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Highlights
- BPH Energy’s investee, Advent Energy, challenges the PEP-11 permit decision.
- Joint Authority had denied amendments and extension of PEP-11 permit.
- The originating application seeks to overturn the decision, declare it invalid, and seek reconsideration.
BPH Energy Ltd (ASX:BPH) announced that its investee, Advent Energy Ltd (in which BPH holds a 36.1% direct interest), is challenging a regulatory decision in the Federal Court. Advent’s wholly owned subsidiary, Asset Energy Pty Ltd, has filed an Originating Application for judicial review under the Administrative Decisions (Judicial Review) Act 1977 (Cth) and the Judiciary Act 1903 (Cth).
The application seeks to overturn a decision made by the Commonwealth-New South Wales Offshore Petroleum Joint Authority, which denied the Joint Venture’s requests to vary and suspend conditions of the PEP-11 Permit and extend its term. These applications were submitted on 23 January 2020 and 17 March 2021 but were refused under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).
Asset Energy is requesting the court to nullify the decision, declare it void, and remit the applications back to the Joint Authority for reconsideration. The legal action is taken on behalf of the PEP-11 Joint Venture partners, which include Bounty Oil and Gas NL (ASX:BUY) and Asset Energy Pty Ltd.
BPH stock price surges
BPH shares were trading 11.11% higher at AU$0.010 per share at the time of drafting on 13 February 2025.
