We understand that the previous titleholder of PEL461 opted to...

We understand that the previous titleholder of PEL461 opted to take up the NSW government's PEL buy back program - more information is available here:
https://www.resourcesandgeoscience....-gas/information-on-petroleum-titles/buy-back

Thankfully, PEP11 lies in Commonwealth waters. This means that it falls under Commonwealth legislation (the Offshore Petroleum and Greenhouse Gas Storage Act 2006), and not NSW state legislation.

Furthermore, the Federal and NSW governments are "Joint Authorities" for PEP11, meaning they both have a say in the PEP11 title. Thankfully, the current Australian government (specifically Senator Canavan, current minister for resources and northern Australia) has publicly endorsed ongoing exploration activities in PEP11.

The term of PEP11 was extended in January this year until 2021, and acceptance was achieved for the 2D seismic environment plan and that activity was successfully conducted. We've also announced recently the formal registration of the RL Energy farmin transaction against PEP11. This gives continued confidence that Asset Energy is operating effectively within the current legislation and that regulatory bodies are functioning as intended. So there is no suggestion that the rights to explore PEP11 are under threat.

The upside of course for PEP11 is that each onshore buyback results in reduced potential competition for any gas produced in future in PEP11, in the event commercial discovery(ies) are made and natural gas is produced for the local market.