BPH Energy (ASX: BPH) investee Advent Energy secures 5-year renewal of Retention Licence 1

May 03, 2024 01:54 PM AEST | By Sonal Goyal

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BPH Energy (ASX: BPH) investee Advent Energy secures 5-year renewal of Retention Licence 1 — Image source: Company website

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Highlights

Advent Energy Ltd, an investee of BPH, has been granted renewal of Retention Licence 1 (RL1) in the Northern Territory.

The renewal is for a five-year term.

RL1 covers 166km² in the Northern Territory and includes the Weaber Gas Field, discovered in 1985.

BPH Energy Limited (ASX: BPH) has welcomed the grant of a renewal of Retention Licence 1 (RL1) in the Northern Territory to Advent Energy Ltd. The Northern Territory Government has granted the renewal for a term of five years.

Advent Energy is an investee of BPH.

Through its subsidiary, Onshore Energy Pty Ltd, Advent Energy holds a 100% interest in RL1 and serves as the operator of the Retention Licence situated in the onshore Bonaparte Basin, northern Australia.

The Bonaparte Basin, renowned for its abundant oil and gas potential, spans over 250,000 square km offshore and approximately 20,000 square km onshore. It is recognised as one of Australia's leading offshore hydrocarbon-producing basins, alongside the Northern Carnarvon and Gippsland basins.

RL1, covering an area of 166km² in the Northern Territory, encompasses the Weaber Gas Field. This gas field was discovered in 1985.

BPH shares traded at AU$0.026 apiece at the time of writing on 3 May 2024 with a market cap of AU$29.63 million.

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