Strike Energy Limited as operator and 66.67% interest holder of the PEL 96 Joint Venture (PEL 96 JV) has notified Australian Gasfields Limited (AGL), a wholly owned subsidiary of Energy World Corporation Limited that, as a consequence of AGL's failure to rectify its non-payment of a joint venture cash call within the period prescribed under the PEL 96 Joint Operating Agreement (JOA), AGL's rights, title and interest in the PEL 96 joint venture are assigned to the non-defaulting parties under the terms of the JOA.

As Strike is the only other participant in the PEL 96 JV, Strike will have a 100% interest in the PEL 96 permit area following completion of the assignment of AGL's interest.

Tags: Strike Energy Limited