Investments

Asset Energy

MEC invested $655,000 in November 2006 to acquire Asset Energy Pty Ltd.  Funds were used to enter into a joint venture agreement with Bounty Oil and Gas NL with regards to New South Wales/Petroleum Exploration Permit 11 - offshore Sydney Basin.  Via shareholder resolution in 2008, Asset Energy was acquired from MEC by Advent Energy Ltd.

Advent Energy

Advent Energy is an unlisted oil and gas exploration and production company incorporated in 2004 and acquired by MEC in 2006.  Since acquisition, Advent has enhanced its excellent portfolio of oil and gas exploration and near term production assets located both on and offshore Australia.  These permits have had an estimated $126 million previously invested on historic exploration.  
 
Included in these assets are:

Petroleum Exploration Permit 11 in the offshore Sydney Basin.  This permit has been assessed to contain 4 Tcf prospective recoverable resources that lie within 50km of the major population  region of Sydney and excellent port and power generation infrastructure.

Carnarvon Basin (permit EP325) where supply of gas from the Rivoli gas field to the Australian Government naval facility at Exmouth is anticipated within 18 months.

Retention Lease 1, and Exploration Permit 386, in the Bonaparte Basin.  Discussions with potential customers regarding supply of gas/energy are continuing.

A JV led by Victoria Petroleum allow Advent the opporunity to earn 50% in the Catalina block in Petroleum Exploration Licence 111.  This block is situated amongst numerous oil and gas fields in the productive Cooper Basin in South Australia.

A significant shareholding in Central Petroleum Ltd (ASX: CTP) - Advent is currently the largest single shareholder of CTP.

MEC currently holds 74% of Advent Energy Ltd and has invested $1 million to date.

To view the Advent Energy website click here Advent Energy Ltd