MEC RESOURCES LIMITED - ASX: MMR

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Description

MEC Resources offers investors an exciting structure through which to invest into exploration companies seeking large energy and mineral discoveries. The Company has also been registered by the Australian Federal Government as a Pooled Development Fund enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends.

MEC's investment capital is targeted for new and emerging companies in which investments have the potential to yield significant returns. MEC aims to achieve maximum capital appreciation by early stage investing into small and medium-sized energy and minerals exploration companies with strong growth potential and a well-defined exit strategy, such as an initial public offering or acquisition.

Asset Energy

MEC invested $655,000 in November 2006 to acquire Asset Energy Pty Ltd. Funds were used to enter into a joint venture agreement with Bounty Oil and Gas NL with regards to New South Wales/Petroleum Exploration Permit 11 - offshore Sydney Basin. Via shareholder resolution in 2008, Asset Energy was acquired from MEC by Advent Energy Ltd.

Advent Energy

Advent Energy is an unlisted oil and gas exploration and production company incorporated in 2004 and acquired by MEC in 2006. Since acquisition, Advent has enhanced its excellent portfolio of oil and gas exploration and near term production assets located both on and offshore Australia. These permits have had an estimated $126 million previously invested on historic exploration.

Included in these assets are:

Petroleum Exploration Permit 11 in the offshore Sydney Basin. This permit has been assessed to contain 13.2 Tcf (at the 'P50' or 'best estimate' level) prospective recoverable resources that lie adjacent to the major population region of Sydney and excellent port and power generation infrastructure.

Carnarvon Basin (permit EP325) where supply of gas from the Rivoli gas field to the Australian Government naval facility at Exmouth is being considered.

Retention Lease 1, and Exploration Permit 386, in the Bonaparte Basin. Discussions with potential customers regarding supply of gas/energy are continuing.

MEC currently holds 51.1% of Advent Energy Ltd.

Mine For

oil, gas, uranium, nickel, iron ore, gold

Location of operation(s)

NSW, WA, NT

Australian Basins

Sydney, Carnavron, Bonaparte

Address

14 View Street
NORTH PERTH, WA, AUSTRALIA

Phone

(08) 9328 8477

Email

Website

http://www.mecresources.com.au

Last Updated

18/03/2011