It was reported in mid-October 2018 that Asset Energy Ltd, a wholly owned subsidiary of Advent Energy Ltd, had issued a notice to joint venture partner Bounty Oil and Gas it was exercising an option to acquire 100% interest in exploration permit PEP 11, located in the offshore Sydney Basin.  Under the terms of the notice, Bounty is required to withdraw from the permit after Advent reported it is in default of payments for a number of outstanding costs.Â  Bounty holds a 15% interest in the permit, which will be assigned to Advent upon completion of the withdrawal of Bounty.  The permit has been valid for a period of around 19 years, after being awarded in June 1999 to Flare Petroleum.Â  Bounty first acquired 50% interest in July 2001, before taking full interest and operatorship in December 2002.Â  Asset Energy farmed in in November 2006, before the current shareholding was entered, in January 2011.  The permit is under a separate farm-out agreement, in which RL Energy has agreed to acquire up to 60% interest.Â  Under the terms of the farm-in agreement, RL Energy can earn an initial 5% interest by arranging environmental proposals for a new 3D seismic survey over the permit area.Â  RL Energy can then earn up to a further 55% by funding Advent Energyâs share of a 500 sq km 3D seismic survey, up to a capped amount of AUD 4 million.Â  The seismic acquisition is under the work programme for the permit and is scheduled between February 2020 and February 2021.Â  It was reported at the time that Bounty was requested to withdraw, that the farm-out to RL Energy was not affected.  PEP 11 covers an area of 4,574 sq km.Â  Advent Energy Ltd is expected to hold 100% interest after it notified Bounty that default of payments would result in it exercising an option to take full interest.
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.  