BPH ENERGY LTD — Capital/Financing Update 2010

Dec 14, 2010

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15 December 2010

Companies Announcement Office Australian Securities Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000

Dear Sirs,

ADVENT ENERGY CAPITAL RAISING

MEC Resources (ASX:MMR) has been advised by its investee company Advent Energy Limited ( Advent ) of the successful completion of their recent book build.

In conjunction with international corporate advisors Pareto, Advent successfully closed its recent book build following the placement of 11,920,000 shares at an issue price of A$1.25 per share.

Equity placements under the book build have been made to BPH Energy Limited ( formerly BPH Corporate ) (ASX: BPH) and an asian based hydrocarbons group.

The major shareholders of Advent are now:

MEC Resources (ASX: MMR) BPH Energy (ASX: BPH) Talbot Group Investments Grandbridge (ASX: GBA)

Yours sincerely,

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David Breeze Executive Director MEC Resources Ltd PO Box 317 North Perth WA 6906 Tel: +61 8 9328 8477

Media Enquiries: Bill Kemmery Fortbridge Consulting Tel: +61 2 9331 0655 Mobile: +61 400 122 449

About MEC Resources

ASX listed MEC Resources (ASX: MMR) invests into exploration companies targeting potentially large energy and mineral resources. The Company has 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.

About Advent Energy

Advent Energy Ltd is an unlisted oil and gas exploration company, held by major shareholders MEC Resources (ASX: MMR), BPH Energy, Grandbridge (ASX: GBA) and Talbot Group Investments. Advent holds a strong portfolio of exploration and near-term production assets throughout Australia. Advent’s cornerstone project lies off the coast of NSW in Petroleum Exploration Permit 11 (PEP11), and comprises gas prospects of multi-Tcf capacity. Advent Energy’s wholly owned subsidiary Asset Energy Pty Ltd will increase its interest from 25% to 85% of PEP11 by drilling the first well. Bounty Oil and Gas (ASX:BUY) will thereby reduce their interest from 75% to 15%.

Notes: In accordance with ASX listing requirements, the geological information supplied in this report has been based on information provided by geologists who have had in excess of five years experience in their field of activity.

MEC is an exploration investment company and relies on the resource and ore reserve statements compiled by the companies in which it invests. All Mineral Resource and Reserve Statements have been previously published by the companies concerned. Summary data has been used. Unless otherwise stated all resource and reserve reporting complies with the relevant standards. Resources quoted in this report equal 100% of the resource and do not represent MEC’s investees’ equity share.