BPH Energy (ASX: BPH): Half-Year Report Highlights Progress in Clean Hydrogen, Gas and Medtech Projects - Kalkine Media

Highlights

• BPH Energy witnessed a 6.3% increase in its net assets from 30 June 2023 to AU$20.63 million at 31 December 2023.
• BPH and Advent Energy acquired an additional 9.5% interest in Clean Hydrogen for US$950,000.
• Advent advanced applications with NOPTA, as well as investigations for the availability of a mobile offshore drilling unit for its proposed drilling within the PEP11 permit.
• In September 2023, Cortical secured US FDA 510(k) clearance for BARM™ system version 1 a necessary precursor for the technology’s sale in the US.

ASX-listed BPH Energy Limited (ASX: BPH) is a diversified company making investments in biotechnology and resources.  

The Australia-based firm has recently released its half-year report for the six-month period ended 31 December 2023. During this period, net assets of the consolidated entity rose by approximately 6.3% from 30 June 2023 to over AU$20.63 million at 31 December 2023. A significant portion of this increase resulted from a capital raise through a placement. In September 2023, BPH received binding commitments for a capital raise of AU$1.9 million with the issue of 95 million new fully paid ordinary shares at an issue price of AU$0.02 per share.

Key developments in the first half

• Strengthened association with Clean Hydrogen

In August 2022, BPH and its investee Advent Energy Ltd initiated an investment in hydrogen technology company Clean Hydrogen Technologies Corporation, acquiring a 10% interest in Clean Hydrogen for US$1,000,000.

In 2023, they acquired an additional 9.5% interest (BPH owns 15.6% and Advent owns 3.9%) in Clean Hydrogen for an additional cash consideration of US$950,000 through a Loan Conversion Agreement.

Clean Hydrogen Technologies is committed to commercialising its unique hydrogen production technology. Recently, the company marked a major development, transitioning to production from proof of concept. To know more about this development, click here.

• Advanced application approval process for PEP-11 Permit

Asset Energy Pty Ltd, a subsidiary of Advent Energy Ltd (BPH 35.8% direct interest), is a participant in the PEP11 Joint Venture with Bounty Oil and Gas NL (ASX: BUY).

Advent has two continuing applications with the National Offshore Petroleum Titles Administrator (NOPTA) for suspension and extension of the PEP11 permit. It continues to progress the applications for the variation of work program conditions and related extension of PEP-11.

In October 2023, NOPTA updated its website, indicating the applications’ status as ‘Under Assessment’.

Meanwhile, the company is investigating the availability of a mobile offshore drilling unit to drill the proposed Seablue-1 well on the Baleen prospect.

• Cortical Dynamics geared up to sell BARM™ in the US

BPH’s investee firm Cortical Dynamics Limited is developing BARM™ technology to diagnose the impact of anaesthetic agents on brain activity. In September 2023, Cortical secured US FDA 510(k) clearance for BARM™ system version 1 a necessary precursor for the technology’s sale in the US.

Also, Cortical and its partner, the Austrian Institute of Technology, are developing an improved version of BARM™, involving better software, hardware, and firmware.

Image source: Company presentation

BPH shares traded at AU$0.023 at the time of writing on 12 March 2024.