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Diversified energy explorer BPH Energy (ASX:BPH) wound up Q1 with $6.6M in cash and a foot in the door of the decarbonisation megatrend, according to its latest quarterly.
BPH Energy grew its stake in Clean Hydrogen Technologies to 15.6% across the quarter, alongside sister vehicle Advent Energy.
In the coming weeks and months, BPH will take part in testing a reactor that could produce up to 15kgs of hydrogen per hour – at the same time its lawyers build a wall of patents around the tech.
According to BPH, the company has moved to hydrogen producer status. Notably, the company will be producing hydrogen from pyrolysis of natural gas – otherwise dubbed ‘blue hydrogen.’
The company’s other branch – its Medtech arm – also remains in development with the company continuing to take its neurotechnology offering to interested Australian potential buyers.
On the whole, however, BPH flagged no major developments in Q1 for Cortical.
Of most interest to BPH watchers on HotCopper was the company’s progress in getting an understanding from Canberra what the latter will do with BPH’s flagship: the offshore PEP-11 licence.
“[Project proponent] Asset Energy continues to progress the joint venture’s applications for the variation and suspension of work program conditions and related extension of PEP-11,” the company wrote.
“This application follows from the fact that in February 2023 a decision by the previous Commonwealth-NSW Joint Authority to refuse the application was quashed by the Federal Court of Australia.”
NOPTA, the Australian oil and gas regulator, continues to “consider” BPH’s position, and BPH noted in its quarterly that it also needs to get NOPSEMA on board – a Commonwealth entity.
Shareholders – and BPH itself – will, apparently, have to continue to wait.
BPH last traded at 2cps.
