PEP 11 Update
Perth, Feb 7, 2023 AEST (ABN Newswire) - BPH Energy Limited (ASX:BPH) and Bounty Oil & Gas NL (ASX:BUY)) as the PEP 11 Joint Venture announce that further to their earlier ASX Release of 3 February 2023; Jackson J of the Federal Court of Australia has now vacated several interlocutory orders previously made in connection with preparing for the hearing of Proceeding Number 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.
As a result, Bounty and BPH anticipate the Federal Court will consider the joint position to settle the matter without a trial taken by Asset Energy and the Minister and decide the matter accordingly.
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.
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).
BPH Energy Limited