BPH ENERGY LTD — Capital/Financing Update 2010

Aug 30, 2010

==> picture [139 x 61] intentionally omitted <==

31 August 2010

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

Dear Sir,

ADVENT ENERGY LTD – PEP11 DRILLING UPDATE

MEC’s investee company Advent Energy Limited (“Advent”) has advised that it has today transferred the funds for the semi submersible rig Ocean Patriot in accordance with the agreed contract with Diamond Offshore (Australia) LLC and Apache Energy Ltd.

The semi submersible rig Ocean Patriot has been contracted by Advent to drill the New Seaclem-1 exploration well in PEP11, and is anticipated to be available to commence drilling in the fourth quarter 2010.

The major shareholders of Advent Energy are as shown below:

MEC Resources (ASX:MMR) 51.14% BPH Corporate Ltd (ASX:BPH) 19.06% Talbot Group Investments 10.42% Grandbridge Limited (ASX:GBA) 8.75%

Yours sincerely,

==> picture [163 x 51] intentionally omitted <==

David Breeze Media Enquiries: Executive Director Bill Kemmery MEC Resources Ltd Fortbridge Consulting PO Box 317 Tel: +61 2 9331 0655 North Perth WA 6906 Mobile: +61 400 122 449 Tel: +61 8 9328 8477

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 Corporate (ASX: BPH) 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.