MEC Resources Limited says that its investee company Advent Energy Ltd has completed a technical review of the prospective recoverable resources within the PEP 11 Offshore Sydney Basin.

Highlights:

• Technical review of PEP11 Offshore Sydney Basin completed • Six prospects identified with total estimated prospective recoverable gas resources of up to 16.3Tcf (P10) • Advent currently looking to secure an appropriate drilling rig, including farm-in options

Six prospects and leads have been identified which Advent estimates could have up to 16.3Tcf (P10) prospective recoverable gas resources. The P50 and P90 estimated prospective recoverable resources are 5.1Tcf and 1.2Tcf respectively.

The P10, P50 and P90 numbers quoted above are an arithmetic sum of the estimates for the six prospects and leads. The largest of these is the new “Fish” Prospect which alone has a P10 prospective recoverable gas resource of over 9.0Tcf.

Advent is currently in negotiations to secure an appropriate drilling rig as soon as possible.

Tags: MEC Resources Limited