Advent Energy Ltd announced on 28 September 2018 that it had signed a binding agreement to sell the majority shares in its wholly owned subsidiary Offshore Energy Pty Ltd to Bonaparte Petroleum Pty Ltd.Â  Bonaparte Petroleum has agreed to purchase 90% of the shares in Offshore Energy, currently held by Advent.  The agreement is conditional upon board approval of both companies, Bonaparte Petroleum showing it has the capability to fund the work programme proposed in the transaction and potential shareholder approval, if required by the Australian Securities Exchange (ASX).  Offshore Energy holds 100% interest in exploration licence EP 386 and retention lease RL 1, both located in the onshore Bonaparte Basin.Â  Bonaparte Petroleum has indicated that it has the capability to progress the licences, and under the terms of purchasing the shares has agreed to submit required documents for the drill of one or two exploration wells within EP 386, as well as acquiring 50 km new 2D seismic prior to the end of the current permit validity period, which concludes on 31 March 2020.Â  The company will also complete the decommissioning of two existing wells.Â Â  The work will be fully funded by Bonaparte Petroleum under the share acquisition.  Further terms to the agreement include the issue of 10% interest, under a standard joint operating agreement, to Advent on the award of any subsequent retention or production licences over the current asset area. Under these terms Advent will earn a 10% share in Bonaparte Petroleum, and transfer the remaining shares in Offshore Energy to Bonaparte Petroleum.Â  A further 10% interest in any subsequent licences will be granted to Advent upon the discovery of 15 MMboe reserves.  An option remains for Advent to buy back into REL 1. If EP 386 is not renewed or transferred to a retention or production licence, Advent will also be reinstated as operator and holder of RL 1.  If Bonaparte Petroleum chooses not to proceed with the transaction outlined in the agreement reached on 28 September 2018, Advent will be paid a break fee of AUD 50,000.  Advent Energy Ltd had been aiming to farm-out interest in the licences, alongside its other Australian asset PEP 11, located in the Sydney Basin.
Advent Energy Ltd announced on 28 September 2018 that it had signed a binding agreement to sell the majority shares in its wholly owned subsidiary Offshore Energy Pty Ltd to Bonaparte Petroleum Pty Ltd.  Bonaparte Petroleum has agreed to purchase 90% of the shares in Offshore Energy, currently held by Advent.