MEC Resources Ltd. reported Thursday that its oil and gas exploration unit Advent Energy Ltd.'s 100 percent owned RL1 (Weaber Gas Field) Project in Australia's Northern Territory will potentially benefit from a government infrastructure funding program in the state, according to a press release.
The firm indicated that Australian Prime Minister Malcolm Turnbull's Coalition Campaign Headquarters has announced that the Keep River Road will benefit from a funding package to boost important freight and economic infrastructure upon the current government's re-election. Keep River Road was named as a funding recipient due to its proximity to the Project Sea Dragon aquaculture development, for which Advent Energy has entered into a Letter of Intent to supply gas from its RL1 project's Weaber-4 well which has been cased and suspended as a future producer.
Independent third party assessment estimated that the Weaber Gas Field (RL1) in the Bonaparte Basin contains a 2C Contingent Resource of 11.5 billion cubic feet (Bcf), while 1C and 3C are assessed at 0.3 Bcf and 45.8 Bcf, respectively.
Advent Energy's key shareholders are MEC Resources, BPH Energy, Talbot Group and Grandbridge.
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