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Advent Energy Awarded Licence Extension for EP386 in Northern Western Australia

Source: www.gulfoilandgas.com 4/3/2018, Location: Not categorized

MEC Resources has provided an update on the EP386 exploration permit in northern Western Australia. The Company’s investee Advent Energy holds a 100% interest in EP386 through wholly owned subsidiary Onshore Energy.

Further to the release to the ASX dated 21 March 2018 pertaining to the applications to the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS) in support of variation, suspension and extension of the petroleum title, DMIRS has provided a response to Onshore Energy prior to full consideration of applications received. DMIRS has granted Onshore Energy a 24 month title extension to EP386 to 31 March 2020.

Additionally, the Year 5 permit work commitment completion date has been suspended until 31 March 2020. Decommissioning of Waggon Creek-1 and Vienta-1 must also be completed by that date, with well management plan, environment plan and safety case to be submitted prior to 28 September 2018.

Advent Energy Chairman Goh Hock stated: 'We’re pleased to continue to work with the Western Australian Department of Mines, Industry Regulation and Safety to facilitate ongoing operations, exploration and appraisal towards achieving commercial development of the resources in EP386.

The Company notes the recent appointment of Mr Stephen Kelemen to the Advent Energy board of directors. Mr Kelemen is an engineer with over 30 years of oil and gas experience in a variety of technical and leadership roles. In his significant roles with Santos, he has previously been responsible for the onshore Bonaparte Basin assets incorporating EP386 and RL1, and will therefore provide strong guidance and invaluable contribution to these petroleum titles moving forward.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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