Companies Announcement Office Australian Securities Exchange Limited 10th Floor, 20 Bond Street
SYDNEY NSW 2000
Dear Sir,
UPGRADE OF COMMERCIAL POTENTIAL IN EP386 / RL1
MEC Resources is pleased to announce that Advent Energy Ltd (Advent) has received a concise report from Lan Nguyen (Tanvinh Resources Pty Ltd). Tanvinh Resources offers specialist consultancy services for tight gas projects. Tanvinh Resources was engaged by Advent for an investigation of well completion reports and drill stem testing data from Advent’s 100% owned EP386 and RL1 permits in the onshore Bonaparte Basin.
These permits are located in the East Kimberley region of north-eastern Western Australia / north-western Northern Territory. A map of the area and associated exploratory wells is attached to this announcement.
Previous exploratory drilling and testing in these permits has demonstrated flow rates up to 1.3 million cubic feet of gas per day and logged porosities of 22%. Field reserve estimates published by Geoscience Australia has also rated the Weaber Gas Field (in RL1, Northern Territory) to comprise 4.3 million barrels of oil equivalent.
Subsequent to this favourable review on available data, Advent is now confident that there is considerable upside potential in the area if formation damage can be avoided which should enable commercial flow rates from the existing gas accumulations.
Moreover, Tanvinh Resources has advised that there is strong evidence from the pressure data that stratigraphic traps are present associated with the existing gas discoveries which would provide additional upside potential to the hydrocarbon resources/reserves previously identified within EP386 and RL1 areas.
As a result of this review Advent Energy has initiated a multi-phased study to address methods of minimising formation damage and significantly improve gas flow rates.
Advent is highly encouraged by this new review that enhances the near-term development potential of this excellent hydrocarbon asset.
Yours faithfully,
David Breeze Executive Director MEC Resources Ltd PO Box 317
North Perth WA 6906 Tel: +61 8 9328 8477
Is the gas flowing 8 or 9 or 10 years later ???
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MMR Price at posting:
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