MEC Resources Limited (ASX:MMR) PEP11 EPBC Act Approval Received
Perth, Dec 10, 2010 AEST (ABN Newswire) - MEC Resources Limited (
ASX:MMR) is pleased to advise that investee company Advent Energy Limited (Advent) has received approval from the Commonwealth Department of Sustainability, Environment, Water, Population and Communities (DSEWPC) for the drilling of New Seaclem-1, offshore Newcastle, NSW.
Formal advice has been received for Asset Energy's (wholly owned subsidiary of Advent) Referral under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) that confirms that the drilling activity is "not a controlled action".
Advent is pleased to advise that it has now received all necessary statutory approvals and drilling permits to permit the drilling of New Seaclem-1 in PEP 11. Under its internal control procedures, Advent will continue to comply with the regulations and the terms and conditions of the permits and approvals issued.
Advent, through wholly owned subsidiary Asset Energy Pty Ltd, has contracted the Ocean Patriot semisubmersible drilling rig to drill the New Seaclem-1 well, approximately 55 km east of Newcastle, NSW, for the PEP11 joint venture including Bounty Oil & Gas (ASX:BUY) (PINK:BYOGF).
The Ocean Patriot is currently on tow to the New Seaclem-1 location.
New Seaclem-1 Well Summary
The New Seaclem-1 drilling location is 55 km east of Newcastle, NSW, and is designed to target the Great White & Marlin prospects (of prospective gas in place resources of 4.1 Tcf) in PEP11.
The major shareholders of Advent are MEC Resources Limited, BPH Energy Limited (ASX:BPH), Talbot Group Investments and Grandbridge Limited (ASX:GBA).
Upon completion of the drilling of New Seaclem-1, Advent will increase its interest from 25% to 85% of PEP11. Bounty Oil and Gas, who are free-carried through this drilling, will thereby reduce their interest from 75% to 15%.
For the complete MEC Resources announcement including location and prospects map, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64414-ASX-MMR-519988.pdf
About MEC Resources Limited
MEC Resources (ASX:MMR) aims to achieve maximum capital appreciation by early stage investing into small and medium-sized energy and minerals exploration companies with strong growth potential and a well-defined exit strategy, such as an initial public offering or acquisition.
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