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:
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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