MEC Resources provides the following update from its investee company Advent Energy Ltd (Advent) regarding the present status of PEP11, offshore Sydney Basin.
Advent has advised that the joint authority has approved a variation to the PEP11 Year 6 work program commitment obligations. The variation includes geological and geophysical reviews as well as planning for new 2D/3D seismic. The Year 6 term remains unchanged to conclude on 3/1/2012. Advent and its Joint Venture partner Bounty Oil & Gas intend to apply for renewal of PEP11 at an appropriate time prior to the conclusion of this first work program commitment term. Given the major exploration effort on PEP 11 so far the partners are confident that renewal will be granted.
Investigative work on aspects of data from the New Seaclem-1 well continue. Drill cutting samples are being subjected to palynological and petrographical studies, and the JV expects to provide further interpretations in coming months. Following receipt of this data a re-interpretation of the existing seismic database will be undertaken then moving through to planning for new 2D/3D seismic.
Advent and its JV partner continue to consider the future exploration program in PEP11 with the excellent foundation of information obtained from New Seaclem-1. 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 , BPH Energy , Talbot Group Investments and Grandbridge .
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Source:Mecresources, March 29, 2011;