MEC Resources Limited (ASX:MMR) is pleased to advise that investee company Advent Energy Ltd ("Advent") has released further data on its shale gas study in Exploration Permit 386 ("EP386") and Retention Licence ( "RL1") 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).
Advent has identified significant shale areas in EP386 and RL1 and is continuing to assess these resources.
The following data illustrates detail from that study showing results from the re-analysis of the well logs from prior drilling in Advent's areas using enhanced computer processes.
The EP386 exploration permit covers an area of 2,568 square kilometres while RL1 covers an area of 166 square kilometres within the onshore portion of the Bonaparte Basin in Western Australia and the Northern Territory respectively.
- The attached study released by Advent indicates significant potential upside in prospective shale gas resources with estimated unrisked original gas in place (OGIP) in the range from 19 TCF to 141 TCF for the 100% Advent owned EP386 and RL1;
- The thickness of the prospective shale gas play varies from 300m to over 1500m;
- In addition to the existing gas discoveries in conventional petroleum reservoirs, composite wireline and mudlog gas display of these wells have consistently indicated the presence of continuous elevated gas shows. Source rock analyses on core, sidewall core and cuttings samples have indicated the presence of source rocks with up to 4.3 % Total Organic Contact and mature for gas and oil generation; and
- Advent has calculated a risked recoverable of 9.6 TCF for the shale gas areas of the Bonaparte permits of EP386 and RL1.
- Multiple petroleum targets are present in EP386 & RL1 area;
- Review of various conventional petroleum exploration and appraisal wells in the study area has been undertaken by Advent as part of its ongoing assessment of the commercial production opportunity for existing gas discoveries in the area. Production testing of Waggon Creek-1 is presently continuing; and
- Proven conventional gas resource: Upgraded assessment ("Best Estimate") of conventional prospective resources in EP386 of 355.9 Bcf gas.
Planning is underway for CNG/LNG commercialisation of these conventional resources. Further technical detail is available in the attached report.
To view the Report, please visit: