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Advent Energy Acquires Bounty's Interest in Offshore Sydney Basin Permit PEP11

Source: www.gulfoilandgas.com 10/16/2018, Location: Not categorized

Advent Energy subsidiary Asset Energy has exercised the rights to aquire 100% of the participating interest in PEP11, offshore Sydney Basin. Asset Energy has issued a formal notice to former PEP11 joint venture partner Bounty Oil and Gas exercising its option under the terms of the PEP11 Joint Operating Agreement (JOA) to require Bounty to completely withdraw from the JOA and the PEP11 permit in lieu of default in payment of outstanding invoices. The withdrawal of Bounty will be finalised on registration of the transfer of Bounty’s interest in PEP11 to Asset Energy by the regulator.

The effect of Bounty’s withdrawal from the JOA and the PEP11 permit will be that Asset Energy assumes Bounty’s former 15% participating interest in PEP11, subsequently increasing Asset Energy’s current interest to 100% of that permit.

This will have no effect on the farmin agreement previously advised to the ASX between RL Energy and Asset Energy whereby RLE will acquire at least 500 sq km of 3D seismic in PEP11 by carrying Asset Energy’s share to a capped amount. Upon completion of the farmin agreement, RL Energy will hold a 60% working interest and Asset Energy will hold the balance of 40% of PEP11.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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