MEC Finds Contractor for Sydney Basin Survey

MEC Resources informed it has executed a contract for the seismic activities within PEP11 in the offshore Sydney Basin.

An undisclosed seismic player will perform a 2D survey covering approximately 200 line km to assist in the drilling of the Baleen target approximately 30 km south east of Newcastle, New South Wales.

The Baleen HR survey will cover approximately 200 line km and is also proposed to be tied-in to the New Seaclem-1 well location to facilitate lithological calibration.

A drill target on the Baleen Prospect on seismic data line B4-18 with total depth of 2150 metres has been identified in a review of previous seismic data. Intersecting 2D lines suggest an extrapolated 6000 acre (24.3 square kilometres) seismic amplitude anomaly area at that drilling target.

The report on this drilling target noted previous 2D seismic data showing that the Permian aged section of the Bowen Basin has conventional gas fields at similar time and depth to PEP11 at the Triassic/Permian age boundary.

These fields have inter-bedded coal and gas sands in the late Permian that are probably correlative to the PEP11 late Permian target.

The timing of the survey will be confirmed, pending necessary regulatory approvals.

PEP 11 is held 85 per cent by Asset Energy, a wholly owned subsidiary of Advent Energy, an investee entity of MEC Resources. Bounty Oil & Gas holds the remaining 15 per cent of PEP11.

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