Who is Advent? Who owns it? and What is the raise for?

Last Thursdays announcement has caused a bit of confusion so for those new to the party (and we reckon it's going to be a big one) here is some background info...

Advent is an unlisted Australian company that owns 85% of the PEP11 title. PEP11 is described as "potential multi-trillion cubic feet natural gas prospect". It is located off Newcastle NSW, highly strategic to both Sydney and the Hunter region (where a gas fired power station is currently being strongly considered). The project is also aiming to implement Carbon Capture and Storage strategies which aim to reduce the environmental impact.

Advent has multiple shareholders but the four largest are as follows:-

MEC Resources (ASX:MMR) 48% (currently under voluntary suspension)
BPH Energy (ASX:BPH) 22%
Grandbridge Limited (now delisted, ASX:GBA) 11%
Talbot Group Holdings (unlisted) 7%
together with David Breeze's personal holding, these 5 represent 90% of the issued capital.

Advent has announced it is raising between $1M and $6M to fund costs associated with drilling the PEP11 title (subject to regulatory approval). Only shareholders in Advent are entitled to the offer.

MMR's share is $3.1M approx.
BPH's share is $1.5M approx.
GBA's share is $730K approx.
Talbot's share is $470K approx.

Grandbridge is underwriting up to $1,000,000
BPH is sub-underwriting up to $1,000,000

Advent Shareholders are invited to apply for shortfall shares if they wish. In the event of there being a shortfall, the shortfall offer is open for a further 13 months.

It is widely anticipated that Advent will in the future list on the ASX via an IPO.