PEP11 project is ideally placed to provide gas into the east coast gas network
 

PEP11 Exploration - offshore Sydney Basin

<img src=http://www.australian-gas.com/assets/images/bounty-pep11.gif width="650px">

Further to its announcement of 28th January, 2016 MEC Resources is pleased to advise that preparatory work is underway to perform a seismic survey in the offshore Sydney Basin in PEP11. This includes procurement of specialist seismic service providers to assist in the new data acquisition planned for PEP11.

The PEP11 joint venture participants are Asset Energy Pty Ltd (85% and operator) and Bounty Oil and Gas NL (15%). Asset Energy Pty Ltd is a wholly owned subsidiary of MEC Resources Ltd investee entity Advent Energy Ltd.

MEC Resources ((ASX: MMR) is closely monitoring the gas market dynamics in the east coast of Australia, and strongly believes the PEP11 project is ideally placed to potentially provide gas into the east coast gas network. The Australian Petroleum Production and Exploration Association (APPEA) has succinctly described the forecast shortfall in the east coast gas market in a public statement released 10th March 2016.

"The latest Gas Statement of Opportunity (GSOO) warns that developed gas reserves in eastern and south-eastern Australia can only meet forecast demand until 2019."