Advent & Bounty jointly own 100% of the the PEP 11 lease and are...

Advent & Bounty jointly own 100% of the the PEP 11 lease and are responsible for raising the funds to drill it.
(85% and 15% respectively)

For the exercise:
Lets assume the cost to drill is$20 Mill. (Plus or minus)

They may get some Gvt assistance (but unlikely imo )
To raise the money
they need to bring in a well funded partner.
( one of the larger oil/gas companies/explorers)

So to raise $20 mill, what % do they need to sell of PEP11,
given it’s potential, proximity to market, and probability of success.

I suggest they would need to sell somewhere between 5 and 10% of leases

At 5%
Advent still own ~ 80.5 % of lease
and
At 10%
Advent still own ~ 76 % of lease

BPH still owns 23% of Advent
So its not a massive dilution of their interest in PEP11

ALL “BACK OF THE ENVEOPE” CALCULATION
AND IMO

Others may care to comment or put in something different.

Caveat emptor
bendigo