pep 11 announcement releaed on mmr

Just released on MMR site

PEP 11 Offshore Sydney Basin – Update and Direct Hydrocarbon Indicators

MEC Resources (ASX:MMR) is pleased to provide an update to the market on progress to a drill test of PEP 11 offshore Sydney Basin.

MEC advises that investee company Advent Energy Ltd (“Advent”) :
• is currently in advanced negotiations to secure a drilling rig and has lodged
environmental applications for drilling in preparation for a drill test which is expected
for the first half of the calendar year 2010; and

• has received a report from the Commonwealth Scientific and Industrial Research Organisation (“CSIRO”) which provides independent reporting of direct hydrocarbon indicators showing on seismic data in PEP 11;
• The report which details amplitude versus offset (AVO) processing and review of seismic data acquired in 2004 reports the apparent presence of direct hydrocarbon
indicators (DHI) on seismic lines;

• The DHI have initially been observed on seismic line B4-15 along the main structural trend and are adjacent to the previously identified Baleen Prospect. They include high amplitude bright spot reflections, attenuation of high frequencies in instantaneous frequency plots, and bright spot features in Root Mean Squared amplitude plots.

These anomalous features are considered prime indicators for the occurrence of hydrocarbons and Advent believes that these DHI are highly encouraging for the prospectivity of PEP11 in the offshore Sydney Basin.

A detailed review of the CSIRO report is currently being compiled.