MEC Resources progressing PEP11 seismic survey
MEC Resources (ASX:MMR) has provided an update on its planned seismic survey at PEP11, which is located adjacent to the NSW coast.
MMR’s investee, Advent Energy Ltd, holds an 85% interested in PEP11 via its wholly owned subsidiary Asset Energy Pty Ltd.
It should be noted that MMR is an early stage play and anything can happen, so seek professional financial advice if considering this stock for your portfolio.
Advent has indicated that pivotal seismic acquisition equipment is being sourced from specialist tech providers in the United Kingdom. This equipment includes dedicated seismic source and receiver technology, which will be installed on the contracted vessel for the duration of the offshore survey.
MMR expects that equipment and additional personnel will mobilise at Newcastle, in time to commence the 2D seismic survey in April. The survey will comply with MMR’s previously accepted environment plan.
The survey will take 3-4 days to complete and will include a potential future drilling site over the Baleen Prospect.