mermaid marine are active in bass strait

For those that are not aware, Mermaid Marine Australia are active in Bass Strait

Management are currently in ongoing discussions with the operators of the Esso/Kipper Project for contract work

Today it was reported that AWE had recovered reasonable results from its drilling program in the Bass Strait



Below is the announcement

AWE reports hydrocarbon in Bass Basin December 29, 2009 - 3:09PM

Oil and gas producer AWE Ltd has reported hydrocarbon shows throughout several zones at its Rockhopper-1 joint venture in Bass Strait.

AWE, which controls 47.5 per cent of the exploration well, said on Tuesday the Rockhopper-1 well was at a total measured depth of 3,522 metres.

"Hydrocarbon shows were encountered throughout several zones in the main reservoir sequence," AWE said in a statement.

The well is a joint venture between Origin Energy Ltd, which owns 39 per cent and is project operator, AWE, CalEnergy Gas Ltd, with 8.5 per cent and Innamincka Petroleum Ltd, with five per cent.

The well is in Bass Basin, which is between Victoria and Tasmania.

Origin Energy said several discrete inter bedded sand/shale intervals were encountered in the target zone between 2,827m and 3,421m and good gas shows were recorded while drilling the sands.

"Logs acquired during drilling also show elevated resistivity through these sands indicating they are hydrocarbon bearing," Origin said in a statement.



Mermaid Marine goes into the new year with a strong balance sheet, plenty of work, and contracts pending. As the recovery becomes more evident companies that have struggled financially over the last 18 months will start to generate activity that will grow their businesses

The point here is that Mermaid Marine have not struggled over the last 18 months. The company has prospered significantly. Bearing this in mind, we are in for exciting times from a newly added ASX 200 work horse. which will propel it, dare I say into an ASX 100 company. Perhaps not for two or three years - however it could happen

As always the above comments should not be construed as investment advice