MEC RESOURCES LIMITED — Investor Presentation 2009

Jul 2, 2009

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3 July 2009

Companies Announcement Office Australian Securities Exchange Limited 10[th] Floor, 20 Bond Street SYD N EY NSW 2000

Dear Sir,

ANNOUNCEMENT TO ASX

ADVENT ENERGY LIMITED PRESENTATION TO THE SYDNEY MINING CLUB

MEC Resources Ltd (ASX:MMR) is pleased to provide a copy of the presentation made by its investee company Advent Energy Limited to the Sydney Mining Club

A copy of the presentation is attached.

Yours Sincerely

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……………………………… Executive Director

OFFSHORE SYDNEY BASIN : PEP11 OPPORTUNITY

• NSW/PEP 11 covers 8100+ sq km, 20 km from Australia’s largest energy market, excellent infrastructure

• Permit Prospective Recoverable Resources estimated at up to 16.3 Tcf; mean = 7.5 Tcf

• Excellent analogies with world class producing fields

• Active thermogenic hydrocarbon system demonstrated offshore

• Possible gas/condensate-charged Permian + Triassic reservoirs / excellent potential for gas & oil discovery

• Prospective resources and proximity to infrastructure infer potential for LNG

• Advent – right to earn 85%; JV partner Bounty Oil & Gas reducing from 75% to 15%

• Robust Economics: NPV10 > A$12 billion potential at P50 level => potential >170 x uplift in equity value

• Evaluating tenders for provision of rig, environmental approvals nearing completion and conceptual well engineering design complete

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Offshore Sydney Basin – A Proven Petroleum Basin With Potential Huge Gas Reserve –
Prospective Recoverable Resources of 16.3 Tcf (P10) estimated for the Permit.
Cornea, Browse
Skua and Swift, Bonaparte
Lord Howe Rise: Lord Howe Rise:
•• 4.5 billion boe4.5 billion boe
•• 98.5% methane98.5% methane
HRDZ
“…sea floor spreading commenced at 65-70 million years before present resulting in the separation of the
Lord Howe Rise from the east coast of New South Wales (NSW Bureau of Mineral Resources)”
North Rankin, “a speculative estimate of petroleum resources within Australian jurisdiction on the Lord Howe Rise is
Carnarvon about 4.5 billion barrels of oil equivalent (Willcox & Symonds, 1997)”.
[Fred Kroh, Geoscience Australia]Otway recovered exceeded 98.5% methane.”“Ocean Drilling Program (ODP) Leg 164 recently drilled three locations on the crest of the Blake Ridge to assess the composition and amount of gas in its gas hydrate deposit (Paull et al, 1996). All gas Kingfish,Gippsland
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Offshore Sydney Basin – Santos and Government Reports

• “Ampolex , assuming a somewhat different objective stratigraphy, estimated unrisked reserves at

• 1560 Bcf . Santos (1993) had identified a total of 10 structural leads, two on the flank of the Newcastle Syncline being estimated to each contain 975 Bcf of gas-in-place .”(Alder, 1998)

• “ Although the high inertinite and vitrinite content of the coals indicate that they are primarily a potential

• source of gas, the Upper Permian coals of the Sydney Basin compare favourably as a potential source for both oil and gas with the Toolachee Formation, the main late Permian source in the Cooper Basin of southwest Queensland and South Australia. The Late Permian coal measures attain a thickness of about 1600m at the coast between Newcastle and Terrigal-1, and thicken and dip offshore. ” (Alder, 1998)

• “ Maximum depth to magnetic basement in NSW/P10 is greater than 9km in the southern Macquarie

• Syncline and south of the New England Fold Belt at the continental margin. Recent seismic reprocessing and aeromagnetic surveying have focused the exploration effort on northern NSW/P10 where thick

• (greater than 1600m) Upper Permian section containing source and reservoir facies is predicted.” (Grybowski, 1992)

• “ This area is the most prospective in NSW/P10 because the primary source and reservoir

• section , the Upper Permian coal measures, attain its greatest thickness, and structural closures potentially containing this section have been mapped on the reprocessed 1981 seismic.” (Grybowski, 1992)

• “ Depth to magnetic basement exceeds the seismically determined depth to the base of the Permian

• sediments across the offshore uplift and its flanks. Leaman (1990); also interpreted from gravity data that shallow magnetic basement across the offshore uplift may not be crystalline basement but a thick Upper Carboniferous/Lower Permian volcanic pile with Carboniferous sediments below. It seems that a subPermian basin lies below the Sydney Basin near the coast and offshore.” (Grybowski, 1992)

Offshore Sydney Basin – Geoscience Australia and NSW Government Reports.

