Bounty Oil & Gas N.L. (ASX: BUY) Provides Update on PEP 11
PEP 11 Update
Bounty Oil & Gas N.L. (ASX: BUY) has announced that its joint application for PEP 11 has been refused by the National Offshore Petroleum Titles Administrator (NOPTA). The notice, received on 17 January 2025, specifically pertains to applications made on 23 January 2020 and 17 March 2021.
The PEP 11 permit will remain in effect for an additional two months from the notification date. Bounty Oil & Gas is currently assessing its legal rights to seek a review of this decision under the Offshore Petroleum and Greenhouse Gas Storage Act 2006. The company is obtaining legal advice to proceed with this review.
Philip Kelso, Chief Executive Officer of Bounty, confirmed the announcement, asserting the company’s commitment to exploring its options regarding the permit.
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