News

February 03, 2010

MEC Resources Fine Tunes Its Seismic Sets Ahead Of Summer Test Of Potentially Gas-Rich Waters Off New South Wales

Australia’s booming natural resources sector, particularly its massive expansion in LNG capacity, means there is interest in any company claiming to sit on a serious amount of natural gas. And when that gas could lie just 20 km from Australia’s largest energy market in New South Wales rather than stranded in some remote outback, interest levels could really heat up.

That certainly is the hope of ASX-quoted MEC Resources, an investment company with interests ranging from biopharmacy to oil.  One of its investee companies, Advent Energy has the right to earn an 85 per cent interest in the 8,100 sq km PEP11 licence in the offshore Sydney Basin, where the prospective resource could be a whopping 16 trillion cubic feet of gas in place, with a mean number of 7.5 tcf, lying just 20 km from Australia’s largest energy market.

This massive potential gas...