How BPH Energy’s (ASX:BPH) Investee Advent is Going from Strength to Strength?


  • BPH Energy Limited (ASX:BPH) is making fast-paced progress in the resources sector via its investee Advent Energy.
  • Advent is initially focusing on undertaking drilling at Baleen target situated in the PEP11 permit.
  • Advent has recently announced $6.5 million capital raising to progress with its drilling plans.

Diversified company BPH Energy Limited (ASX:BPH) has been rapidly growing its presence in the oil and gas (O&G) sector through its investee firm Advent Energy Ltd. And 2021 seems to be an interesting year to track the drilling updates on this front.

BPH possesses a significant stake of 22.3% in Advent, whose principal activity is to maximise its gas resources.

Advent is a non-listed O&G exploration and development entity that holds offshore and onshore exploration and near-term development assets across Australia. Advent’s assets comprise PEP11 (85%) in the offshore Sydney Basin and RL1 (100%) in the onshore Bonaparte Basin in the Northern territory.

Interestingly, Advent’s permits are situated next to a ready market deemed by Advent as an outstanding infrastructure, thus maximising its potential to optimise any resources.

BPH Energy shares traded at $0.047 with a rise of ~12% on 13 January 2021.

PEP11 Permit – High-Grade Project

Advent’s PEP11 permit is a high impact exploration project that remains one of the most important untested gas plays in Australia.

Advent possesses 85% interest in PEP11 permit via its 100% owned subsidiary Asset Energy Pty Ltd, while Bounty Oil & Gas NL holds the remaining 15%. Significantly, Advent has invested over $25 million in the PEP11 permit via Asset Energy Pty Ltd.

Must Read: BPH Energy (ASX:BPH) Investee Advent Appoints Prominent Australian Scientist for PEP11 Project

The oil and gas entity considers PEP11 to be a substantial structural target that can contain multi-tier natural gas resources.

The AEMO or the Australian Energy Market Operator has cautioned that the developed gas reserves in south-eastern and eastern Australia are expected to meet projected demand for only a short span of time.

The AEMO has also warned about possible supply shortages sprouting on the east coast of Australia within five years, especially in the southern states.

AEMO’s warning has heightened the critical positioning and prospectivity of the PEP11 permit. Moreover, the gas supply crisis has created a substantial market opportunity for Advent to raise the funding for drilling with the aim of advancing the PEP11 project.

Drilling at Baleen Target

Advent’s initial focus is to undertake drilling at Baleen target located in the high-grade PEP11 permit offshore NSW.

In January 2020, Asset Energy Pty Ltd submitted an application to NOPTA or the National Offshore Petroleum Titles Administrator to allow the drilling of Baleen target. The application includes the extension of PEP11 permit title for up to 2 years to enable the drilling and removal of the requirement for a 500 km2 3D seismic program.

Related Read: BPH’s Investee Advent to Examine Carbon Capture and Storage Potential Under Baleen Well Program

Notably, NOPTA has confirmed that the application has reached the final decision phase and Advent anticipates the decision shortly. Asset Energy and Bounty Oil are moving to a drill-ready status for PEP11 permit, subject to NOPTA approval.

$6.5 Million Capital Raising

Recently, Advent announced its plan to raise up to $6.5 million capital. This is undeetaken via a non-renounceable entitlement issue of 2 Shares for every 3 Shares held by Shareholders registered at the Record Date at a price of $0.05 per share.

The Offer is expected to close on 26 February 2021 at 5:00pm (WST). It is worth noting that the Offer is partially underwritten by Grandbridge Securities Pty Ltd up to the amount of $1 million.

Advent intends to use the funds raised through Offer for the following purposes:

Advent anticipates that if all the Shares are subscribed for, the proceeds raised from the Offer will be sufficient to meet its short-term goals over the next 18 – 24 months.

BPH Energy’s investee Advent, together with Bounty Oil and Gas NL, is committed to explore for and eventually exploit any petroleum accumulations that may be identified in the PEP11 title area. Towards this end, Advent is continually looking for and evaluating potential sources of both debt and equity funding.

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK