PEP-11 Media Release, page-67

6. PEP-11, originally an Ampol Exploration, was first surveyed in 1981 when the first 2D

seismic survey was carried out which work showed the project area has similarities to the

conventional gas fields of the Bowen Basin in Queensland. The PEP-11 extension is to skip

3D seismic testing and proceed to drill on 2D seismic testing only. This has previously

been approved in other permits by NOPTA with HESS Corporation in offshore WA.

https://www.parliament.nsw.gov.au/researchpapers/Pages/offshore-petroleum-explorationand-

mining.aspx

7. Who is behind PEP-11? The operator of the PEP-11 title is Asset Energy Pty Ltd which

owns 85% with Bounty Oil and Gas (ASX: BUY) owing 15% of the title. Asset Energy is a

subsidiary of Advent Energy Limited. The major shareholders of Advent Energy are BPH

Energy (ASX: BPH) and MEC Resources (ASX: MMR). There are a number of other smaller

shareholders.

8. The Australian public hold shares in the ASX listed companies Bounty Oil and Gas (ASX:

BUY) and BPH Energy (ASX: BPH) which form the joint venture for PEP-11. Shares within

both of these companies are held by a mix of Australian institutional, sophisticated, and

‘mum and dad’ shareholder investors.

9. All shareholders and potential investors make their own investment decisions on normal

protocols including information from the owner Advent Energy, NOPTA - approval body

for the permit – and the minister responsible for the resources portfolio, Minister of

Resources Keith Pitt’s numerous statements that the decision on PEP-11 lies with him –

the Minister of Resources – as the final decision maker who has undeniably supported

PEP-11 in the Australian public arena.

10. ‘Spudding in’ or ‘to spud a well’ means to begin drilling operations. On 14 December

2010, Advent Energy spudded without incident with $30 million dollars invested by the

joint venture at the time which sadly was unsuccessful. We now have over ten years of

research, development, and investment of the joint venture since the last spud.