Asset Energy has exercised its right to acquire full ownership of PEP 11, Â 4,574 sq km in the offshore Sydney Basin. The company has therefore notified 15% partner Bounty O&G to completely withdraw from the JOA and the permit in lieu of default in payment of outstanding expenses. Â Pending farminee RL Energy is obligated to min. 500 sq km of 3D seismic by carrying Assetâs share to a capped amount. Upon completion of the farmin RL Energy will hold 60% and Asset Energy the balance of 40%.
Asset Energy has exercised its right to acquire full ownership of PEP 11 (4574kmÂ²). The company has therefore notified 15% partner Bounty O&G to completely withdraw from the JOA and the permit in lieu of default in payment of outstanding expenses.  