NOPTA Approves Suspension of Year 2 Work Program for PEP 11 Off Australia

MEC Resources Ltd. reported Friday that the National Offshore Petroleum Titles Administrator (NOPTA) has approved a suspension of the PEP11 Year 2 Work Program of a 124 mile (200 kilometer) 2D seismic survey and geotechnical studies until Aug. 12, 2016. PEP11 is located in the offshore Sydney Basin, Australia.

The PEP11 Work Program is now as follows:

  • Year 1 - 1,243 miles (2,000 kilometers) 2D Seismic Reprocessing; Geotechnical Studies
  • Year 2 - 124 miles (200 kilometers) 2D Seismic Survey; Geotechnical Studies
  • Year 3 - Geotechnical Studies
  • Year 4 - One Exploration Well
  • Year 5 - 193 square miles (500 square kilometers) 3D Seismic Survey

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

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