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20
th
November, 2009
ASX/MEDIA RELEASE
PEP 11 Update
Bounty Oil & Gas NL ("Bounty") announces that Advent Energy Pty Limited has reported further material
steps towards a drill test of PEP 11 offshore Sydney Basin and seismic data re-processing. Advent is a
subsidiary of listed MEC Resources Limited (ASX Code: MMR) ("MEC Resources").
A copy of the announcement made to ASX by MEC Resources on 19 November 2009 is attached.
Commenting; Bounty's CEO, Philip Kelso said:
"MEC's announcement yesterday that negotiations for a rig to drill the major gas prospects in the
offshore Sydney Basin are at an advanced stage is a very material development. At this stage it is
likely that the rig will be a semi submersible type which will provide operational flexibility as
MEC refines the final drill location in the Fish Baleen area prior to obtaining a drilling permit.
MEC continues to make excellent progress on co-ordinating the rig and funding which are the
critical elements to this exciting project.
The full program of seismic re-processing is designed to refine our understanding of the sub
surface and reduce geological risk. Preparations for the pre-drilling site surveys are also essential
elements of the project and well design.
The 2004 Baleen seismic data provided indications of major stratigraphic trap type gas plays
further east of Fish-Baleen and sequential re-processing of this data will provide a better
understanding of the potential for these plays in what is a very large permit."
For further information, please contact:
Graham Reveleigh
Chairman
Telephone: (07) 4033.1805
Email:
mining@cairns.net.au
Philip F. Kelso
Chief Executive Officer
Telephone: (02) 9299.7200
Email:
geo@bountyoil.com
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About Bounty Oil & Gas NL (ASX Code: BUY)
Bounty is an Australian ASX listed oil producer and explorer. Its core petroleum production and exploration
assets are located in the Cooper/Eromanga Basins and in the Surat Basin in Queensland and South
Australia. Its growth assets are spread over a number of high impact projects in Australia and Tanzania
where it is exploring for oil and gas. In Australia it is a participant in PEP 11, Sydney Basin with up to 5
trillion cubic feet (TCF) gas potential and in other permits. In Tanzania it is a participant in the Kiliwani North
gas discovery and is exploring additional gas pools with up to 1TCF potential.
Bounty has reserves and contingent resources approaching 4 million barrels of oil equivalent.
For details on Bounty's operations and ASX announcements see:
www.bountyoil.com
19 November 2009
Companies Announcement Office
Australian Securities Exchange Limited
10th Floor, 20 Bond Street
SYDNEY NSW 2000
Dear Sir,
ADVENT ENERGY PEP11 SEISMIC REPROCESSING INCLUDING COVERAGE OF PRIMARY
DRILLING TARGET AREA
MEC Resources (ASX:MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") is
progressing its reprocessing of 2004 2D seismic data acquired over PEP11 in the offshore Sydney Basin.
The first tranche of this work is expected to be completed by the end of November, including coverage of the
primary drilling target area.
The reprocessing, developed by Fugro Multi-Client Services over the last six months, has shown marked
improvement from the original processed data. As a result, Fugro were contracted to reprocess in tranches
the entirety of the 2004 Baleen 2D Seismic Data.
Elsewhere, Advent continues to progress the PEP11 project aggressively with a number of key deliverables
being announced recently including discussions and the exchange of information with potential joint venture
partners, as well as:
·
Rig negotiations to drill PEP11 being at an advanced stage,
·
Government approvals having been received for the pre-drilling site survey, and
·
Planning for this pre-drilling site survey now underway.
Yours faithfully,
David Breeze
Executive Director
MEC Resources Ltd
PO Box 317
North Perth WA 6906
Tel: +61 8 9328 8477
Media Enquiries:
Bill Kemmery
Fortbridge Consulting
Tel: +61 2 9331 0655
Mobile: +61 400 122 449
About MEC Resources
ASX listed MEC Resources (ASX: MMR) invests into exploration companies targeting potentially large energy and
mineral resources. The Company has been registered by the Australian Federal Government as a Pooled Development
Fund enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends.
About Advent Energy
Advent Energy Ltd is an unlisted oil and gas exploration company. Advent holds a strong portfolio of exploration and
near-term production assets throughout Australia. Advent's cornerstone project lies off the coast of NSW in Petroleum
Exploration Permit 11 (PEP11), and has been estimated to comprise up to 16.3 Tcf (P10 or `high' level) prospective
recoverable gas resources.
Notes:
In accordance with ASX listing requirements, the geological information supplied in this report has been based on information provided by geologists who
have had in excess of five years experience in their field of activity.
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