Quarterly Activities Report
Perth, Feb 1, 2022 AEST (ABN Newswire) - On 17 November the BPH Energy Limited (
ASX:BPH) advised it had completed an investment of $2,271,450 in investee Advent Energy Pty Ltd (Advent) under Advent's Offer Information Statement that took BPH's direct shareholding in Advent to 36.1%.
The Company held its AGM on 29 November. All resolutions were passed on a poll.
On 30 November 200,000 share options with an exercise price of $0.20 expired unexercised.
On 7 December the Company requested a Trading Halt in accordance with ASX Listing Rule 17.1 pending an announcement to be made by the Company with respect to the participation of Advent in a Farm Out Agreement. The Company's shares were placed in Voluntary Suspension on 9 December at the request of the Company. The Voluntary Suspension was extended to 7 February 2022.
Significant activities by the Company's investees' during the December 2021 quarter were as follows:
Advent Energy Pty Ltd ("Advent")
A Letter of Intent was issued by Advent to Weatherford Australia Pty Ltd for the provision of Liner Hanger & Expandable Equipment for the upcoming Seablue-1 exploration well. In addition, Calls for Tender were issued by Advent for the provision of Drilling Fluids & Solids Control Equipment, Materials and Services, and for the provision of Directional Drilling, Measurement While Drilling and Logging While Drilling.
On 16 December the Company advised that the Prime Minister of Australia, Scott Morrison, had announced that the Federal Government would refuse the joint venture's applications to extend the PEP 11 Permit for gas exploration in the offshore Sydney Basin. Permit participants Advent and Bounty Oil and Gas (ASX:BUY) have now received official notification of refusal from the National Offshore Petroleum Title Authority (NOPTA) and have lodged a submission seeking a review of this decision.
PEP11 interests are: Advent Energy 85 %
Bounty Oil and Gas 15%
On 30 December 2020 Advent lodged an Offer Information Statement (OIS) with ASIC for a non-renounceable entitlement issue of two (2) Shares for every three (3) shares held at an issue price of $0.05 (5 cents) per Share to raise up to $6,525,108, further amended by a Supplementary OIS dated 30 June 2021 and a Second Supplementary OIS dated 20 October 2021. The Offer was partially underwritten by related party Grandbridge Securities Pty Ltd (ABN 84 087 432 353) (AFSL 241057) up to $2,271,450 and sub-underwritten by BPH up to $1,445,710. In addition, BPH agreed to sub-underwrite up to an additional $825,740 being a total amount of up to $2,271,450. The total amount raised to date by Advent under this OIS is $2,507,575 including the investment of $2,271,450 by BPH as noted above.
Note post quarter end
Advent Energy's 100% subsidiary Onshore Energy ("Onshore") made an application for suspension and extension of the permit conditions in EP386 which was not accepted by the Department (DMIRS). Onshore sought a review of the decision by the Minister of Resources who responded setting out a course of action in relation to that decision which Onshore is following. Onshore Energy Pty Ltd lodged an appeal against this decision with the State Administrative Tribunal (SAT) The matter will now be referred to the WA Supreme Court.
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About BPH Energy Limited
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
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