BPH Energy Limited Stock Market Press Releases and Company Profile
Annual Report to shareholders
Annual Report to shareholders

Perth, Nov 1, 2019 AEST (ABN Newswire) - BPH Energy (BPH or Company) is the second largest shareholder in Advent Energy Ltd (Advent) with a direct interest of 22%.

The primary objective of Advent is the drilling of a well at the Baleen drilling target in the PEP 11 permit in the offshore Sydney basin in 2020 (Advent Energy holds an 85 % interest in PEP 11). Advent has conducted a focused seismic campaign around this key drilling prospect in PEP 11 at Baleen as a precursor to drilling.

The gas supply crisis on the east coast of Australia has created a significant market opportunity to raise the funding to drill with the objective of developing the PEP11 project and we are now engaging with investors to fund this drilling.

The Australian Competition and Consumer Commission (ACCC) have confirmed that domestic wholesale gas prices have risen two to three times higher than historical prices (the 2020 average of expected LNG netback gas price is around $9 per gigajoule.) This has put many trade-exposed Australian manufacturers under extreme pressure. There is also continuing uncertainty about the longer-term supply outlook. In its latest Gas Statement of Opportunities (GSOO), the Australian Energy market Operator (AEMO) has warned about potential supply shortages emerging on the east coast within five years, particularly in the southern states.

Advent has demonstrated considerable gas generation and migration within PEP 11, with the mapped prospects and leads highly prospective for the discovery of gas. PEP 11 is a significant offshore exploration area with large scale structuring and potentially multi-Trillion cubic feet (Tcf) gas charged Permo-Triassic reservoirs located less than 50km from the Sydney-Wollongong-Newcastle greater metropolitan area and gas pipeline network.

Our funding initiatives address both of Advent's projects in the Bonaparte and PEP11 permits.

Successful Settlement of legal actions has enabled a focus on these commercial objectives. On 9 August 2019 BPH, together with other plaintiffs in an oppression of minority shareholders action, reached a settlement with MEC Resources Limited (MEC) in relation to the oppression proceedings BPH commenced in the Supreme Court of Western Australia with Grandbridge Limited and others. As part of the settlement it was agreed that the Advent board would be restructured. Other key terms of the settlement included that MEC agreed to not directly or indirectly interfere with the board composition and/or management of Advent and that MEC would initiate an in-specie distribution to MEC shareholders of the shares it holds in Advent. Debt owed by Advent to MEC will be recoverable by MEC only by the issue of shares in Advent one month prior to the scheduled commencement date for the drilling of a well within the PEP 11 Permit Area.

Advent has been granted a renewal of Retention Licence 1 (RL1) in the Northern Territory by the NT Department of Primary Industry and Resources for a five-year term concluding in July 2023. Advent will be making further application to extend the EP 386 permit to the State Government of Western Australia.

To view Annual Report, please visit:
https://abnnewswire.net/lnk/A757Z9XE


About BPH Energy Limited

BPH EnergyBPH 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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Contact

David Breeze
admin@bphenergy.com.au www.bphenergy.com.au
T: +61 8 9328 8366



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