Advent will own up to 85% of the PEP11 basin under the current...

Advent will own up to 85% of the PEP11 basin under the current agreed equity structure with BUY retaining 15%.

Advent is 80% owned by MMR, roughly 10% by Grandbridge and 10% by Ken Talbot .

It is not confirmed that Advent will float (IPO) and it is still a possibility that sufficient funds will be received to drill the prospect within the current Advent ownership structure .

If the IPO option is chosen then MMR will continue to retain a controlling ownership/equity in Advent post IPO .

Drilling is estimated to begin within 3 to 9 months .

Any IPO will not necessarily happen before drilling begins, and no IPO time frame is confirmed .

Potential farminees have also been spoken to .

From what I can ascertain from MMR management, they will retain a significant equity position in PEP11 regardless of what Advent management choose as a method for raisng funds to drill . Advent will continue to be majority owned by MMR .