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MEC RESOURCES LIMITED — Capital/Financing Update 2019
May 23, 2019
65353_rns_2019-05-23_a82da20c-a6d0-40ac-9f1f-5f62ce6beddd.pdf
Capital/Financing Update
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25 May 2019
Australian Securities Exchange 10th Floor, 20 Bridge Street SYDNEY NSW 2000
via e-lodgement
Dear Sir/Madam
EXPLORATION INCENTIVE SCHEME SUCCESS
The Board of MEC Resources Ltd (ASX: MMR) (the Company or MEC ) advises that Onshore Energy Pty Ltd ( Onshore Energy ) has been successful in its application to the Western Australian Department of Mines, Industry Regulation and Safety ( DMIRS ) for funding from their Exploration Incentive Scheme ( EIS ).
Onshore Energy is presently a wholly owned subsidiary of MEC’s investee Advent Energy Ltd.
The Government co-funded exploration drilling grant provides $200,000 to Onshore Energy on the basis of 1:1 co-funding of drilling expenditure. Onshore Energy’s application described a new well targeting an as-yet untested formation exhibiting live oil shows in the Waggon Creek area, within EP386 in the onshore Bonaparte Basin, east Kimberley region.
The co-funded drilling project must be completed before 30 June 2020 to ensure the EIS funding, and Onshore Energy has already submitted various operational plans to DMIRS for consideration with respect to the planned drilling.
Further updates will be provided in due course.
Investor Enquiries: Andrew Bald [email protected] 08 9245 6187
MEC Resources Ltd
ACN 113 900 020 PO Box 882 West Perth WA 6872 | Suite 2, Level 3, 1111 Hay Street, West Perth WA 6006 T: +61 8 9245 6187 F: +61 8 9200 6193 [email protected] www.mecresources.com.au