- BPH and BUY have informed the market about a recent update related to PEP 11 proceeding in Court
- The Federal Court of Australia has vacated interlocutory orders and it is now being anticipated that the matter can be settled without a trial
- Advent Energy and Bounty Oil & Gas have 85% and 15% interest, respectively in the permit
BPH Energy Limited (ASX: BPH) -- which is an investor in Advent Energy Limited -- alongside the other stakeholder Bounty Oil & Gas NL (ASX: BUY), has released an update regarding the ongoing Petroleum Exploration Permit 11 (PEP 11) trial in the Federal Court of Australia.
The companies have informed the market that the Federal Court has vacated several interlocutory orders. These interlocutory orders were made previously with respect to hearing of Proceeding Number WAD106/2022.
BPH and BUY have further said that the Joint Venture now expects the Court to consider their position to settle the matter without a trial.
The PEP 11 proceeding has Asset Energy Pty Ltd, and the respondents Commonwealth Minister for Resources et al as parties. The former company is a wholly owned subsidiary of Advent Energy Limited.
Image: © 2023 Krish Capital Pty. Ltd.
It was also mentioned that the Permit remains in force, with full compliance of contractual terms, including payment of rent and reporting, ensured by the Joint Venture.
In a previous statement, BPH Energy had informed that the PEP 11 site is a “significant offshore exploration area”.
The shares of BUY on ASX traded at AU$0.011, up nearly 10% at market close on 7 February 2023.