MEDIA CORRECTION ? ADVENT ENERGY PEP11 PERMIT RESOURCES MEC Resources (ASX: MMR) is aware of inaccurate media statements that suggested a downward revision of resource estimates of its investee company?s (Advent Energy) estimates for the PEP11 resources. On 20/04/2010 Advent advised of a new Cainozoic target of 6.09 Tcf (P50, prospective gas in place resources). For clarification, this new target is additional to the volumetric estimate released earlier by Advent on 27/10/2008 for PEP11. With these resource estimates, Advent Energy and joint venture partner Bounty believe Sydney could be sitting on the doorstep of what could be a new and very large hydrocarbon province prospectively of global significance. As previously advised, the Ocean Patriot has been contracted to drill PEP11
Looks like they've finally made an official response to my phone call about the inaccurate Upstreamonline.com article. It only took them 2 weeks. Maybe they were saving this positive news for a rainy day.
MMR Price at posting:
39.2¢ Sentiment: Buy Disclosure: Held
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