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Highlights
- Asset Energy, a subsidiary of Advent Energy, is seeking judicial review of PEP-11 decisions.
- BPH Energy (ASX:BPH) holds a 36.1% stake in Advent Energy.
- Legal action comes after a refusal of applications for the offshore NSW licence.
BPH Energy (ASX:BPH) recently announced that its investee company, Advent Energy, through its fully-owned subsidiary Asset Energy, has formally requested a judicial review of the decisions related to the PEP-11 oil and gas exploration permit located off the coast of New South Wales (NSW). This legal move comes after concerns arose over the variations and suspensions made to the conditions of the PEP-11 permit by the Commonwealth–New South Wales Offshore Petroleum Joint Authority (the Joint Authority). These changes were made on 23 January 2020 and 17 March 2021.
Asset Energy, which serves as the operator of the PEP-11 project, is asking the Federal Court to quash or set aside these decisions, arguing that the modifications to the permit’s conditions should be considered void. Furthermore, they are seeking a declaration to this effect and requesting that the Joint Authority reconsider the matter in accordance with the law.
The legal action is supported by the joint venture (JV) partner in the PEP-11 project, Bounty Oil & Gas (ASX:BUY). In late January 2025, the JV disclosed its intention to seek legal counsel after federal minister for industry and science, Ed Husic, announced that the Joint Authority had refused the applications related to the offshore NSW license. The JV partners felt that the decision, along with the authority’s stance, warranted further examination and challenge.
BPH Energy (ASX:BPH), which holds a 36.1% direct stake in Advent Energy, has been closely monitoring the situation. The company’s executive director, David Breeze, commented that despite these challenges, the PEP-11 permit would remain in force for an additional two months, extending until 17 March 2025. This extension follows the National Offshore Petroleum Titles Administrator’s decision made on 17 January 2025.
The dispute traces back to late December 2019 when Asset Energy applied for a federal determination. This included a request for variations to the conditions and an extension of the term for the PEP-11 permit. The judicial review aims to ensure that these decisions are properly reconsidered, ultimately impacting the future of oil and gas exploration in the region.
As the case moves forward, it will be crucial to watch for updates, especially given the significance of the offshore assets and the legal interpretations involved in the review process.
