Avent Energy Limited

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ADVENT ENERGY CONTRACTS DRILLING RIG FOR PEP11

April 20, 2010 8:42 AM

MEC Resources (ASX:MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has signed an agreement with Apache Energy Ltd and Diamond Offshore Drilling (Australia) LLC for the drilling rig Ocean Patriot.

The Ocean Patriot has been contracted to drill PEP11 in the Offshore Sydney Basin. PEP11 is being progressed with joint venture partner Bounty Oil and Gas (ASX: BUY).

An exact date for drilling is yet to be determined and is contingent upon pre-existing contracts between the other parties.  The range of dates to commence drilling in PEP 11 is within the third quarter of 2010, with operations currently planned for mid August and expected to take approximately 25 days.  

Advent Energy Executive Director Mr David Breeze said the drilling program represents a significant development for natural gas exploration off the coast of New South Wales.

 "This project with be the first drilling rig to explore for natural gas off the coast of NSW, and represents a major step for the company and its shareholders" Mr Breeze said.

 

"It is a milestone for Advent Energy and joint venture partner Bounty. Sydney could be sitting on the doorstep of what could be a new and very large hydrocarbon province prospectively of global significance".

 

Following revision of newly reprocessed seismic data by Tanvinh Resources, a new target has been increased to prospect status and will be the first prospect drilled in PEP11.  The prospective P50 Original Gas In Place (OGIP) estimate is 6.09 Trillion cubic feet (P90 = 1.77 Tcf, P10 = 24.76 Tcf).

 

Further details regarding the drilling operations will be announced to shareholders and the market as they become available.

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