Investee Advent Energy PEP 11 Developments
Sydney, Sep 17, 2019 AEST (ABN Newswire) - BPH Energy Ltd (
ASX:BPH) wishes to advise that investee Advent Energy Ltd has now terminated by mutual consent the RL Energy Joint Venture Agreement for the PEP11 permit.
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 Joint Venture is now reviewing the work program and evaluating proceeding with the drilling of a well at the Baleen drill target subject to approvals of NOPTA and other regulatory authorities.
The PEP11 project lies in the offshore Sydney Basin adjacent to the NSW coast, extending from Sydney to Newcastle and situated in Commonwealth waters.
The PEP11 project comprises significant structural targets believed to hold material quantities of natural gas.
PEP11 is supremely located to potentially supply gas into the east coast gas market.
Advent completed, with JV partner Bounty Oil, a 200-line km 2D seismic survey in PEP11 in the second Quarter of 2018 at Baleen to assist in the potential future drilling of this target approximately 30 km south east of Newcastle. BPH holds a 22.6 % interest in Advent Energy Ltd.
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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