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- BPH investee Advent Energy Limited has secured a right to acquire a 30% participating ownership of Petroleum Exploration Permits (PEP).
- The tenements stretch over an area of 5,180 km2 in the Taranaki Basin.
- Shares of BPH Energy zoomed 7.7% to AU$0.014 a share following its most recent announcement on 21 July 2022.
Shares of BPH Energy Limited (ASX:BPH) zoomed 7.7% to AU$0.014 a share on 21 July 2022 after the company’s investee Advent Energy Limited, via its subsidiary Aotearoa Offshore Ltd NZ (AOLNZ), made an announcement on its right to acquire a 30% participating ownership of Petroleum Exploration Permits (PEP) 57075, 60092 and 60093 from OMV New Zealand Limited. These petroleum tenements stretch over an area of 5,180 km2 in the Taranaki Basin.
The conditions precedent for the Farm Out Agreement (FOA) include –
- AOLNZ securing any necessary Governmental Agency approvals
- OMV NZ securing the consent of the Joint Venture for the transaction
- The JV has agreed and signed an amendment to the Joint Venture for enabling OMV NZ for additional security upon mutually agreed terms acceptable to the farminee
- OMV NZ securing the approval of the Minister for Energy required under section 41 of the Crown Minerals Act
If first three precedent conditions are not satisfied within six months of signing, either of the parties could terminate the FOA and the agreement will be invalid. The FOA was initially executed on 24 December 2021 for the six months period ending on 24 June 2022.
No action is needed or would be required by either Advent or OMV NZ, since both parties intend to proceed and have AOLNZ on permit Title’s pending the Ministry of Business, Innovation and Employment’s ongoing process.
Shares of BPH traded at AU$0.012 a unit on 27 July 2022.