Join our daily newsletter At The Bell to receive exclusive market insights
- Oil and gas company BPH Energy (BPH) is still waiting for approvals to commence drilling at the Baleen drill target in the PEP11 permit, offshore NSW
- Over the third quarter, BPH’s investee, Advent Energy, has been awaiting approval to extend its permit for PEP11
- However, not everyone is for the project with NSW Deputy Premier John Barilaro believing the application should be rejected
- The National Offshore Petroleum Titles Administrator has indicated the application is in the final decision phase
- BPH is well funded for drilling Baleen as it recently completed a $9 million capital raise
- At the end of the March quarter, BPH had $10.6 million in cash and cash equivalents.
- On the market this morning, BPH is in the grey and trading at 9.4 cents
BPH Energy (BPH) is still waiting for approvals to commence drilling at the Baleen drill target in the PEP11 permit, offshore New South Wales.
The oil and gas explorer’s investee, Advent Energy, hit a hurdle this quarter in the PEP11 basin.
Advent owns 85 per cent of the PEP11 joint venture (JV), which is working to explore the 4576-square-kilometre permit. ASX-listed Bounty Oil and Gas (BUY) owns the remaining 15 per cent.
The company is looking at extending its permit in the area due to COVID-19 putting delays on its operations. However, NSW Deputy Premier John Barilaro said he is not in favour of the oil project and the application should be rejected.
Advent later hit back at the Deputy Premier’s comments, saying it has safely drilled in the area before and could do it again.
The JV is now waiting for the National Offshore Petroleum Titles Administrator (NOPTA) to give it the thumbs up to proceed with drilling at Baleen.
Notably, the application made to NOPTA includes the permit extension for another two years and to remove the requirement for a 500-square-kilometre 3D seismic program.
NOPTA has not given a date on when this approval will be given but it has indicated the application is in the final decision phase.
Last month, BPH appointed Xodus Group to complete a preliminary environmental screening assessment of the Baleen well.
BPH is well funded for drilling Baleen as it recently completed $9 million capital raise, which was oversubscribed.
Cortical Dynamics
Cortical Dynamics is a resource and biotechnology company, which BPH invests in, headquartered in Perth.
Additionally, BPH has also announced Cortical continues to expand its brain monitoring product into key markets.
Cortical’s Brain Anaesthesia Response Monitor (BARM) device measures levels of consciousness and pain.
The company currently has patents in Australia, New Zealand, Japan, China, Europe and the United States.
Cortical has appointed Jamie Stanistreet to the Cortical Dynamics Advisory
Committee. Jamie has over 40 years’ experience in the Medical Device industry and is an accountant by trade.
At the end of the March quarter, BPH had $10.6 million in cash and cash equivalents.
On the market this morning, BPH is in the grey and trading at 9.4 cents at 10:00 am AEST.
