ADVENT ENERGY - EP386 CONVENTIONAL STUDY
INCREASES MEAN RESOURCE
TO 556 BCF
MEC Resources Limited (ASX:MMR) investee company
Advent Energy Ltd (“Advent”) has advised that, following an extensive review of
all available data, it has increased the volumetric estimates of conventional
prospective recoverable resources in EP386 in the onshore Bonaparte Basin,
northern Western Australia.
Advent’s 100% interests in EP386 and RL1 are held by wholly owned subsidiary
Onshore Energy Pty Ltd. Advent’s major shareholders remain MEC Resources (ASX:
MMR), BPH Energy (ASX: BPH), Talbot Group and Grandbridge (ASX: GBA).
The collaboration between Advent and Lan Nguyen of Tanvinh Resources studied
different vintages of reprocessed 2D seismic, petrophysical review of existing
well logs and geological review. Subsequent reinterpretation and mapping of
newly reprocessed seismic data, in conjunction with other existing seismic data
coverage and recent detailed geological review of the E386 permit area, has
provided the basis for updating the hydrocarbon resources potential of both
conventional and unconventional reservoirs within EP 386. Further disclosure
regarding Advent’s unconventional resources will be provided upon conclusion of
their review.
Unrisked OGIP & Prospective Recoverable
Conventional Hydrocarbon Resources in EP386
BCF: Billion Cubic Feet MMbbl: million barrels |
Commenting on the resources increase, Advent Executive Director David Breeze
said: “This is an excellent result for Advent and demonstrates the excellent
potential for significant commercial hydrocarbon production from the onshore
Bonaparte Basin.”
Only 17 wells have been drilled in the entire onshore Bonaparte Basin. In
EP386 9 conventional petroleum exploration and appraisal wells have been
drilled. Almost all the wells drilled have encountered significant oil and/or
gas shows, including 5 gas discoveries. In EP 386, gas flows to surface at
various rates were achieved at Bonaparte-2 (1963), Garimala-1 (1988), Waggon
Creek-1 (1995), Ningbing-2 (1996), and Vienta-1 (1998), translating to a
technical discovery rate of 5 of 9, or in excess of 50%. The technical success
rate for the permit is higher as several other wells have encountered oil shows,
including Ningbing 1 (1996), and Waggon Creek 1A (1997), which encountered very
good oil shows within carbonate rocks of the Ningbing Group.
Advent is assessing near term commercialisation options for its discovered
conventional resources.
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 held by major
shareholders MEC Resources (ASX: MMR), BPH Energy (ASX: BPH), Grandbridge (ASX:
GBA) and Talbot Group Investments. Advent holds a strong portfolio of near term
development and exploration assets spanning highly prospective acreage onshore
and offshore Australia in proven petroleum basins. Advent Energy’s asset base
also incorporates both conventional and unconventional petroleum
targets.
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. MEC Resources is an exploration investment company and relies
on the resource and ore reserve statements compiled by the companies in which it
invests. All Mineral Resource and Reserve Statements have been previously
published by the companies concerned. Summary data has been used. Unless
otherwise stated all resource and reserve reporting complies with the relevant
standards. Resources quoted in this report equal 100% of the resource and do not
represent MEC’s investees’ equity share.
No comments:
Post a Comment