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BPH Investee Advent Commissions Environmental Review, BPH Tastes an Eventful Half-Year

Summary

  • BPH has recently reported that Xodus Group has been commissioned to conduct a preliminary environmental screening evaluation of the Baleen well activity.
  • BPH has also released its half-year report for the period ended December 2020, outlining key developments of its investee companies Advent and Cortical.
  • BPH’s net assets increased by 59.5 per cent in 1H FY21 to $6.83 million as of 31 December 2020.

Days after BPH Energy Limited’s (ASX:BPH) investee Advent signed a Preliminary Well Services Agreement with Add Energy for Baleen well program, the latter has commissioned Xodus Group to conduct a preliminary environmental screening evaluation of the planned Baleen well activity.

Good Read: BPH Energy (ASX:BPH) Investee Advent Signs Preliminary Well Services Agreement for Baleen Well Program

Xodus Group are a leading international energy environmental consultancy with a solid track record in the Australian offshore sector. The Group are subject matter experts in the offshore sector in regulatory approvals and environmental impact assessment.

BPH reported that the preliminary environmental screening assessment by Xodus will be backed by the pre-existing environmental information that exists from the previous technical work in the licence. The prior work includes the Environmental Plan that was accepted by the concerned authorities for a 2D Seismic survey that was commissioned by BPH investee Advent and undertaken in 2018.

The screening will identify the work needed to carry out an environmental impact evaluation to support the required approvals.

Lately, BPH also released its half-year report for the period ended December 2020, outlining key developments of its investee companies Advent and Cortical. Let us quickly glance through each of these developments below:

Advent Energy: Baleen Drilling under the spotlight

In 1H FY21, BPH investee Advent announced the appointment of a renowned Australian scientist Professor Peter Cook as an advisor on geosequestration for its PEP 11 project in the Offshore Sydney Basin. Mr Cook is a leader in the development and application of CCS or carbon capture and storage technologies and has published over 30 articles and papers on greenhouse gas technologies.

Advent is also proposing with its JV partner Bounty to use the Baleen drilling program to examine the potential for CCS in PEP11. Both the International Energy Agency, as well as the Intergovernmental Panel on Climate change, think that CCS can play a crucial role in supporting to meet world’s emission reduction targets.

During the half-year, Advent also issued 1.4 million shares at 5 cents per share for cash proceeds of $70k. Furthermore, the BPH investee lodged an Offer Information Statement with ASIC for a non-renounceable entitlement issue of 2 shares for every 3 shares held at an issue price of $0.05 per share to raise up to ~$6.5 million. The Offer is expected to be closed on 19 March 2021 at 5:00 pm (WST).

Cortical Dynamics Ltd: Eyeing BARM sales in the US

During the period, BPH investee Cortical secured approval from the South Korean regulator, The Korean Ministry for Food and Drug Safety (KMFDS), to market its Brain Anaesthesia Response Monitor (BARM) in the South Korean Market. The BARM and Cortical met the stringent requirements of KMFDS both for the BARM technology as well as for medical device manufacturers, comprising the requirements concerned with the Quality Management System.

Currently, Cortical is eyeing the Food and Drug Administration’s (FDA) approval to commence sales of BARM in the US market. It has already started the FDA 510K filing process for BARM in the USA, backed by its strategic investor Intuitive X.

Interesting Read: BPH Energy (ASX:BPH) Shares Climb ~68%, Investee Cortical Bags European Patent and Makes New Appointment

Furthermore, Cortical confirmed the filing of a new international patent application for “Apparatus and process for measuring brain activity” during the half-year period. The medical device company has developed a large patent portfolio encapsulating the BARM, offering critical patent protection across several key brain monitoring markets. At present, it has patents awarded in the People’s Republic of China, Australia, Europe, New Zealand, Japan, and the USA.

In 1H FY21, Cortical’s Korean distributor, Globaluck, presented BARM at the 2020 Spring Development seminar and Council of the Korean Association of Anaesthesia held in Busan, South Korea, in July 2020.

BPH investee Cortical also raised $462.8k in cash during the half-year via the issue of 3.7 million shares at 12.5 cents per share.

Financial Footing

In 1H FY21, BPH issued ~161.3 million shares under a 2 for 5 Entitlement Issue at an issue price of $0.015 per share, of which $482k was satisfied by debt set-off and $1.92 million received in cash. Besides, the Company raised ~$692k cash from the issue of 46.1 million placement shares at $0.015 per share.

On the back of these capital raisings, BPH’s net assets increased by 59.5 per cent during the half-year to $6.83 million as of 31 December 2020.

BPH shares traded at $0.165 on 3 March 2021.

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