been made including Waggon Creek-1, Vienta-1 and Bonaparte-2.
In the Northern Territory, Advent holds 100% of Retention Licence 1 which covers the Weaber Gas Field and related prospects. The Weaber Gas Field was discovered in 1985 but is yet to be brought into production.
A map of the permit area is provided in the ASX announcement.
Advent is presently developing plans to test existing discoveries for potential commercial development and supply of gas for nearby energy users. Details of future works will be advised in due course and will include, as a minimum, the work program commitment obligations as described above.
Advent’s major shareholders remain unchanged including MEC Resources (ASX: MMR), BPH Energy (ASX: BPH), Talbot Group Investments and Grandbridge (ASX: GBA).
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