MEC Says Seismic Survey Being Planned for PEP11 Offshore Australia
MEC Resources Ltd. reported Monday that in relation to the proposed exploration works by Advent Energy Ltd. within PEP11 in the offshore Sydney Basin, Australia.
A future drill target was announced in September 2015. This report identified a revised drill target on the Baleen prospect on seismic line B4-18 with a total depth of 6,611 feet (2,015 meters). This target was found to be analogous with existing producing fields.
A seismic survey covering approximately line 124 miles (200 line kilometers) is currently being planned to assist in the potential future drilling of this target approximately 18.6 miles (30 kilometers) south east of Newcastle, New South Wales.
Evaluation of the nature and type of rigs potentially available to drill this target in PEP11 is underway. The drilling target at Baleen is in 410 feet (125 meters) of water. The decision to drill in the future will be subject to final technical review and will require further fund raising or joint venture.
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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