PEP 11 Update
Perth, Feb 14, 2023 AEST (ABN Newswire) - BPH Energy Limited (
ASX:BPH) and Bounty Oil & Gas NL (Bounty) (ASX:BUY) for the PEP 11 Joint Venture announce the resolution of the Federal Court Proceedings (WAD106/2022) between Asset Energy Pty Ltd (a wholly owned subsidiary of BPH's investee, Advent Energy Limited) and the Respondents (being the Commonwealth Minister for Resources et al).
The proceedings involved the decision made on 26 March 2022 by the Commonwealth - New South Wales Offshore Petroleum Joint Authority (Joint Authority) to refuse Asset Energy's Application (as JV operator) for a variation and suspension of the conditions to which PEP 11 is subject and a related refusal to grant an extension of term (the Decision).
The presiding Judge; Justice Jackson has agreed with the consent position reached by the parties, quashed the Decision and concluded that the Decision of the Joint Authority was affected by apprehended bias. This was because a fair-minded observer would have reasonably apprehended that the former Prime Minister of Australia the Hon Scott Morrison MP, as a member of the Joint Authority, did not bring a fair mind to determine Asset Energy's application.
Attached are the following issued by the Federal Court of Australia today:
- the Orders made 14 February 2023.; and
- the Reasons for Judgment of Justice Jackson
In the meantime, PEP 11 continues in force and the Joint Venture is fully in compliance with the contractual terms of PEP 11 with respect to such matters as reporting, payment of rents and the various provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
Commenting BPH's CEO David Breeze stated:
"In light of the decision of the Federal Court of Australia the PEP 11 Joint Venture sincerely hopes that the relevant applications can be re-considered in a timely manner and according to law by the Ministers now comprising the Joint Authority."
*To view the Court Orders, please visit:
https://abnnewswire.net/lnk/U4I5W6N2
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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