MEC Resources advised that its investee company, Advent Energy (Advent) has received an initial assessment of its environment plan (EP) from the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA) for the planned 2D high resolution seismic survey in PEP11, offshore Sydney Basin.
The initial assessment findings have been received from NOPSEMA, and an opportunity to modify and resubmit the EP has been provided to Asset Energy Pty Ltd (wholly owned subsidiary of investee company Advent).
Advent anticipates that it will address the findings and update the draft EP over the next 30 days.
The EP, submitted on 3 July 2017, is the critical documentation necessary to be submitted to NOPSEMA to allow the seismic survey to proceed in PEP11 once approved. In accordance with standard processes, NOPSEMA normally respond 30 days after submission with a list of action items and further information requests, ahead of further formal assessment. This is a standard procedure implemented with all applications and it is common practice to receive requests for further detail after the initial assessment by NOPSEMA.
Once approved by NOPSEMA, the survey will acquire high resolution 2D seismic data over the Baleen prospect, approximately 30km southeast of Newcastle, and will evaluate (amongst other things) shallow geohazard indications including shallow gas accumulations that can affect future potential drilling operations.
PEP11 is operated by Asset Energy Pty Ltd (85%), a wholly owned subsidiary of MEC Resources’ investee Advent Energy Ltd. Bounty Oil and Gas NL (ASX: BUY) is the joint venture partner and holds 15% of PEP11.