MEC Resources Limited (ASX:MMR) PEP-11 Update
Permit Review Announcement
MEC Resources Limited (ASX:MMR) has provided an update regarding its 37.95% investee company, Advent Energy Ltd. The PEP 11 Joint Venture, in which Advent holds an 85% stake alongside Bounty Oil and Gas Limited, has received notification from the National Offshore Petroleum Titles Administrator (NOPTA).
The notification states that the Joint Authority has refused the Joint Venture Applications submitted on 23 January 2020 and 17 March 2021. The PEP-11 permit will remain active for an additional two months from 17 January 2025.
The Joint Venture retains statutory legal rights to seek a review of this decision as per the Offshore Petroleum and Greenhouse Gas Storage Act 2006. The team is currently obtaining legal advice to navigate this review process.
David Breeze, Managing Director of MEC Resources, authorised the release of this announcement to the market.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.