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Shares plunge as Advent's $20m gas hunt runs dry
By Mathew Murphy
January 5, 2011 — 3.00am
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ADVENT Energy's claim that its gasfields off New South Wales could produce a resource rivalling Bass Strait came crashing down yesterday, along with the share price of the joint-venture participants, after it announced that its $20 million gas well had come up empty.
Advent is a private company whose shareholders include listed groups MEC Resources, BPH Energy and Grandbridge, as well as project partner Bounty Oil & Gas.
Advent had believed that its PEP11 permit area, which runs from Newcastle to Wollongong, could contain up to 13 trillion cubic feet of gas, making it one Australia's largest gasfields. But Advent said drilling of up to 750 metres at the New Seaclem-1 well, the first to be drilled in NSW, had encountered no hydrocarbons.
''While hydrocarbons were not encountered in this well, Advent has demonstrated with geochemical studies that there is considerable gas generation and migration potential within PEP11,'' MEC Resources executive director David Breeze said.
The market reaction was swift. MEC Resources lost more than half what it was worth before it entered a trading halt last Thursday, dropping 31¢, or 55 per cent, to 38¢. Bounty Oil & Gas fell to a year low, off 3.7¢, or 41 per cent, to 5.3¢, and BPH Energy's shares went into free fall, shedding 72¢, or 51 per cent, to 68¢. Grandbridge had the dubious honour of showing how low you could go, losing a remarkable 63 per cent of its value in one day, or 31.5¢, to 18.5¢.
Mr Breeze, who was said to be on leave when BusinessDay called yesterday, told the Australian Securities Exchange that tests on the New Seaclem-1 well had demonstrated favourable characteristics for gas but it appeared to contain water.
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