Bounty Oil & Gas fights with partner over Sydney Basin interest
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Bounty Oil & Gas is trying to resolve a dispute with Asset Energy over its interest in petroleum exploration permit (PEP) 11 offshore Sydney Basin.
Bounty (ASX:BUY) has a 15 per cent stake in the permit and Asset is the operator.
Bounty told investors after market close on Thursday that it was in talks with Asset on “various matters” that included “disputed cash calls and a potential variation to its interest in PEP 11 going forward”.
Asset is a subsidiary of Advent Energy, which is an investee company of MEC Resources (ASX:MMR).
MEC said in mid-October that Asset issued Bounty a notice to completely withdraw from the PEP 11 permit “in lieu of default in payment of outstanding invoices”.
But Bounty says it “retains a 15 per cent registered interest” in the permit.
Stockhead is seeking comment from Bounty.