PEP-11 Update

BPH Energy Limited (BPH) (ASX: BPH) and Bounty Oil & Gas NL (Bounty) (ASX: BUY) for the PEP11 Joint Venture, further to the announcement made on 18 September 2024, BPH provides a further update on matters relating to PEP-11.

By announcement made on 6 August 2024, BPH informed that Asset Energy Pty Ltd (Asset) on behalf of the joint venture partners had filed an Originating Application for Judicial Review in the Federal Court seeking that the Joint Authority be compelled to determine the applications within 45 days. BPH refers to its announcement on 6 August 2024 wherein it outlined the background and defined the First Application and Second Application made in respect of the PEP-11 Permit.

On 18 September 2024, Minister Husic, via NOPTA, gave Asset a statement of preliminary views with attachments and invited Asset to provide a response within 30 days. The statement of preliminary views included 45 annexures totalling 1608 pages. The company is currently reviewing the material provided by NOPTA for the purpose of providing Minister Husic with a submission in respect of his preliminary views. Due to the volume of the data provided to Asset, time has now been extended to 15 November 2024 to provide submissions.

Following conferral between the parties to the Federal Court proceeding, on 9 October 2024 orders were made vacating the previous orders and adjourning the proceedings to a date on or after 7 February 2025. The parties have liberty to apply to bring the matter back before the Federal Court on 3 days’ notice.

Included in the material provided by Minister Husic was a copy of the NOPTA recommendation to the Joint Authority which recommended that the Joint Authority approve the Second Application.

In the NOPTA Annual Report of Activities 2020-21 it was noted that 54 applications for COVID- 19 related suspensions and extensions were approved in that period. The company understands that the Second Application (for COVID-19 relief) made in respect of the PEP11 Permit was the only application outstanding.

Click here for the full ASX Release

This article includes content from BPH Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.