BPH Energy (ASX: BPH) managing director David Breeze joins Small Caps to discuss the recent news that a special committee has blocked a proposed ban on oil and gas exploration off the New South Wales coast.

BPH has an interest in the large PEP-11 licence through its 35.8% investee company, Advent Energy.

Advent, via its wholly-owned subsidiary Asset Energy, is currently in the process of furthering a PEP-11 joint venture applications to lift a suspension of its work program conditions and related extension of the licence.

These applications have been filed with Australia’s offshore watchdog, the National Offshore Petroleum Titles Administrator (NOPTA) and the blocking of the anti-drill bill now means Asset can continue to progress its discussions with NOPTA.

The authority’s most recent notice stating that the applications’ status is now ‘Under Assessment’, which paves the way for the authority to finally make its decision on Asset’s applications.

At the same time, Asset continues to investigate the availability of a mobile offshore drilling unit (MODU) to drill the proposed Seablue-1 well on the large Baleen prospect in PEP-11.

Asset is also continuing discussions with drilling contractors and other operators who have recently contracted rigs for work in the Australian offshore beginning in the first half of 2024.

PEP-11 is considered to have the potential to contain the largest gas resources off the NSW coast.

Articles:
https://smallcaps.com.au/failure-bill...
https://smallcaps.com.au/bph-energy-p...

For more information on BPH Energy:
https://smallcaps.com.au/stocks/asx-bph/

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