• [Maung et al, (Australian & NSW Govt Report) Petroleum Resources Branch/Bureau of Research Sciences, 1997 ]

• “ Whilst the Basin is considered gas-prone numerous significant shows, including both bleeding oil and gas flows, have ”

• been reported, supporting the assessment that the Basin contains an active petroleum system .

• “ Reconnaissance and semi-detailed seismic reflection coverage identify the Offshore Sydney Basin as a region of structural ”

• complexity, the style of which appears to be quite different from that of the adjacent onshore areas .

• “ Several structural prospects and leads identified by previous explorers lie within areas now considered optimal for

• source rock and reservoir development. Previous explorers have estimated one prospect, associated with the Offshore Uplift, to potentially contain over 1 Tcf of gas . Additional leads have also been identified, across the eastern flank of the Uplift, where geological control is minimal and analogies to onshore geology tenuous. Many of these additional leads lie on regional structural fairways which have the ”

• potential to trap significant commercial quantities of hydrocarbons .

• “ Whereas Ampolex (Bradley, 1993) interpreted structural reactivation of this orogen as having commenced in the Middle to

• Late Permian and Santos interpreted it to be entirely related to Tasman Sea rifting (Grybowski, 1992), we link its structural reactivation to the development of the Sydney Basin from the earliest Permian. ”

• “ Areas around and adjacent to the emerging Offshore Uplift, and particularly its shallowing eastern flank, were subjected to

• greater wave-base, barrier and strand bar deposition (environments favourable to enhanced reservoir development) than comparable onshore areas . This is an extremely important aspect for it has been the absence of perceived suitable reservoirs within the Permian that has impeded further exploration effort throughout the Sydney Basin generally. ”

• “ According to the Santos interpretation Triassic and Late Permian sediments had been stripped off the crest of the Offshore

• Uplift, an interpretation that restricted the potential for reservoir involvement across the structural crest of the Uplift. This is reflected in the style of structuring interpreted by Santos. Our interpretation differs markedly from those of both Santos and Ampolex.”

Offshore Sydney Basin – Prospectivity Studies to 2004

• “ The Sydney Basin was subjected to late-stage episodes of compression, which caused brittle deformation,

• fracturing and high angle reverse faults probably during the Late Oligocene to Mid-Miocene (as seen in the Gippsland and Otway Basins).” (Bradley, 1993)

• “ More recent drilling results demonstrate a currently active gas-generative petroleum system (both

• carbon dioxide free and ethane enriched) , probably sourced from both the Wandrawandian Siltstone and Berry Siltstone. The Nowra Sandstone (sealed by Berry Siltstone) and the Snapper Point Formation (sealed by Wandrawandian Siltstone) present widespread target horizons for deep petroleum exploration wells within the southern, central western and central northern Sydney Basin. ” (Arditto, 2001)

• “ Several new structural targets have been added to the existing inventory of prospects and leads, including some now

• considered optimally located with respect to source rock and reservoir development . It was during another foredeep loading episode in the Late Permian that the economically significant and regionally extensive, petroleum source rock , coal bearing faces of the Tomago, Newcastle and Illawarra Coal Measures were deposited. ” (Alder, 1998)

• “The Sydney Basin contains the necessary ingredients for hydrocarbon accumulations, namely

• abundant source and seal rocks (Early Permian marine shales/siltstones and later Permian Coal Measures) , adequate thermal history, and untested traps.” (Hamilton and Galloway, 1989; Alder).

• “Structural traps are believed to be widespread with Late Permian and Late Triassic anticlines and

• fault traps combined with Tertiary rejuvenation of older structures thought to be the major plays.” (Stewart and Alder, 1995).

