MEC Resources (ASX:MMR) and its partners in Advent Energy have successfully renewed the Retention Licence 1 (RL1) in the onshore Bonaparte Basin in Western Australia for a further five year period.
The RL1 comprises the Weaber gas field, which has been independently assessed to contain a mean 18.4 billion cubic feet of contingent resource gas.
The nearby EP386 has also been assessed to comprise significant unconventional gas resource with an estimated prospective recoverable resources of 9.8 trillion cubic feet.
Advent's RL-1 acreage is spread over 41,019 Acres and hosts thermally mature, thick source rock. Thickness of prospective shale gas play is varied from over 300 metres to over 1500 metres, with potential for deeper prospective shales.
The Bonaparte Basin is a proven hydrocarbon producing basin representing 19% of Australian liquids and 17% of gas, according to a 2005 Geoscience Australia report.
EP 386 and RL 1 are located on the southern, onshore part of the Bonaparte Basin and cover 2568 square kilometres in Western Australia.
With gas prices in WA reported at around $13 per gigajoule, Advent is in discussions with nearby mineral project for potential gas sales agreement.
While MEH holds 44% in Advent, other shareholders include BPH Energy (ASX:BPH) 27%, Grandbridge (ASX:GBA) 8% and Talbot Group 10%.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.