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MEC Resourcesâ wholly owned subsidiary Asset Energy resolved the outstanding matters with Bounty Oil & Gas NL in relation to the Baleen 2D HR Seismic Survey work commitment undertaken in Petroleum Exploration Permit 11 Offshore Sydney Basin during 2018.
The ASX-listed energy player, MEC Resources Limited (ASX:MMR), announced that Asset energy and Bounty have applied for a variation to the PEP11 work commitment to National Offshore Petroleum Titles Authority.
This comes after the acquisition of 3D seismic data which was required to meet the future 500 square km PEP11 permit work commitment. The permit from National Offshore Petroleum Titles Authority will reportedly allow the proposed 500 square km 3D seismic survey to proceed at an indicative work commitment value of $4 million as proposed by the farm in partner RL Energy Pty Limited. This survey outlines the voluntary option to further refine the area in preparation before drilling an exploration well to test the potential gas resources in the offshore Sydney Basin.
PEP 11 is jointly held by operator Asset Energy Pty Ltd that contains 85% in the title and Bounty Oil & Gas NL that holds the remaining interest of 15% in the title. Moreover, the company confirmed that the environment that the environmental planning process is being developed with planning for over 1,000 square kilometres of 3D seismic data acquisition, over twice the minimum area considered by the farm-in agreement with RL Energy and far exceeding the future work commitment of PEP11.
MEC Resources is primarily into the business of investing in a varied range of industries mostly in the company operating in mineral resource and energy sector. Its selection criteria revolve around near to medium term revenue opportunities, development phase, definitive competitive advantage, large targets and active management.
Positioned as Pooled Development Fund (PDF), MEC Resources majorly invests in unlisted Australian oil and gas exploration company, Advent Energy Ltd who owns 100% interest in Asset Energy Pty Ltd and Onshore Pty Ltd.
Onshore Pty Ltd comprises of numerous undeveloped gas fields through Retention License 1 (RL1) and gas discoveries at EP386. Both EP386 and RL1 are located onshore Bonaparte Basin, northern Western Australia and Northern Territory. Advent Energy Ltd has inked an exclusive and binding term sheet for the sale of majority interest, 90%, in Onshore Energy to Bonaparte Petroleum. Whereas, Asset Energy Pty Ltd has assessed Multi-TCF prospective resources at PEP 11 which lies near to the major industrial hub and port of Newcastle.
The Company believes that the Baleen 2D HR Seismic Survey was beneficial in meeting the PEP11 Year 2 work commitment. The survey data was able to investigate the potential for the presence of shallow gas within the proximity of a provisional exploration well located on the Baleen prospect. And these leads may even add further gas resources to the portfolio and potentially confirm a Permo-Triassic source of gas that has migrated into shallower traps.
MEC Resourcesâ shares last traded at $0.009 with a market capitalisation of $3.08 million as at 25 February 2019.
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