MEC RESOURCES LIMITED (MMR) provides the opportunity to listen to an audio broadcast with Mr David Breeze, Executive Director in a presentation titled "MEC Resources: Update on PEP11 and Half Year Financial Report - David Breeze, Executive Director.".
To listen, click
here]]>Advent Energy Ltd (Advent) is pleased to advise that it has received approval from Industry & Investment NSW (I&I NSW) for the drilling of New Seaclem-1, offshore Newcastle, NSW. The NSW Department of Industry & Investment trades as Industry & Investment NSW (I&I NSW).
Approval has been granted for Asset Energy's (a wholly owned subsidiary of Advent Energy) Well Operations Management Plan (WOMP) under the Petroleum (Submerged Lands) (Management of Well Operations) Regulations 2004, and Environment Plan and Oil Spill Contingency Plan under the Offshore Petroleum and Greenhouse Gas Storage (Environment) Regulations 2009.
The Approval follows several months of application and independent review process involving Advent Energy and representatives of I&I NSW.
The major shareholders of Advent are MEC Resources Limited (ASX: MMR), BPH Corporate Limited (ASX: BPH), Talbot Group Investments and Grandbridge Limited (ASX: GBA).
New Seaclem-1 Well Summary
The New Seaclem-1 well is located in the Advent (through wholly owned subsidiary Asset Energy Pty Ltd) operated PEP11 permit offshore NSW.
The well will be the first explorationwell to be drilled offshore New South Wales and within PEP11.
The New Seaclem-1 drilling location is approximately 55 kilometres east of Newcastle within Commonwealth Waters. The New Seaclem-1 well will be targeting the Great White and Marlin stratigraphic prospects contained within the Cainozoic sedimentary sequence.
Further information on the New Seaclem-1 Well is attached below.
Advent's goal is to drill to a total depth of 826 metres and to determine the presence of natural gas within the interpreted tertiary sandstone reservoirs of the Great White and Marlin prospects. The New Seaclem-1 well is a wildcat well and will be the first ever exploration well to be drilled in the offshore Sydney Basin.
Previously, Tanvinh Resources has reported undiscovered prospective gas in place resource estimates for Great White of 1.16 Trillion cubic feet (Tcf) and for Marlin of 2.97 Tcf at the P50 or 'best estimate' level under Society of Petroleum Engineers (SPE) guidelines.
Additionally, an independent site survey contractor's analysis of site survey data over the Marlin and Great White prospects states that the geological sequence immediately above the interpreted Permo-Triassic unconformity is "likely" to contain zone(s) of gas.
Upon completion of the drilling of New Seaclem-1, Advent will increase its interest from 25% to 85% of PEP11. Bounty Oil and Gas (ASX: BUY), who are free-carried through this drilling, will thereby reduce their interest from 75% to 15%.
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.
"It is a milestone for Advent Energy and joint venture partner Bounty.
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.
MEC Resources' investee Advent Energy Ltd is pleased to advise that it has commenced procurement of long lead items and selected/awarded key service providers for the drilling of PEP 11 in the offshore Sydney Basin. Key contracts include, wellhead and surface conductor, casing and Helicopters.
By engaging these key suppliers Advent is well prepared for its anticipated drilling later in 2010.
The first tranche of this work is expected to be completed by the end of November, including coverage of the primary drilling target area.
The reprocessing, developed by Fugro Multi-Client Services over the last six months, has shown marked improvement from the original processed data. As a result, Fugro were contracted to reprocess in tranches the entirety of the 2004 Baleen 2D Seismic Data.
]]> Elsewhere, Advent continues to progress the PEP11 project aggressively with a number of key deliverables being announced recently including discussions and the exchange of information with potential joint venture partners, as well as:
• Rig negotiations to drill PEP11 being at an advanced stage,
• Government approvals having been received for the pre-drilling site survey, and
• Planning for this pre-drilling site survey now underway.
The object of the survey is to detect transients of secondary magnetic fields associated with micro-seepage plumes and REDOX cells over hydrocarbon reservoirs. In addition to the Weaber Gas Field in RL1, there are a number of leads and prospects in EP386 and RL1 as well as unknown prospectivity in much of the permits. The aim of the survey is to upgrade these various prospects in EP386 and RL1 for further evaluation for drilling.
Advent holds a 100% interest in each of EP386 and RL1.
Advent, through wholly owned subsidiary Asset Energy Pty Ltd, was required to submit an Environmental Plan (EP) to the NSW DPI for its proposed exploration activities in PEP11.
The NSW DPI has subsequently advised that the geophysical site survey component of the EP has been accepted, pursuant to the Commonwealth Peroleum (Submerged Lands) (Management of Environment) Regulations 1999.
MEC Resources (ASX:MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has received approval from the Department of Environment, Water, Heritage and the Arts (DEWHA) for the pre-drilling site survey in the offshore Sydney Basin petroleum exploration permit PEP11.
MEC Resources (ASX:MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has received approval from the Department of Environment, Water, Heritage and the Arts (DEWHA) for the pre-drilling site survey in the offshore Sydney Basin petroleum exploration permit PEP11.
Advent, through wholly owned subsidiary Asset Energy Pty Ltd, was required to submit a referral to DEWHA for its proposed pre-drilling geophysical site survey under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act).
DEWHA has advised:
"the proposed action is not a controlled action, provided it is taken in accordance with the manner described in the enclosed decision document. This means that, provided that the action is undertaken in that way, it does not require further assessment and approval under the EPBC Act before it can proceed."
About MEC Resources
ASX listed MEC Resources (ASX: MMR) invests into exploration companies targeting potentially large energy and mineral resources. The Company has been registered by the Australian Federal Government as a Pooled Development Fund enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends.
About Advent Energy
Advent Energy Ltd is an unlisted oil and gas exploration company. Advent holds a strong portfolio of exploration and near-term production assets throughout Australia. Advent's cornerstone project lies off the coast of NSW in Petroleum Exploration Permit 11 (PEP11), and has been estimated to comprise up to 16.3 Tcf (P10 or 'high' level) prospective recoverable gas resources.