Permit extension for onshore venture

AN extension has been granted on the terms of an exploration permit in north-eastern WA, according to energy investment company MEC Resources.
MEC reported that its investee company Advent Energy applied for an extension of EP 386 in the onshore Bonaparte Basin through its wholly-owned subsidiary, Onshore Energy.
The WA Department of Mines and Petroleum agreed to suspend the condition that would otherwise require the completion of Year 1 work by the end of March; this requirement has been extended for a period of 12 months, with completion now due by March 31, 2013. MEC reported in an ASX release that the extension application had followed delayed approvals for the production testing of the Waggon Creek-1 and Vienta-1 discoveries in the permit during 2011. In addition,
the early start of the northern wet season had prevented Advent from completing its production testing program in the planned timeframe.
The holding term of EP 386 has also been extended for 12 months to March 31, 2017. MEC is a major shareholder of Advent Energy, a public unlisted oil and gas exploration company. Advent’s other major shareholders include BPH Energy,
Grandbridge and Talbot Group Investments.
Advent has a strong portfolio of exploration and near-term production assets in Australia. The company’s cornerstone project PEP 11 lies off the coast of NSW and comprises gas prospects of multi-trillion cubic feet capacity. Advent holds an 85 per cent stake in the permit, in joint venture with Bounty Oil and Gas (which holds the remaining 15 per cent interest).
Advent also has a wholly-owned retention licence in the Northern Territory, which comprises the Weaber gas field, and holds an 8.3 per cent interest in a shallow, near-shore permit in the Exmouth sub-basin region of the Carnarvon Basin in WA, containing the undeveloped Rivoli gas field discovery (between 7 billion cubic feet and 18bcf).

 

By Danica Newnham

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