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Highlights
- Asset Energy has submitted an originating application for judicial review, requesting the court to compel a decision on the PEP11 applications.
- The court is being asked to mandate the Joint Authority to make a decision within 45 days.
- The first application has been awaiting resolution for 1,656 days, and the second application for 1,278 days since their acceptance by NOPTA.
BPH Energy Limited (ASX:BPH) and Bounty Oil & Gas NL (ASX:BUY) have taken legal action against the Commonwealth-New South Wales Offshore Petroleum Joint Authority due to significant delays in processing their PEP11 Permit applications.
The joint venture partners announced that Asset Energy Pty Ltd (Asset), the operator for the joint venture, has filed a Judicial Review application with the Federal Court. This review aims to address the delays and push for timely resolutions.
Data source: Company update
In December 2019, Asset submitted a request to modify and suspend the PEP11 Permit conditions and extend its term, under sections 264 and 265 of the Act (the First Application), respectively. This request aimed to provide Asset with additional time to drill an exploration well and conduct post-well studies instead of a three-dimensional seismic survey. The National Offshore Petroleum Titles Administrator (NOPTA), representing the Joint Authority, accepted this application on 23 January 2020.
In January 2021, Asset made a second request for a similar variation and extension (the Second Application), seeking more time to drill the exploration well and applying the decision-making principles outlined in the COVID-19 Fact Sheet: Work-Bid Exploration Permits (April 2020). This application was accepted by NOPTA on 4 February 2021.
However, in March 2022, the then Joint Authority denied the first application. The Federal Court later overturned this decision on 14 February 2023, due to concerns of bias, as announced by BPH on the same day.
Despite Asset’s submission of additional information between March and October 2023, and NOPTA’s recommendation for both applications in October 2023, the Joint Authority has yet to resolve them. The first application has been pending for 1,656 days, and the second for 1,278 days.
Asset contends that the delays amount to a breach of the Joint Authority’s duty to process applications within a reasonable timeframe.
BPH shares traded at AU$0.020, up 25%, at the time of writing on 7 August 2024.
