Advent will fund $2.2 million of exploration expenditure to earn a 25% working interest in each permit, Strike said in a release yesterday afternoon.

These funds will be directed to exploration, seismic and drilling activities in the permits once native title agreements have been finalised.

Strike Oil’s interests in PELA 71 will reduce to 50% and in PELA 96 it will reduce to 41.66%. Advent will hold 25% in each block. The remainder will be held by private interests.

Both permits contain numerous oil prospects and leads in the Eromanga Basin sequence, according to Strike.

Advent is a Perth-based company with onshore assets in the Bonaparte, Carnarvon, Perth and Cooper/Eromanga basins that is proposing to list on the Australian Stock Exchange. The farmin is conditional on Advent becoming listed by April 1 next year.