BPH Clarification Announcement
Perth, Mar 21, 2023 AEST (ABN Newswire) - BPH Energy Limited (ASX:BPH) refers to an article which was published in the Australian Financial Review on 8 December 2022 titled, "Gas project nixed by ScoMo could pump by 2025" and an advertisement which was published on Hotcopper on 12 December 2022, titled "BPH Energy (ASX:BPH) plans to solve Australia's east coast gas crisis" (together, the Articles) in relation to the Company's PEP11 Project.
The Company wishes to clarify that its referenced mineral resource estimate of 5.665 trillion cubic feet of gas (Resource Estimate) referred to in the Articles was first announced by the Company to the ASX through a cross release on BPH by MEC Resources Limited (ASX:MMR) (a related company to BPH) on 22 December 2010, and is referred to in the table below*. This information has also generally been available on the Company's ASX platform since 2010.
BPH is pleased to announce that a recent reassessment of potentially recoverable prospective resource within the present permit boundary of the PEP 11 offshore Sydney basin permit indicates a sum of the P50 estimates of all identified Prospect and Leads of 5.7 TCF as follows (see link below):
The PEP 11 offshore Sydney basin permit is held pursuant to a joint venture between Asset Energy Pty Ltd (a wholly owned subsidiary of Advent Energy Limited (Advent) as to an 85% interest and Bounty Oil & Gas NL as to a 15% interest. The table below sets out the 85% economic interest of Advent in the PEP 11 offshore Sydney basin permit (see link below):
BPH holds a shareholding interest of 36.1% in Advent and the table below sets out the 30.685% economic interest of BPH in the PEP 11 offshore Sydney basin permit (being 36.1% of Advent's interest of 85%) (see link below):
BPH refers to the Cost Estimate as defined in the query letters received from ASX dated 19 December 2022 and 22 December 2022. The Company withdraws the Cost Estimate statement and investors should not rely on the Cost Estimate for any investment decision concerning the Company.
*To view tables and figures, please visit:
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