Bounty Oil & Gas (ASX: BUY) has confirmed that Asset Energy Pty Ltd, the operator of the PEP-11 Joint Venture, has filed an application for judicial review in the Federal Court. The application challenges a decision by the Commonwealth-New South Wales Offshore Petroleum Joint Authority to deny the Joint Venture’s applications to vary, suspend, and extend the term of the PEP-11 exploration permit.
Asset Energy, a wholly owned subsidiary of Advent Energy Ltd, lodged the judicial review under section 5 of the Administrative Decisions (Judicial Review) Act 1977 (Cth) and section 39B of the Judiciary Act 1903 (Cth). The review seeks:
- An order to quash or set aside the Joint Authority’s decision,
- A declaration that the decision is void, and
- An order to remit the applications for reconsideration according to law.
The applications to amend the PEP-11 permit were originally submitted on 23 January 2020 and 17 March 2021 under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).
Bounty holds a 15 percent direct interest in PEP-11, located offshore in the Sydney Basin, and has additional oil and gas exploration interests in Western Australia. The company also operates petroleum production and exploration projects in the Cooper/Eromanga Basins and the Surat Basin in Queensland.
Bounty stated that it remains committed to pursuing high-impact exploration opportunities and will continue to monitor the judicial review proceedings.
