MEC Gearing Up for Seismic Survey in Sydney Basin
Australia’s MEC Resources is preparing to carry out a seismic survey in the Sydney Basin, offshore Australia.
The company did not say when the survey would begin, adding that the preparatory works include procurement of specialist seismic service providers to assist in the new data acquisition planned for the PEP 11 licence located in the basin.
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 said it was 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 company also cited the Australian Petroleum Production and Exploration Association’s (APPEA) forecast on the expected 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. The information released by AEMO (Australian Energy Market Operator) today is a sobering reminder that the east coast needs rapid development of new gas reserves to guarantee supply.”
