BPH Energy (ASX: BPH) share price jumps 15% on PEP-11 update; What is it?

Highlights

• NSW Legislative Committee on Environment and Planning presented its findings on the Minerals Legislation Amendment Bill 2023.
• Following discussions with legal experts and inquiry, the committee recommends not to pass the bill.
• Asset Energy’s applications’ status is now under assessment.

BPH Energy Limited (ASX: BPH) has shared an update on the joint venture applications for suspension and variation of work program conditions and associated extension of the PEP-11 permit.

A wholly owned subsidiary of Advent Energy Limited, Asset Energy Pty Ltd continues to advance the applications with the National Offshore Petroleum Titles Administrator (“NOPTA”).

Advent is a 35.8% investee company of BPH. Asset Energy is the operator of PEP-11 and holds an 85% interest, while 15% interest is held by Bounty Oil & Gas NL (ASX: BUY).

Committee suggests ‘not’ to pass the bill

Data source: Company update

The Bill was designed to make changes to three acts with the intent to prohibit offshore activities within NSW, such as drilling for petroleum.

The investigation delved into various matters, especially whether the bill raises any constitutional concerns and unintended outcomes. The report outlines the findings and proposed recommendations.

After listening to the legal experts, the committee reached to the conclusion that the aspects of the proposed legislation might be invalid constitutionally and have unintended consequences. The report provided ten findings and two suggestions. Accordingly, the committee has recommended not to pass the bill.

Asset Energy’s application is now ‘under assessment’

Meanwhile, the NOPTA has updated its website and the NEATS Public Portal Application Tracking has been updated.

The update shows that the status for Asset Energy’s application is now ‘under assessment’. With this development, the next step is the decision by the joint authority on the applications of Asset Energy.

BHP shares jump  

BPH shares traded at AU$0.030 apiece, 15.38% higher at the time of writing on 24 November 2023. Market cap of the company is AU$26.66 million.