MMR 0.00% 0.4¢ mec resources limited

The 2010 drilling failed because the 2D survey done by a company...

  1. 13,026 Posts.
    lightbulb Created with Sketch. 2271
    The 2010 drilling failed because the 2D survey done by a company back in 2008 that was used to pinpoint the 'best' drill targets was flawed and Advent Energy took them to court over the matter......

    Thats now history as MMR have a new management team onboard and have already negotiated another reputable company to complete the 2D survey once Government approvals come through in the next couple of months. I would estimate this will happen by end of September 2017.

    "Advent, through wholly owned subsidiary Asset Energy Pty Ltd, along with joint venture partner Bounty Oil and Gas NL, presently have an obligation to perform a 200 line km 2D seismic survey in PEP11. Advent has engaged Minev Services Pty Ltd to assist in delivering this work commitment and hopes to achieve this in a rapid timeframe, subject to funding, plus regulatory and stakeholder approval. Geohazard identification is anticipated to be achieved because of this survey, which will contribute to the potential future drilling activities in PEP11." ASX release 6/3/17.

    "It is expected that campaign will run for three to four days, and take place predominantly approximately 30km south east of Newcastle.
    The survey will acquire high resolution 2D seismic data over the Baleen prospect, and will evaluate (amongst other things) shallow geohazard indications including shallow gas accumulations that can affect future potential drilling operations." ASX release 4/7/17

    "Advent’s two core prospects in PEP11 have previously been calculated via external assessment to have the potential for un-risked (P50) prospective gas resources of 472 and 2,131 billion cubic feet (“BCF”) respectively, with multi-trillion cubic feet upside (“multi-TCF”, Pmean). This resource assessment was originally comprised within the independent expert report disclosed to the ASX on 22 December 2010, and has not materially changed since that date."

    "Advent is planning and preparing for a small scale seismic operation to meet its current work program commitment. In addition, Advent management believe the best chance of de-risking the key prospects is to acquire a state-of-the-art 3 dimensional (“3D”) seismic survey across the prospective trend. Advent is therefore looking to bring forward the acquisition of a suitable 3D seismic survey to deliver a ‘drill-ready’ prospect as quickly as possible. This fast-tracking of future work commitments will be subject to regulatory support and approval, stakeholder approval and available resources."

    "The strategic review of Advent’s assets has clarified that Advent’s key to successfully meeting petroleum title commitments lies in its ability to secure appropriate financial and technical resources. Achieving these goals will be the responsibility of a new leadership team in Advent. We expect this team will be capable of professionally and efficiently securing new partnerships in both the corporate and operational sense to optimally increase asset value for the company and shareholders in an expedited time frame. We expect this will include the delivery of the 3D seismic survey in a timely manner. Offshore petroleum exploration presents a significant risk-reward spectrum, typically not undertaken by junior explorers in an operator capacity due to the considerable resources required to effectively explore for commercial hydrocarbon accumulations in this environment.
    The successful acquisition and interpretation of this planned 3D seismic survey will likely lead to the drilling of the best prospect.
    "  ASX release 11/1/17.
 
watchlist Created with Sketch. Add MMR (ASX) to my watchlist
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.