The Board of MEC Resources Ltd (ASX: MMR) advise that on 14 September 2008 the Company released details of a report describing geophysical evidence for gas in the offshore Sydney Basin.
The Board of MEC Resources Ltd (ASX: MMR) advise that on 14 September 2008 the Company released details of a report describing geophysical evidence for gas in the offshore Sydney Basin.
MEC's investee Advent Energy Ltd ("Advent") has now mapped these potential hydrocarbon seepage features (data points classified as potential hydrocarbon seepage by complying with stringent criteria) using data supplied. As indicated by the star highlights in the map below, these seeps are distributed along the continental shelf margin from south of Sydney to north of Newcastle on the Petroleum Exploration Permit 11 (PEP 11) margin.
A further report on the integration of these results is pending
Diagram 1 - Illustration of Sydney Basin continental shelf sea floor and highlighted seep feature locations derived from swath bathymetry and TOPAS sub-bottom profiles acquired as part of Geoscience Australia's research program SS10/2006 with voyage lines indicated.
Advent Energy Ltd is currently in discussions with a number of interested parties regarding the interpretation and evaluation of recent reports and analyses of data released for PEP 11.
MEC Resources Ltd and its investee regard the prospect as being of significance and the Board
is reviewing options to progress the project at PEP 11 which it considers highly prospective for gas.
PEP 11 is a 200km long, 8,100km2 permit in Commonwealth waters covering the offshore Sydney Basin.