New Report Supports Plan to Drill Baleen Prospect in PEP11 in Sydney Basin

MEC Resources Energy Ltd. reported Tuesday that geochemical support has been received for a potential exploration well within PEP11 in the offshore Sydney Basin, Australia.

The new geochemical report reviewed the hydrocarbon analysis performed on sentiment samples obtained within PEP11 during 2010. The 2010 geochemical investigation utilized a proprietary commercial hydrocarbon adsorption and analysis technique to assess the levels of naturally occurring hydrocarbons in the seabed sentiment samples. A new report investigating a review of this analysis has just been received.

The report supports that the area surrounding the proposed drilling site on the Baleen prospect appears best for hydrocarbon influence relative to background samples.

Conclusions of the presentation are provided below.

The geochemical data acquired in 2010 supports the identification of reliable backgrounds and also primary hydrocarbon influence locations, despite active gas seeps which appear ubiquitous throughout the area of interest.

The Baleen prospect appears to hold a higher level of probability of success than other prospects.

Importantly, “a review of more than 850 wildcat wells – all drilled after geochemical surveys – finds that 79 percent of wells drilled in positive anomalies resulted in commercial oil and gas discoveries.” (Surface geochemical exploration for oil and gas: New life for an old technology, D. Schumacher, 2000, The Leading Edge)

PEP11 is held 85 percent and operated by Asset Energy Pty Ltd. Asset Energy Pty Ltd. is wholly owned subsidiary of Advent Energy Pty Ltd., an investee entity of MEC Resources Ltd. Bounty Oil & Gas NL holds the remaining 15 percent of PEP11.

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