What about MMR, majority owner of Advent and PEP 11 gas permit...

What about MMR, majority owner of Advent and PEP 11 gas permit offshore NSW?

Is the same geology as Newcastle to Wollongong onshore with lots of updated data since Santos reliquished their rights in the 90's. CSIRO, state govt support and federal govt pdf status, ie tax advantages on capital gains and dividends:

"Nov. 2 (Bloomberg) -- Advent Energy Ltd., an Australian explorer, plans to begin drilling for natural gas offshore Sydney in the first half of next year at a field that may contain enough gas to supply the country for almost 20 years.

“We still have to drill,” David Breeze, executive director of unlisted Advent Energy, said Oct. 29 at the Floating LNG conference in London. “The drilling is the potential lie detector.”

Coal-rich Australia is seeking to reduce carbon-dioxide emissions, possibly through increased use of cleaner-burning natural gas. Advent Energy, a subsidiary of MEC Resources Ltd. that may be listed, and partner and operator Bounty Oil & Gas NL, acquired license PEP11 after Santos Ltd., Australia’s third- largest oil and gas producer, gave up its claim.

“Santos gave this up when coal was king,” Breeze said in an interview. Seismic data show the field may hold as much as 16.3 trillion cubic feet of gas, with a mean at 7 trillion cubic feet, he said. Satellite images show gas seeping to the surface in the Sydney Basin, previously dismissed as pollution from shipping, he said."

I'm comforted by the credentials of the board, the compelling nature of the project and also the likelihood of significant media exposure once they start drilling offshore. The Greens will be out in force but offshore gas will beat onshore coal.

In past few months MMR have:

o Appointed Pareto in Oslo to line up finance for drilling
o Obtained approval from NSW and Federal Environment depts for site survey, details expected very shortly

during which time MMR SP increased from .10 to .70 and now around .40. Market capital is now $44m.

The stock is not for traders and we await the following announcements:

o Results of the seismic reprocessing now underway
o Advice of the site survey contractor and dates
o Rig contractor announcement
o Update on financing from Pareto
o Joint venture announcement

It is a fascinating project and has the potential to propel MMR from $44m market cap to over $billion.

By far my biggest play currently and they have other projects underway. DYOR research and suggest you start with recent Advent presos on the MMR website.

At .10 MMR had 100 bagger potential, now maybe just 25x but still worth a punt!