Newsroom

Confirmation of hydrocarbon gas in offshore Sydney Basin

A hydrocarbon gas source has been analysed and confirmed in the offshore Sydney Basin. The confirmation of a hydrocarbon based gas analysis was released at the Petroleum Exploration Society of Australia (PESA) "Eastern Australasian Basins Symposium" 14-17 September 2008.

The confirmation of this type of hydrocarbon gas seepage is an extremely significant development for MEC Resources investee Advent Energy, which holds an interest in the offshore Sydney Basin Petroleum Exploration Permit PEP 11. Active seeps of the nature reported are considered by experts in this field to occur in basins now actively generating hydrocarbons and or that contain excellent migration pathways. The methane gas has been reported by independent testing to comprise a mixture of thermogenic and biogenic gas.  View the full announcement by clicking on this link Confirmation Hydrocarbon gas in Offshore Sydney Basin 12.11.08.pdf

Advent Energy Ltd - $7 Million Funding Agreement

MEC Resources Limited (ASX: MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has successfully secured a funding agreement that will provide a significant capital raising totalling A$7 million by the issue of 14 million shares at 50 cents per share. 

The agreement is subject to conditions which are expected to be satisfied by Advent.
The funds will be used by Advent to progress the PEP11 project off the coast of New South Wales.

Advent is proactively researching joint venture and farm in options for PEP11 and is currently in
discussions with a number of interested parties.

Advent has also commenced discussions regarding the provision of rigs for the offshore PEP11 project and expects to advise shareholders of developments by the end of calendar 2008. 

Prospective Recoverable Gas Resources Estimated up to 16.3 Tcf (P10) for PEP11 Offshore Sydney Basin

· 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

For the full announcement click on this link  ASX MMR Prospective Recoverable Gas Resources Estimated up to 16.pdf

Location of Gas Seeps NSW Continental Shelf - Offshore Sydney Basin

The Board of MEC Resources Ltd (ASX: MMR) advise that on 14 September 2008 the Company released details of a report describing geophysical evidence for gas in the offshore Sydney Basin.

MEC's investee Advent Energy Ltd ("Advent") has now mapped these potential hydrocarbon seepage features (data points classified as potential hydrocarbon seepage by complying with stringent criteria) using data supplied.  As indicated by the star highlights in the map below, these seeps are distributed along the continental shelf margin from south of Sydney to north of Newcastle on the Petroleum Exploration Permit 11 (PEP 11) margin. 

A further report on the integration of these results is pending.  To view the announcment in full click this link Location of Gas Seeps NSW Continental Shelf - Offshore Sydney Basin 250908.pdf

Geophysical Indications of Gas in Offshore Sydney Basin

MEC Resources Limited (ASX: MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has received a report from Fred Kroh, former Project Leader of the Geophysical Processing and Data Access Project with Geoscience Australia, describing geophysical evidence for gas in the offshore Sydney Basin, NSW.

The report states that the geophysical data collected as part of Geoscience Australia's NSW Continental Slope Survey SS10/2006 (voyage lines indicated right), especially Swath Bathymetry and TOPAS Sub-Bottom Profiles, have replicated features demonstrated previously (from SS06/2005) to have been derived from implied thermogenic hydrocarbon seepage emanating from the Cornea Oil Field, in the Timor Sea, north western Australia.

The Cornea seepage, published in Marine and Petroleum Geology 23 (2006) pp145-164, was the first time in Australia that active present-day hydrocarbon seepage had been imaged.
The swath bathymetric analysis (SS10/2006) has been published and commented on previously by Geoscience Australia in the March 2008 edition/Issue 89 of AusGeo News.  Here, Kriton Glenn, chief scientist aboard the SS10/2006 voyage states:

"Many remarkable features were also seen for the first time, such as mid slope channels off the Hunter region.  Some of these channels have levees and a V shaped morphology, suggesting that both active erosion and deposition are taking place.  Additionally, a series of large pockmarks (~600 metres in diameter and ~70 metres deep) were found in water depths exceeding 1300 metres.  The ages of the pockmarks are hard to determine, as they are formed as a result of an ongoing gas or liquid escape from much deeper in the geological profile.  Seismic data indicate that the fluid is migrating along faults and escaping via these features into the water column.  The profiles show little infilling of the steep walls of the pockmarks, indicating an active erosional process." 

Evaluation of Geosequestration potential in offshore Sydney Basin

MEC Resources Limited (ASX: MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has initiated discussions with Australian Government authorities regarding the Company's evaluation of the geosequestration potential for its Petroleum Exploration Permit 11 (PEP11) in the offshore Sydney Basin.

Potential geological structures have been identified less than 50 km from Newcastle and Sydney, and a recent Carbon Dioxide Cooperative Research Centre (CO2CRC) paper has demonstrated the potential for geosequestration and has outlined the potential benefit to New South Wales and Australia if PEP11 should prove suitable for anthropogenic carbon dioxide underground storage. 

A summary of the paper is available by clicking Here, and it is recommended that the CO2CRC paper should be read in full.

New Large Structures Mapped in PEP11 Offshore Sydney Basin Gas Project

MEC Resources Limited (ASX: MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") is to release today preliminary results* of new mapping of seismic data from the PEP 11 Offshore Sydney Basin permit.  Seismic acquired (1460 km) in late 2004/early 2005 has been integrated with 2,345 km of 1981 and 1991 seismic for the first time. For full details click here

MEC Granted an option to acquire up to an 85% interest in PEP11

MEC Resources (through its investees) has been granted an option to acquire up to an 85% interest in Petroleum Permit PEP 11, an oil and gas permit located in the Offshore Sydney Basin.  For details click here

MEC signs an MOU with CNLC

MEC Resources has signed a Memorandum of Understanding (MOU) with China National Logging Corporation (CNLC).  The MOU relates to the potential formation of a Joint Venture Company (JVC) to (a) provide oil and gas exploration and production services to projects identified by MEC Resources and its investee company Advent Energy Ltd; and (b) market these services to other companies operating in Australia.  For details click here

PEP 11 Offshore Sydney Basin

MEC Resources announces that the rights and conditions of the permit for PEP11 has been suspended and extended for a period of twelve months to 3rd December 2008.  For details click here