big picture is the drilling of pep 11, page-16

I just read that Mec will purchase about 31 million shares in the Advent capital raising leaving them with a 72% stake in Advent Energy. Remember that talbot group have already taken up 14 million shares from the shares being issued by Advent Energy.

My apologies for the people in this thread that no this, but for those who don’t, one of MEC’s reports state that 40% of the 52,000 km square Sydney basin lies in shallow waters of less than 200 of the Central NSW Coast.

It had been subject to several previous exploration campaigns, no well s have been drilled in the offshore despite wide spread numerous occurrences of oil and gas onshore. (common sense would think that their has to be equivalent amounts of this off shore as well?).

Because onshore Sydney Basin is Australia’s major black coal producing area, most resource related activity has historically been focused on the exploration/mining of coal.
Despite numerous hydrocarbon shows, only 115 petroleum wells have been drilled in the Sydney land Basin, none of these wells had been drilled offshore.

This is Probably because companies were to busy else where spending their hard earned cash?

In a nut shell the geologists are saying that every well that was located, was located without the aid of modern seismic control and no wells have been drilled for conventional petroleum any where in that Basin since 1973.

From this info, and for shareholders and potential shareholders, this is bloody exiting.

Cheers