Infrastructure Spending to Benefit Advent Energy's Northern Territory Gas Project

MEC Resources Limited expects infrastructure funding in Northern Territory will provide considerable benefit to Advent Energy and its 100 percent held Weaber gas field (R1) project.

The Prime Minister Malcolm Turnbull’s coalition campaign headquarters has announced that the Keep River Road will benefit from a funding package to boost important freight and economic development infrastructure upon the federal coalition’s re-election.

The Keep River Road on the NT’s border with Western Australia has been named as a funding recipient because of its proximity to the Project Sea Dragon aquaculture development and to potentially open up third stage of the Ord scheme. A funding allocation of A$40 million has been announced. Advent Energy has already entered into a Letter of Intent for the possible future supply of gas to Project Sea Dragon.

The Keep River Road runs directly through Advent Energy’s RL1 project, coming to within 4.5 km of the Weaber-4 well which is cased and suspended as a future producer.

A 2C Contingent Resource of 11.5 Bcf (1C is 0.3 Bcf and 3C is 45.8 Bcf) for the Weaber gas field has been assessed by an independent third party.

Advent’s major shareholders remain MEC Resources, BPH Energy, Talbot Group and Grandbridge.