BPH Energy (ASX:BPH) announced on Friday that it has renewed a key licence in the Northern Territory (NT) overlying the Bonaparte Basin.
The NT government offered to the company a renewal of its retention licence (‘RL1’) for the next five years, which the company accepted.
The company’s interest in that permit is held by a subsidiary company called Onshore Energy. BPH describes the acreage as overlying a “highly prospective petroliferous basin.”
The majority of that basin boundary is located offshore covering 250,00sq.km and BPH describes it as being recognised as among Australia’s most prolific hydrocarbon producing basins.
BPH Energy is also in charge of the PEP-11 permit for which the company is still awaiting word from Canberra on whether the company will be permitted to develop that asset.
BPH last traded at 2.7cps.