• “ Towards the top of these cycles thick coal measure facies were deposited, particularly in the late Permian; supporting

• our assessment that the basin contains an active petroleum system.” (Stephenson & Burch, 2004)

• “ The Sydney Basin contains at least 6km of Permo-Triassic marine and non-marine sequences, and is the

• southernmost part of an eastern Australian super-basin that extends from the hydrocarbon producing Bowen Basin in Queensland through the Gunnedah and onshore Sydney Basins.” (Stephenson & Burch, 2004)

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“Arditto (2003) argues that the central offshore region of Sydney
Basin (southern part of PEP-11) is well positioned to contain clean,
quartz-rich, fluvial to nearshore marine reservoir facies within the
Late Permian Coal Measures. If adequate reservoirs exist, these
facies are also well positioned to receive hydrocarbons from the
adjacent coal and carbonaceous mudstone source rocks (Arditto,
2003)”
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Offshore Sydney Basin – Seep Features – a Key Exploration Tool

• “ Gulf of Mexico: Active bubble discharge areas increase gradually to the south reaching a peak over the southern most

• reservoirs and suggests these are diagnostic � of much earlier stage of gas generation & movement diagnostic of active present day reservoir charging . ” (Whelan)

• “Active seeps occur where gas bubbles, pockmarks, or bright spots are visible on seismic profiles and where

• chemosynthetic communities are present in conjunction with large concentrations of migrated hydrocarbons (macroseeps). These generally occur where generation and migration of hydrocarbons from source rocks are ongoing today . ” (Abrams)

• “Active seeps are easily detected as acoustic anomalies (e.g., wipe-out zones and bottom simulating reflector) on

• conventional and high-resolution seismic profiles. Also active seeps may be seen as gas bubble traces and pockmarks on subbottom profiler and sidescan sonar records. ” (Hovland and Judd, 1988, in Abrams).

• “Active seeps typically occur in basins that are now actively generating hydrocarbons or that contain excellent migration

• pathways. ” (Abrams)

• “ It also demonstrates that regional chimney mapping provides a robust framework with which to high-grade areas for

• exploration. ” (O’Brien et al, Geoscience Australia)

• “ Whilst these chimneys appear as strong events on seismic data (Figure 7), the total amount of hydrocarbons passing

• through them to the seafloor can be fairly insignificant, at least at the present day. This suggests that even quite low amounts of gas can produce strong chimneys on seismic data . ” (O’Brien et al, Geoscience Australia)

• “ These small slicks are, however, absolutely critical in identifying the location of the most prospective structures

• within a province such as the Yampi Shelf. ” (O’Brien et al, Geoscience Australia)

• “ From an exploration viewpoint, it would appear that a hierarchical approach is the most appropriate. Firstly, seafloor

• features such as pockmarks and biological build-ups should be identified, and shallow direct hydrocarbon indicators (DHIs) , gas chimneys and HRDZs etc should be mapped using available 2D, and preferably 3D, seismic data. These data should be combined with regional charge history modelling (2D and 3D) and structural mapping, and analysis of the distribution of the regional sealing facies. These data should be combined with regional SAR data to identify any areas with clear liquids seepage - such as the inboard edge of the Yampi Shelf. ” (O’Brien et al, Geoscience Australia)

