PEP 11 Drilling Clarification
- Investee Advent Energy Ltd (Advent) has, on behalf of the PEP11 joint venture, submitted to the National Offshore Petroleum Titles Administrator (NOPTA) a further application to extend the current PEP11 permit in offshore NSW.
- The application comprises a 24-month suspension of the Permit Year 4 work program commitments, with a corresponding 24-month extension of the current permit term. This application was accepted for processing by NOPTA on the 4th of February 2021.
- This application was lodged to ensure the company is not in breach of the Year 4 PEP11 work program and expenditure commitments. The Government has recognised that the COVID-19 pandemic has had 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 also confirmed in a release that it regarded the COVID-19 pandemic as a force majeure event.
- BPH Energy Limited does not foresee this recent application interfering with the NOPTA application to extend the permit terms for PEP11.
- BPH has advised that the NOPTA application extension to the permit terms for PEP11 is in the final phase of decision process and is now with the Joint Authority for decision.
Although the application to NOPTA was to extend the current permit commitment conditions, the Joint Venture is committed to proceed with the drilling of the Baleen well in PEP11 as soon as the necessary preconditions and permitting including environmental approval has been satisfied.
About BPH Energy Limited
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).
BPH Energy Limited