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Bounty Oil & Gas to Retain its Interest in Sydney Basin Permit PEP 11

Source: www.gulfoilandgas.com 2/12/2019, Location: Not categorized

Bounty Oil & Gas and MEC Resources have provided an update on their Petroleum Exploration Permit 11 (PEP 11), offshore Sydney Basin, joint venture relevant interests.

Bounty reports that Bounty and Asset Energy have mutually resolved the outstanding matters relating to the Baleen 2D HR Seismic Survey work commitment undertaken in PEP11 during 2018. Asset Energy is a wholly owned subsidiary of MEC Resources investee Advent Energy.

Bounty and Asset Energy have applied to National Offshore Petroleum Titles Authority for a variation to the PEP11 work commitment to allow the proposed 500 sq km 3D seismic survey proposed by Asset Energy and farm in partner RL Energy at an indicative work commitment value of $4 million to proceed.

The 3D seismic survey is the preferred option to further refine a location in preparation before drilling an exploration well to test the potential gas resources in the offshore Sydney Basin.The interests in the PEP 11 title and under the Joint Operating Agreement (JOA) remain:
Asset Energy 85% and operator; Bounty Oil & Gas 15%.

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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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