PEP 11 Drilling
Perth, Feb 5, 2021 AEST (ABN Newswire) - BPH Energy Limited (
ASX:BPH) wishes to advise that investee Advent Energy Ltd has on behalf of the PEP11 joint venture submitted to the National Offshore Petroleum Titles Administrator (NOPTA) an application to extend the PEP11 permit offshore NSW. (Advent, through wholly owned subsidiary Asset Energy Pty Ltd, holds an 85% interest and is operator of the permit. Bounty Oil and Gas NL (ASX:BUY) holds the remaining 15%).
The application has been made under the COVID-19 -Work Bid Exploration Permits announcement released by the Federal Government on 20th April 2020.
In that release the Government recognised the that the COVID-19 pandemic was having a significant impact on the offshore petroleum sector and that additional flexibility would be required to assist titleholders to manage the COVID -19 crisis. The Joint Authority confirmed in that release that it regarded the COVID-19 pandemic as a force majeure event.
The application for a 24 month suspension of the Permit Year 4 work program commitments, with a corresponding 24 month extension of the permit term and was accepted for processing by NOPTA on 4th Feb 2021.
BPH has an interest of 22.7 % in Advent Energy Ltd. MEC Resources Ltd (ASX MMR) holds an interest in Advent. Advent holds an 85% interest in the PEP11 permit.
Bounty Oil and Gas NL (ASX:BUY) holds a 15% direct interest in PEP11 and the joint venture.
About BPH Energy Limited
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
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