MEC Plans Sydney Basin Survey

March 14, 2016

MEC Resources has begun preparatory work to perform a seismic survey in the offshore Sydney Basin in PEP11.

This includes procurement of specialist seismic service providers to assist in the new data acquisition planned for PEP11.

The PEP11 joint venture participants are Asset Energy Pty Ltd. (85 percent and operator) and Bounty Oil and Gas NL (15 percent). Asset Energy is a wholly owned subsidiary of MEC Resources investee entity Advent Energy.

MEC Resources said that it strongly believes the PEP11 project is ideally placed to provide gas into the east coast gas network.

APPEA gas supply warning

The Australian Petroleum Production & Exploration Association (APPEA) has described the forecast shortfall in the east coast gas market in a public statement released March 10:

“The latest Gas Statement of Opportunities (GSOO) warns that developed gas reserves in eastern and south-eastern Australia can only meet forecast demand until 2019.”

“The information released by AEMO (Australian Energy Market Operator) today is a sobering reminder that the east coast needs rapid development of new gas resources to guarantee supply.”