MEC Resources Ltd. reported Tuesday that Advent Energy Pty Ltd., operator of the PEP 11 project in the offshore Sydney Basin in Australia, is pushing ahead with a seismic campaign around a key potential drilling prospect in the exploration permit.
Advent Energy, a wholly owned unit of MEC Resources's investee entity Advent Energy Ltd., is progressing seismic survey in the permit, with the work supported by "the gas price hikes on the east coast (of Australia which) augurs well for continued interest in PEP11 and its potential exploitation," MEC said in a press release.
The operator's decision to proceed with seismic acquisition is further supported by the fact that the New South Wales onshore gas industry is in turmoil, while reserves are declining in the Bass Strait and Cooper Basin.
Advent Energy Pty Ltd. owns an 85 percent stake in PEP 11, with Bounty Oil & Gas NL holding 15 percent interest. Apart from MEC Resource, Advent Energy's other shareholders are BPH Energy Ltd. and Grandbridge Ltd.
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