Advent will be responsible for funding a total $2.2 million of exploration expenditure to earn a 25% working interest in each permit. These funds will be directed to exploration, seismic and drilling activities in the permits once the Native Title Agreements have been finalized. Strike Oil's interests in PELA 71 will reduce to 50% and in PELA 96 it will reduce to 41 2/3%.
Both permits contain numerous oil prospects and leads in the Eromanga Basin sequence. On finalization of the Native Title Agreements seismic is planned in both permits followed soon after by prospect drilling.
Advent is an Australian public company proposing to list on the Australian Stock Exchange. The farm-in is conditional on Advent becoming a public listed company by April 1, 2006.
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