History Lesson Posted 2008 .
Bounty is now in joint venture with unlisted Advent Energy, which is controlled by listed pooled development fund MEC Resources (MMR). Now the quest for (mainly) gas but also some oil off this part of the NSW coastline is getting serious. And Queensland coal multi-millionaire Ken Talbot, through his private investment company, has taken a 10 per slice of Advent.
MEC believes there could be more than 16 trillion cubic feet of gas and has started on the road to raising serious money by mandating Pareto Securities of Norway as the lead broker for Advent's capital raising. Advent has the stake in the project as MEC's fund status (free of capital gains and dividend taxes) prevents it from operating a business.
Pareto has raised some very big money for clients in recent years, and big sums will be needed given that the MMR-BUY permit covers 8100sqkm. Good timing, too, with the cost of drill rig hires being about half what it was a few years ago.
GBA might be lucky again and get things happening with ADVENT ,
then a capital raise and relisting for GBA could be on the cards
HOT TRADING HOT CAPITAL
