MEC Resources concludes natural gas seismic survey offshore NSW
MEC Resources Ltd (ASX: MMR) has provided an update on the PEP11 2D seismic exploration survey offshore NSW explaining to shareholders that the survey has concluded.
A 2D seismic survey of approximately 200 line kilometres has been acquired offshore Newcastle and pursuant to an environment plan accepted by the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA). This activity was designed to satisfy the Year 2 work commitment for PEP11.
The survey was undertaken over the Baleen prospect in PEP11, and achieved its acquisition target in three days, as anticipated. It was undertaken at a location predominantly 30 kilometres southeast of Newcastle, and included a tie line to the New Seaclem-1 exploration well site for geological calibration of survey data.
Commenting on the survey, Chairman Goh Hock stated: “We are very pleased that this survey was successfully and safely performed within its planned timeframe paying careful attention and care to the environment in which the survey was operated. It has demonstrated strong capability of the management team to achieve a work commitment that is critical to the success of PEP11. This will contribute to future works to explore for commercial quantities of natural gas that may support the NSW gas consumers, manufacturing industries and electricity generation.”
It’s expected that the data will take approximately two months to complete, with processing due to star shortly. Once the data is processed, interpretation of the newly acquired data and integration into existing data can then proceed.
However it is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.
MMR’s investee Advent Energy Ltd holds an 85% interest in PEP11 through wholly owned subsidiary Asset Energy Pty Ltd.
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