Ann: Advent Energy PEP11 Site Survey Update , page-2

ADVENT ENERGY PEP11 SITE SURVEY
MEC Resources (ASX:MMR) is pleased to provide an update on current developments regarding investee
company Advent Energy Ltd (Advent) and its progress towards undertaking a drilling program at PEP11 in
the offshore Sydney Basin.
Drill Rig Contract and Funding:
MEC Resources (MEC) is pleased to advise:
that its investee companies are in advanced stages of negotiating a drilling contract;
that funding for the well has been procured by Advent Energy Limited and its subsidiary Asset
Energy Pty Limited. Asset holds the option from Joint Venture partner Bounty Oil and Gas (Bounty)
to drill the first well;
that discussions have commenced with a number of upstream companies concerning a farm in to
the well/permit;
Seismic Reprocessing
Advent has completed the reprocessing of the 2004 2D seismic data acquired by Bounty. This reprocessing
was performed on their behalf by Fugro Multi Client Services. Evaluation of Direct Hydrocarbon Indicators
(DHI) on the reprocessed seismic data is continuing with positive observations to date.
Site Surveys
It is a critical technical and insurance requirement that pre drilling site surveys of the sea floor be completed
prior to drilling in a new area such as PEP 11. Advent obtained necessary authorisations to undertake such
surveys in 2009 and has now advised that a pre-drilling site survey contract has been awarded to Fugro
Surveys Pty Ltd, a major international site survey and offshore data acquisition specialist.
The site surveys will involve digital mapping and limited seismic surveys of the sea floor at alternate
proposed drill sites in PEP11. The chosen site will depend on final review of the reprocessed seismic data
(see above).
The surveys will be undertaken with a local vessel of opportunity are anticipated to commence towards the
end of March 2010.
Long Lead Items
MEC Resources Ltd
ACN 113 900 020
PO Box 317, North Perth, WA 6906
14 View Street, North Perth 6006, Western Australia
T: +61 8 9328 8477 F: +61 8 9328 8733
[email protected] www.mecresources.com.au
Advent has engaged Du-El Drilling to manage the PEP 11 project and offshore drilling in particular requires
the ordering of long lead items for an offshore well such as casing, drill bits and other consumables. Advent
has commenced ordering these items.
Timing of Drill Test
Advent has made substantial progress towards applications for drilling and environmental permits and that
drilling is anticipated to occur in the third quarter 2010. Offshore drill rigs however operate under schedules
and timing can be earlier or later depending on the use of the rig by other operators. A better timing estimate
will be available when the rig contract is signed.