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MEC Resources Limited (“MEC” or the “Company”) (ASX:MMR) highlights the following information in relation to its 37.95% investee company, Advent Energy Ltd (“Advent”).

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The PEP 11 Joint Venture comprising Advent as to 85% and Bounty Oil and Gas Limited (ASX:BUY) as to 15% announce that they have on 17 January 2025 been given notice by the National Offshore Petroleum Titles Administrator (“NOPTA”) that the Joint Authority has refused the Joint Venture Applications made on 23 January 2020 and 17 March 2021.

The PEP-11 permit will continue in force for a period of 2 months from 17 January 2025.

The Joint Venture has statutory legal rights to seek a review of the decisions referred to in the notice under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and is obtaining legal advice on such a review process.

David Breeze (Managing Director) authorised the release of this announcement to the market.

Click here for the full ASX Release

This article includes content from MEC Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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