BPH Energy (ASX:BPH) reports on progress offshore NSW

• BPH Energy (BPH) has reported that Xodus Group has been commissioned to complete a preliminary environmental screening assessment of the Baleen well
• BPH’s investee company Advent Energy has submitted an application to drill in the PEP11 permit offshore New South Wales
• Xodus will complete the preliminary assessment to identify any work required to undertake an environmental impact statement to support approvals
• Shares have been trading 10.3 per cent lower at 17.5 cents

BPH Energy (BPH) has reported that Xodus Group has been commissioned to complete a preliminary environmental screening assessment of the Baleen well.

BPH’s investee company, Advent Energy, has submitted an application to drill the Baleen well in the PEP11 permit offshore New South Wales.

Advent is an unlisted oil and gas exploration company and, through its wholly owned subsidiary Asset, holds an 85 per cent interest in the permit. Bounty Oil and Gad (BUY) holds the remaining 15 per cent.

As the operator of the permit, in January Advent inked a Preliminary Well Services Agreement with Add Energy.

Add Energy has now commissioned Xodus, a global energy consultancy, to complete the preliminary environmental assessment, drawing on information from previous technical work.

The preliminary assessment will identify any work required to undertake an environmental impact statement to support the necessary approvals to proceed with work on the permit.

Shares have been trading 10.3 per cent lower at 17.5 cents at 2:06 pm AEDT.