BPH Energy says Asset will appeal NSW PEP11 permit court decision

• Asset Energy to appeal court judgement re offshore NSW permit
• Permit is considered highly prospective for natural gas
• Anti drilling controversy comes as NSW is desperate for new energy sources
• Market welcomes news as BPH jumps in early trade

BPH Energy (ASX: BPH) has confirmed that PEP11 permit operator Asset Energy will appeal against a Federal Court of Australia judgment concerning the controversial offshore NSW oil and gas exploration licence.

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The company has told the ASX it has been advised by its investees company Advent that Advent, through its wholly owned subsidiary Asset Energy, will appeal the judgment of the Honourable Justice Jackson delivered on 17 June 2026 .

The appeal will be conducted by Advent / Asset Energy as the relevant party to the proceeding. BPH is an investor in Advent and is not a party to the proceeding.

BPH holds an indirect interest in PEP11 through its 35.8% interest in Advent Energy.

The large offshore permit has faced opposition from green groups and the NSW government for a number of years and in the latest development justice Jackson dismissed an application for judicial review brought by Asset Energy and JV partner Bounty Oil & Gas (ASX:BUY).

Through the court’s decision, a Commonwealth–New South Wales Offshore Petroleum Joint Authority refusal of the JV’s applications to vary, suspend and extend the PEP11 permit – still stands.

Notably, the federal government’s National Offshore Petroleum Titles Administrator (NOPTA) refusal decision on the PEP11 extension and variation applications has not been set aside, and Asset’s applications remain refused.

In March 2025, separately and distinct from the federal court proceedings, Advent made an application to NOPTA for renewal of the PEP11 permit which is 50% of the existing PEP11 permit area.

That application remains to be considered by NOPTA. Advent has stated it will continue to address the renewal application further with NOPTA.

BPH said in the meantime, the PEP11 permit as it stands will remain in force pending consideration and determination of that renewal application.

PEP11 is located offshore the lower Hunter Region in NSW, covering approximately 4,649 square kilometres less than 50 kilometres from the Newcastle metropolitan area.

The permit is considered to be highly prospective for natural gas and a potentially significant contributor to addressing the forecast east coast gas supply shortfall identified by AEMO, the ACCC and other agencies.

BPH was up 16.7% to 0.4¢. Mkt cap 4.061M.

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