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Slope failure, Gas seepage. Major HC Provinces
Norway: 3 [rd] largest oil Norway:
2 [nd] largest gas Ormen
(global exports) Lange
Source: EIA and IEA 14 Tcf
Slope Failure Production Source: European Commission
Nearly all the important oil producing regions of the
world were first discovered by surface oil and gas Sydney Basin Continental Margin
seeps (Hunt, 1981)
Slumps: over 28 cu. km
Source: Whelan, Marine & Petr Geol 2005
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Swath Survey 2006
D. Schumacher: “Hydrocarbons seep in large concentrations in
basins actively generating hydrocarbons or that contain excellent
migration pathways”
Pockmark over 282,000m [3]
Image courtesy Ron Boyd,
University of Newcastle
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Yampi Shelf (Browse Basin, NW Australia) Model
Gippsland Basin Model
Offshore Gippsland
Zero production onshore
Gippsland
Reserves:
17.5 Tcf+
110 MMbbl+ (3.89 billion bbl produced)
Courtesy O’Brien, Geoscience Australia; based on Yampi Shelf, Browse BasinMajority of Australia’s oil production
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Chimneys and pock marks indicating focus areas of fluid flow above the top reservoir
“From the many studies performed in hydrocarbon basins from all over the world we have
learned that seismic chimneys are visible in 90% of all Mesozoic and Tertiary basins.” Norway – Gullfaks South Field
Dome
Bright Spots
Bright Spots
Pull
Downs
• Apparent gas reservoired at intermediate (1.0 – 2.2 sec twt)
depths
• Trap charge migration is not imaged
• Evidence of more active seepage at both flanks
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“Structural traps are believed to be widespread
with Late Permian and Late Triassic anticlines
and fault traps combined with Tertiary
rejuvenation of older structures thought to be
the major plays.” (Stewart and Alder, 1995)
“The main source
kitchen areas are in
the deeper parts of
the Lake Macquarie
Trough, Macdonald
Trough, Offshore
Syncline, and
Newcastle Syncline”
(Santos, 1987; Alder
et al., 1998)
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Offshore Sydney Basin:
Horizon E Structure Frame Indicating Huge Offshore Anticline
Mean prospective recoverable resources: 7.5 Tcf
Baleen Prospect: Blue Lead:
Prospective rec. res: Prospective rec. res:
P10: 5.78 TCF P10: 253 BCF
P50: 1.79 TCF P50: 170 BCF
P90: 0.22 TCF P90: 102 BCF
Fish Prospect:
Prospective rec res:
P10: 9.18 TCF
P50: 2.37 TCF
P90: 0.49 TCF
Sei Lead:
Prospective rec. res:
P10: 281 BCF
P50: 194 BCF
P90: 110 BCF
Possible Stratigraphic
trap identified by AVO
1981 2D
Humpback Lead: Seismic
Prospective rec. res: Lines 1742
P10: 351 BCF km
P50: 241 BCFP90: 142 BCF�1460 km of new lines acquired in 3805 km 2D seismic including Offshore Uplift NewcastleSyncline New England Fold Belt 1991 2D Seismic
2005; Lines 603 km
� integrated for first time with 2004 2DSeismic
1991, 1981 seismic interpretation Lines 1460 km
confirms Baleen structure and Orca Lead:
Prospective rec.
identifies new Fish prospect.resources:
P10: 450 BCF
P50: 313 BCF
P90: 169 BCF
Offshore Syncline
Newcastle Syncline
Offshore Uplift
New England Fold Belt
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Offshore Sydney Basin: Possible Trap Styles
1. Transpressional, wrench related structures
2. Overthrust traps on W margin of Offshore
Uplift, include 4 way dip closures
3. Mild basin inversion structures
4. Sub-thrust plays
along E edge of
Offshore Syncline
from overthrusting 6. Stratigraphic /
in W direction structural+stratigraphic (e.g.
� 3805 km 2D seismic including 1460 km of new lines identified by AVO)
acquired in 2005;
� integrated for first time with 1991, 1981 seismic
“The main source kitchen areas
interpretation confirms Baleen structure and identifies
are in the deeper parts of the
new Fish prospect. Lake Macquarie Trough,
Macdonald Trough, Offshore
Syncline, and Newcastle
5. Extensional, down to basin
Syncline” (Santos, 1987; Alder et
From Maung et al, 1997, and margin normal fault bound blocks al., 1998)
Stephenson & Burch, 2004,
Preliminary Evaluation of the Petroleum (E flank of Offshore Uplift)
Potential of Australia’s Central Eastern Margin (GA12988 )
Offshore Syncline
Offshore Uplift
Offshore Syncline
Newcastle Syncline
Fold Belt
New England
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Distribution of Major Traps on Top of Surface E
Blue
North
Fish
West Sei
and
East Sei
Baleen (4 way dip closure)
Humpback
Orca
South Fish (4 way dip closure)
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Surface E Side View From East to West
North Fish
South Fish Baleen Blue
Sei
Humpback
Orca
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Petroleum Association and Reservoir Model
Redox Anomaly
Gas Bubbles/Thermogenic
Hydrocarbon Seepage
Mound
Amplitude Anomaly
Gas Chimney
Flat Spot? Pockmark
HRDZ AVO
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Amplitude Anomaly Along Continental Margin
B4-10 B4-11
B4-12 B4-13 B4-14
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Direct Hydrocarbon Indicators - Possible AVO
HRDZ
B4-06
B4-15
Intercept vs Gradient -Xplot Colour Scheme - CDP 2200-2800
on stack
“Seal potential is one of the least critical factors
to defining prospectivity in the Sydney Basin as
thick shaly units with the potential to act as
seals occur throughout the Sydney Basin”
(Santos, 1987; Stewart and Alder, 1995)
B4-15
B4-07
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HRDZ comparison between PEP11 Line B4-05 and Bonaparte Basin
“Soft”High Amplitude Anomaly
HRDZ
HRDZs over the Skua and Swift fields, Bonaparte Basin HRDZs on PEP11 seismic line B4‐05
[Source O’Brien, Geoscience Australia]
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HRDZ comparison between PEP11 Line B4-11 and Vulcan Sub-basin
“… ‘forced regressive shorelines’ and this concept is of considerable
importance to the hydrocarbon industry because of the significant potential for
good reservoir development.” (Boyd et al, RV Franklin Cruise FR15/98)
“Soft”High Amplitude Anomaly
HRDZ
High intensity, large and linear HRDZs are present near the
HRDZs on PEP11 seismic line B4‐11 Tahbilk gas accumulation, located in the southern Vulcan Sub‐
basin [Source O’Brien, Geoscience Australia]
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Offshore Sydney Basin
“A recent review of more than 850 wildcat wells –
all drilled after geochemical surveys finds that
79% of wells drilled in positive anomalies
resulted in commercial oil and gas discoveries” Noise train in the water column
D. Schumacher
Reverse polarity event
Weaker reflection
Gas in water column
and shallow
sediments identified
in Sub-Bottom
Cornea seep, over Cornea Profiles by Fred
Kroh from
oil/gas field, Browse Basin
SS10/2006 survey
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TOPAS Sub bottom profiles from SS10 / 2006
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Analysis of Gas from Offshore Sydney Basin

