Fugro Services and RPS Energy Legal Proceedings Settled
The dispute between Asset, Fugro and RPS arose over performance and fees in connection with pre-drilling site survey works conducted by Fugro at Petroleum Exploration Permit 11 (PEP 11), offshore Sydney Basin, in 2010.
Asset has settled Fugro's claim of $2.2 million with a payment of $100,000.
MEC is extremely pleased with the outcome and looks forward to advising the market on developments in Advent's portfolio of exploration and near term development assets in due course.
Advent's major shareholders remain MEC Resources Ltd (ASX:MMR), BPH Energy Ltd (ASX:BPH), Talbot Group Investments Pty Ltd and Grandbridge Limited (ASX:GBA).
About MEC Resources Limited
MEC Resources (ASX:MMR) aims to achieve maximum capital appreciation by early stage investing into small and medium-sized energy and minerals exploration companies with strong growth potential and a well-defined exit strategy, such as an initial public offering or acquisition.
MEC Resources Limited
BPH Energy Limited