Perth, Australia, Dec 4, 2012 - (ABN Newswire) - MEC Resources Limited (ASX:MMR.AX - News) is pleased to advise that investee Advent Energy Ltd ("Advent") has completed the interpretation of the results of the recent production testing program at Waggon Creek-1 in its 100% owned EP386 in the onshore Bonaparte Basin.
Advent's 100% interests in EP386 and nearby RL1 are held by wholly owned subsidiary Onshore Energy Pty Ltd. Advent's major shareholders remain MEC Resources (ASX:MMR.AX - News), BPH Energy (ASX:BPH.AX - News), Talbot Group and Grandbridge (ASX:GBA.AX - News).
During September and October 2012, Advent concluded the production testing of Waggon Creek-1 in EP386 which had originally commenced in 2011, but was suspended as a result of the early onset of the wet season. Perforation of four zones (including two zones perforated in 2011) over the interval of 378 - 595 mKB was undertaken with an interpreted net pay of 5.5 m to 7.8m. Pressure analysis indicates that the drainage area accessible by these perforated zones in Waggon Creek-1 is restricted. Gas flows of up to 26,370m3 (0.96 MMscf) per day were recorded without any formation water production. Subsequent wireline log review and pressure build-up analysis have indicated a further four metres of net pay may yet to be accessed by the existing perforations and could contribute additional gas flowing capacity to the Waggon Creek-1 well.
Comparison of gas compositions of samples obtained from the 2011 perforated zones and recent 2012 perforated zones indicates a potential single gas column over the 217 metre interval between the top perforated and bottom perforated zones. This provides a significant gas resource upside in this stratigraphic trap should Advent successfully identify areas within the interpreted Waggon Creek gas accumulation of thicker reservoir development. Further investigative work could refine this upside potential.
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MEC Resources (ASX:MMR.AX - News) aims to achieve maximum capital appreciation by early stage investing into small and medium-sized energy and minerals exploration companies with strong growth potential and a well-defined exit strategy, such as an initial public offering or acquisition.
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