Oz Advent Acquires 100% Interest in Sydney Basin Gas Asset
Advent Energy October 15 said its subsidiary Asset Energy has exercised the rights to acquire 100% interest in PEP11, offshore Sydney Basin on the Australian east coast.
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, it said.
With Bounty’s withdrawal Asset Energy assumes former’s 15% participating interest in PEP11.
This will have no effect on the farm-in agreement between RL Energy (RLE) and Asset Energy whereby RLE will acquire at least 500 km2 of 3D seismic in PEP11 by carrying Asset Energy’s share to a capped amount, Advent said. Upon completion of the farm-in agreement, RL Energy will hold a 60% working interest and Asset Energy will hold the balance of 40% of PEP11.
According to Advent's website the company has demonstrated considerable gas generation and migration within PEP11, with the mapped prospects and leads highly prospective for the discovery of gas.