Repeated Hydrocarbon seep samples show a thermogenic source - Liquids component indicated - Hydrocarbon Seep Gas Analysis: •Methane 90.69% •Oxygen 1.58% •Carbon Dioxide 4.12% •Nitrogen 3.7% “It is generally assumed that maturation and migration began relatively early and hence early structures are favoured as hydrocarbon traps” (Stewart and Alder, 1995)

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From Stephenson & Burch, 2004, Preliminary Evaluation of the Petroleum Potential of Australia’s Central Eastern Margin (GA12988 )

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• Source Rocks ： Late Permian Coal Measures,
mainly Greta and Tomago groups ；
• Reservoir Rocks ： Fluvial Sandstone in Permian
and Triassic
• Seals ： Siltstone in Wandrawandian and Branxton
group
• Onshore: 8 wells - oil shows & 16 – oil + gas
shows
NSW Dept of Mineral Resources:
“41% wells flowed gas on test”
“The Sydney Basin contains an active petroleum
system”
“Potential source and seal sequences occur
extensively…”
“Reservoir potential should increase to the east, in the
offshore”
“Early Permian sands are likely to / have good initial
primary porosity and permeability.”
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OFFSHORE SYDNEY BASIN : PEP11 ECONOMICS

• Gas price of A$7 (US$5) per MCF,

• Initial well productivity of 30MMcfd,

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• Development well cost of US$17MM / well,

• Facilities & pipeline Capex of US$240MM Opex of US$0.3/MCF

• Fish (P50) 2.37 TCF has an NPV10 of A$5.156 billion and an IRR of 177%

• Minimum economic size is considered to be 200BCF

• RPS Group completing environmental approvals / Du-El Engineering completing well construction + project management

• Evaluating tenders for provision of jackup rig to drill Fish prospect; TD 2096 – 4496m.

