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Another huge gain today for MMR and MMRO . Presentations appear to be attracting big buying .


I suspect both will continue a solid rise towards what I believe will be a very anticipated drill campaign 20 km's offshore Sydney in 75 metres of water within months .




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Unbelievable rise again.

The excitement of the huge potential in the Sydney Basin is clearly driving this one. Currently near 80c today when I checked.

The rocket journey continues! I'd love a funding confirmation announcement now and this one could go northward much further... :biggrin:



Holding MMR at 10c

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I'm out of MMR.


Saw the quick spike this morning but started to worry when I saw the SP drop below 70c.

As I inferred yesterday, MMR will need an announcement regarding funding confirmation or it won't sustain the dramatic gains in the short term. I might look to re-enter if the SP tanks or an announcement comes...


Bought in at 10c, out at 68c average (550%+ profit :biggrin: )



Good luck to all holders

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Excitement is building at Australia's MEC Resources, an investment company with interests ranging from biopharmacy to oil, as one of its investee companies gears up to drill the waters offshore Sydney, where the possible gas resource could top 16 trillion cubic feet. OilBarrel.com

First, however, there are some corporate issues to be resolved: one of MEC's companies, ASX-listed Biopharmica will be renamed BPH Corporate and will hold Biopharmica's existing biotech research as well as a 20 per cent stake in unlisted Perth-based E&P Advent Energy. This move diversifies the risk, with BPH then holding two possible value-adding projects in two very different industries, and creates a structure to bring more capital into the company ahead of drilling. It also helps protect against any low-ball bids from potential predators and should increase shareholder exposure to any uplift in value following a successful well.

Advent certainly believes it is sitting on a substantial project in the PEP11 licence in the offshore Sydney Basin. Over the last two years Advent has reprocessed existing seismic, ranging in vintage from 1981 to 2004, which has significantly enhanced the understanding of the geology. It now reports a prospective P10 unrisked gas resource of 16.3 trillion cubic feet for six prospects and leads in the 8,100 sq km permit, with the P50 and P90 numbers estimated at 5.1 tcf and 1.2 tcf respectively. The largest of these is the Fish prospect, which alone carries a P10 prospective recoverable gas resource of over 9 tcf.

Advent has the right to earn an 85 per cent interest in the project, with its joint venture partner, ASX-listed Bounty Oil & Gas, reducing from 75 per cent to 15 per cent. This would give the unlisted company a major stake in a potentially major gas project in one of the last frontiers in Australia as the waters off New South Wales have long been neglected by the industry. This is ex-Santos and Ampolex acreage: both companies invested in seismic but never committed to the drillbit.

"In the past new South Wales has relied on its vast coal resources for energy but the there is now a desire on the part of power companies, the government and the population to put into place gas-fired power generation in order to reduce CO2 emissions," explained MEC executive director David Breeze, a stockbroker by trade.

According to Breeze, one third of Australia's carbon dioxide emissions come from just 12-13 power stations all within a coastal strip 20-50 km wide, stretching from Wollangong in the south up to Newcastle, the largest coal export port in the world. Substitute this cheap but dirty coal with cleaner burning gas and national emissions targets become much easier to meet. This pressure to cut CO2 emissions means there is now a demand for gas in this part of the country, with demand in the Sydney area expected to double over the next 12 years. "The dynamics of climate change have brought about a tremendous opportunity for the company," Breeze told oilbarrel.com.

The company is now in the final stages of negotiating a rig contract and getting all the necessary approvals ready to drill in Q2 2010. Water depths in the area of interest range from 85 to 120 metres, making this jack-up territory, and with the prospects lying just 20 to 25 km offshore, it would be feasible to build a pipeline connecting to the gas distribution network in Sydney. "The costs of development are remarkably low compared to the alternatives for supplying gas into the Sydney area," said Breeze.

The necessary capital raising is already underway, with the company looking to raise A$12 million. "The market reaction has been very good," said Breeze. "There's been a marked improvement in appetite for investment in Australia, especially for resource projects."

Should the drillbit prove up this potential, this could be a truly transformational project. The potential resource could not only supply the expanding gas demand of the Sydney region but also justify investment in a floating LNG plant to supply energy-hungry markets across the Pacific Rim. At which point, MEC Resources early backing of little-known Advent Energy would really begin to pay off for investorsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¦

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Meanwhile, we have had to re-jig our conference programme for our 34th gathering tomorrow, Thursday May 20. Fraser Pritchard who was to have presented for Leni Gas & Oil has had to postpone his appearance for personal reasons. His company will be replaced by ASX-Listed MEC Resources. Oilbarrel.com




Asset Energy

MEC invested $655,000 in November 2006 to acquire Asset Energy Pty Ltd. Funds were used to enter into a joint venture agreement with Bounty Oil and Gas NL with regards to New South Wales/Petroleum Exploration Permit 11 - offshore Sydney Basin. Via shareholder resolution in 2008, Asset Energy was acquired from MEC by Advent Energy Ltd.


Advent Energy

Advent Energy is an unlisted oil and gas exploration and production company incorporated in 2004 and acquired by MEC in 2006. Since acquisition, Advent has enhanced its excellent portfolio of oil and gas exploration and near term production assets located both on and offshore Australia. These permits have had an estimated $126 million previously invested on historic exploration.


Included in these assets are:

  • Petroleum Exploration Permit 11 in the offshore Sydney Basin. This permit has been assessed to contain 16.3 Tcf prospective recoverable resources that lie within 50km of the major population region of Sydney and excellent port and power generation infrastructure.
  • Carnarvon Basin (permit EP325) where supply of gas from the Rivoli gas field to the Australian Government naval facility at Exmouth is anticipated within 18 months.
  • Retention Lease 1, and Exploration Permit 386, in the Bonaparte Basin. Discussions with potential customers regarding supply of gas/energy are continuing.
  • A JV led by Victoria Petroleum allow Advent the opporunity to earn 50% in the Catalina block in Petroleum Exploration Licence 111. This block is situated amongst numerous oil and gas fields in the productive Cooper Basin in South Australia.
  • Advent has acquired a strategic shareholding in Australian onshore hydrocarbon explorer Central Petroleum (ASX: CTP).
  • MEC currently holds 74% of Advent Energy Ltd and has invested $1 million to date
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