Bounty Oil & Gas N.L. (ASX: BUY) has announced that Asset Energy Pty Ltd, the operator of the PEP-11 Joint Venture, has filed an Originating Application with the Federal Court for judicial review. The application challenges the decision of the Commonwealth-New South Wales Offshore Petroleum Joint Authority, which refused the Joint Venture’s applications to vary and suspend conditions of Petroleum Exploration Permit NSW-11 (PEP-11) and extend its term. These applications were initially submitted on 23 January 2020 and 17 March 2021 but were denied under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).
Asset Energy, a wholly owned subsidiary of Advent Energy Ltd, seeks to overturn the decision, declare it void, and have the applications reconsidered. The legal action is taken on behalf of the PEP-11 Joint Venture, which includes Bounty and Asset Energy. CEO Philip Kelso has authorized the release of this update.
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