Ann: MEC Resources Ltd Placement, page-47

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12/02/18

11:56

Post #: 30991534
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Originally posted by rogerd ↑

Farm In Agreement with RL Energy
December 5^th MEC announced via the ASX that a binding term sheet for a conditional farm in into PEP11 had been agreed between the relevant parties and Greg Channon’ RL Energy Pty Ltd – From the release it provides for RL Energy to complete the current 2D Seismic work and also an option to acquire 3D seismic data to meet the future 500km sq. Pep 11 work Permit Commitment.
Conditions as follows:- Approved Environment Plan for 2 D - Approval Received 11^th Jan
Confirmation that PEP11 title is in good standing with NOPTA Approval received 8^th Jan
According to MEC announcement on Hot copper 9^th Feb the full farm in agreement with RL Energy is currently being finalised.
Has MEC and Advent done due diligence on RL Energy as to where the substantial capital is coming from? It should be noted that Greg Channon (RL Energy) is also a NED with Samson Oil And Gas Limited (ASX SSN).They are currently trying to sell off assets to refinance could this be where he is hoping to raise the capital to finance the PEP 11 seismic work.

I also discovered today that MEC entered into an agreement with ENVOI consultancy in January. I presume this is the company that is referred to in ASX announcement “Company update” on 8^th Jan 2018.
On Hot Copper “Bituman” questioned why it was necessary to get Envoi involved when they had an agreement with RL Energy on 5^thDec 2007
MEC's Answer was that they entered into the agreement with Envoi prior to the executing the Term Sheet with RL Energy.
We can only take the board at its word, so why was the market not informed before December the 5^th 2017 of the arrangement with “Envoi”

RogerD

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RogerD, please see announcement dated 12th October 2017.

MMR Price at posting: 2.1¢ Sentiment: None Disclosure: Held
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