Australia: Advent Signs LOI for Bonaparte Gas Supply

Advent Energy Limited has signed a Letter Of Intent (LOI) with CO2 Group, a subsidiary of Western Australian Resources Limited (WARL), for the potential future supply of gas to WARL’s proposed aquaculture project in northern Australia.

The non-binding LOI provides an initial framework for discussion, information sharing and negotiation towards a possible gas supply agreement by the fourth quarter of 2014.

This timeframe corresponds with WARL’s intended feasibility studies and financial investment decision timetable.

Commenting on the LOI, Advent’s Executive Director David Breeze stated: “This is an excellent development for Advent and its key onshore Bonaparte Basin assets EP386 and RL1 in the drive for their commercialisation. Partnership with a possible neighbouring aquaculture project of global scale and significance demonstrates an exciting future for the Kununurra region, along with shareholders of both parties. The possible provision of gas to WARL would separate Advent’s commercial position from the volatility of global commodity prices and provide a stable platform for sustainable company growth. We look forward to working towards an objective that will have considerable benefits to both Advent and WARL.”

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LNG World News Staff, July 8, 2013; Image: Advent