MEC Resources Limited advises of the following developments in investee Advent Energy Ltd’s (“Advent”) assets in the offshore Sydney Basin (PEP11).
Advent’s 85% interest in PEP11 is held by wholly owned subsidiary Asset Energy Pty Ltd. Asset Energy’s current legal dispute with Fugro Survey Pty Ltd and RPS Energy Pty Ltd has been listed for a court appointed mediation conference on 21 August 2013. A trial date tentatively commencing 10 September 2013 has been retained.
Advent is presently preparing for seismic acquisition in PEP11 in satisfaction of the permit year 2 work commitments. Advent will advise of any developments regarding this activity in due course.
Advent’s major shareholders remain MEC Resources (ASX:MMR), BPH Energy (ASX:BPH), Talbot Group and Grandbridge (ASX:GBA).
Press Release, June 25, 2013