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Highlights
- BPH Energy reported a profit of AUD 7 million during 1HFY25, marking a significant turnaround from the previous year’s losses.
- Revenue from ordinary activities rose by 94.7%.
- The company secured AUD 1.6 million through placements.
- BPH’s investee Cortical Dynamics Limited issued 200,000 shares at AUD 0.25 per share, raising cash proceeds of AUD 50,000.
BPH Energy Limited (ASX:BPH) saw a notable turnaround in the half-year ended 31 December 2024 (1HFY25), reporting a profit of over AUD 7 million with revenue from ordinary activities rising by 94.7%.
The company also raised AUD 1.6 million through share and option placements, supporting further growth.
Additionally, BPH has provided updates on its investee companies, including Clean Hydrogen Technology Corporation, Advent Energy, and Cortical Dynamics, paving the way for a promising future.
Reversing Last Year's Losses with AUD 7Mn Profit
During the half-year period, BPH reported a profit of AUD 7,068,242, marking a notable turnaround from a loss of AUD 744,001 in the same period of 2023.
The net assets of the consolidated entity rose by 31.5% from 30 June 2024, reaching AUD 38,531,092 as of 31 December 2024.
Revenues from ordinary activities rose by 94.7% to AUD 391,000 for the period.
Secured AUD 1.6 Million in Recent Placements
On 15 August 2024, BPH issued 57,932,781 fully paid ordinary shares at AUD 0.018 each, raising AUD 1,042,790. In October, a subsequent placement of listed options raised an additional AUD 566,131. The company intends to allocate the funds towards exploration and development of oil & gas investments, working capital including offer costs, and funding Cortical Dynamics.
Developments in its investee companies during the half year are as follows:
BPH and its investee Advent Energy Ltd, settled to acquire a 10% interest in Clean Hydrogen Technology Corporation for a cash consideration of USD 1 million (8% BPH and 2 % Advent).
During the half year, BPH’s investee Cortical Dynamics Limited, an Australian-based medical device neurotechnology company, issued 200,000 shares at AUD 0.25 per share for cash proceeds of AUD 50,000.
Advent Energy Limited’s subsidiary, Asset Energy Pty Ltd, is part of the PEP 11 Joint Venture with Bounty Oil and Gas NL (ASX:BUY). In January 2025, the National Offshore Petroleum Exploration Authority (NOPTA) notified the Joint Venture that the Joint Authority had rejected applications made on 23 January 2020 and 17 March 2021. The PEP11 permit will remain in force for two months from 17 January 2025.
Earlier in February, BPH made an announcement that Asset Energy Pty Ltd has applied to the Federal Court for an originating application. The Originating Application seeks:
The Originating Application seeks the following remedies:
- An order to annul or invalidate the decision
- A declaration confirming that the decision is null and without legal force; and
- An order referring the first and second applications back to the Joint Authority for a lawful reconsideration.
The share price of BPH was AUD 0.010 on 05 March 2025.
