25 Nov

Investee Advent - Call for Tender Directional Drilling

MEC Resources Ltd ACN 113 900 020 Level 1, 9 Bowman Street, South Perth WA 6151 T: +61 8 92 17 24 00 info@mecresources.com.au www.mecresources.com.au ASX ANNOUNCEMENT 2 5 November 2021 INVESTEE ADVENT ENERGY LTD – PEP11 - SEABLUE - ISSUANCE OF CALL FOR TENDER FOR THE PROVISION OF DIRECTIONAL DRILLING, MEASUREMENT WHILE DRILLING AND LOGGING WHILE DRILLING M EC Resources Limited ( “MEC ” or the “Company ” ) (ASX:MMR) highlights the following information provided by its investee company, Advent Energy Ltd ( “ Advent ” ). A Call for Tender has been issued by Advent , through its’ subsidiary Asset Energy, for the provision of Dir ectional Drilling, Measurement While Drilling and Logging While Drilling for the Seablue - 1 gas exploration well. . The proposed well is planned to be drilled in 125m of water approximately 26km offshore and 30km SSE of the City of Newcastle. The drilling of the well is subject to funding and regulatory approvals and is expected to take around 40 days to reach Total Depth . The proposed well has two obj ectives: (i) a gas target and (ii) evaluation for Carbon Capture Storage, subject to regulatory approvals and funding . When the well has reached Total Depth and has been fully evaluated, it will be plugged and abandoned as per regulatory requirements, in line with pre - drill planning as an exploration well, the well head and associated equipment will be removed from the seabed . MEC confirms that the PEP11 interests are; • Advent Energy Limited – 85% • Bounty Oil & Gas Limited (ASX:BUY) – 15% David Breeze ( Managing Director) authorised the release of this announcement to the market. About Advent Energy Ltd Advent Energy Ltd is an unlisted oil and gas exploration company held by major shareholders, MEC Resources Limited (ASX: MMR) , BPH Energy Limited (ASX: BPH) and Grandbridge Limited. Advent holds a strong portfolio of near - term development and exploration assets spanning highly prospective acreage onshore and offshore Australia in proven petroleum basins. Advent asset base also incorporates both conventional and unconventional petroleum targets. Geosequestration - The Offshore Sydney Basin offers the potential opportunity for NSW to make deep cuts in its CO2 emissions through CCS - Carbon Capture and Storage (geosequestration of CO2 emissions) . CCS is part of a suit of solutions with the potential to mitigate greenhouse gas emissions and help address climate change. PEP11 LOCATION Location of PEP 11 offshore Australia (below) and location of the Seablue - 1 well site at the Baleen Prospect approximately 26 km offshore and 30 km SSE of the city of Newcastle
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