• Seeking equity and/or farmin partners

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David Breeze Advent Energy Limited Ph +61 8 9328 8711 david@adventenergy.com.au
Director 14 View Street Fax +61 8 9328 8733 www.adventenergy.com.au
North Perth WA 6006
Australia
Data, advice, review and technical contributions gratefully Publications
acknowledged •AAPG Memoirs ”Hydrocarbon migration and its Near surface Migration”
•Jim Dirstein - -Total Depth - Principal Geophysical •Judd A and Hovland M “Seabed Fluid Flow”
Consultant PTEM survey •Whelan J Marine Chemistry and Geochemistry, Woods Hole Oceanographic Institution
•Fred Kroh –Formerly Project Leader of Geophysical Processing and “Dynamic gas driven petroleum systems” and Whelan J et al “Surface & subsurface
Data Access Project - Geoscience Australia manifestations of gas movement through a N-S transect of the Gulf of Mexico”
•Tim Berge –Geophysical Consultant - •Government of NSW “New South Wales Petroleum Potential”
•Deet Schumacher -Terraliance •NSW Department of Mineral Resources
•Dan Orange •Alder et al “Prospectivity of the Offshore Sydney Basin –A New Perspective“
•Fred Aminzadeh•David Connolly•Michael Abrams •Frog Tech Pty Ltd •Aftenbladet Multimedia •The European Commission “The Deep Sea Frontier”•Aminzadeh, F., de Groot, P., Berge, T. et al “Determining Migration Pathway from
•Professor Ron Boyd –Newcastle University seismically derived Gas“
•Andrew Mayo –Macquarie Oil – •Geoscience Australia –Patchett.A and Langford. R.”New South Wales –Deep Saline Aquifer
•Kriton Glenn –Geoscience Australia Storage Potential”
• Ben Clennel , Asrar Talukder and team (CSIRO Subsurface •Geoscience Australia Glenn. K “Revealing the continental Shelf off New South Wales”
Prediction and Description ) •Aminzadeh F Connolly D and Ligtenberg H “Hydrocarbon Phase detection and other
•Geoff O’Brien –Formerly Geoscience Australia applications of Chimney Technology”
•Ding Gui Ming –Principal Geological Consultant•Associate Professor Jock Keene –Sydney University •Dietmar Schumacher, Surface geochemical exploration for oil and gas: New life for an old technology Geo-Microbial Technologies, Ochelata, Oklahoma, U.S. •Michael A. Abrams “Significance of hydrocarbon seepage relative to petroleum generation The Leading Edge
•Kevin Ruming - School of Environmental and Life Sciences and entrapment” Marine & Petroleum Geology
University of Newcastle •AAPG Conference Geoffrey W O’Brien, Andrew Barrett, and Megan Lech .”Integrating 3D
•BOS Seismic data and multiple, independent remote sensing technologies to constrain near-
•Oil Hunters surface Hydrocarbon Migration and Seepage Rates and Leakage Mechanisms on the
•Bounty Oil North-western Australian Margin”
•RPS •Journal of Geophysical Research, The world’s most spectacular marine hydrocarbon seeps
•BGP (Coal Oil Point, Santa Barbara Channel, California):
•John Cant•Allan Williams -NPA •Marine & Petroleum Geology N. Rollet, GA Logan, JM Kennard, PE O’Brien, AT Jones, M Sexton Characterisation and correlation of active hydrocarbon seepage using geophysical data sets: An example from the tropical, carbonate Yampi Shelf, Northwest Australia
•Mike Rego – Aminex •Daniel Lewis Orange The implications of Hydrocarbon seepage, gas migration and fluid
•Tom Fontaine overpressures to frontier exploration and geohazards
•Fugro •Dietmar Schumacher AAPG Hedberg Conference Near Surface Hydrocarbon Migration;
•Geosience Australia Mechanisms and seepage rates The Dynamic Nature of Hydrocarbon Microseepage: An
•Crown Minerals NZ Overview
•Kieth Woolard •O’Brien et al “Yampi Shelf Brows Basin –Northwest Shelf “
•David Orth •David Remus •Cowley R & O’Brien ”Identification and interpretation of leaking hydrocarbons using seismic data“•Kroh F Reprocessing shows AVO potential for petroleum exploration Geoscience Australia
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David Breeze Advent Energy Limited Ph +61 8 9328 8711 david@adventenergy.com.au
Director 14 View Street Fax +61 8 9328 8733 www.adventenergy.com.au
North Perth WA 6006
Australia
DISCLAIMER
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