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- BPH Energy (BPH)’s investee company, Advent Energy, has shown its confidence once again in the disputed NSW offshore permit, PEP11
- The oil and gas company is currently awaiting an extension to its permit, which has been delayed by opposition to the project by politicians and locals
- However Advent has appointed Xodus to commence an environmental plan for the Baleen-1 target
- Xodus will prepare the plan and submit it to National Offshore Petroleum Safety and Environmental Management Authority
- BPH is trading at 9 cents per share
BPH Energy (BPH)’s investee company, Advent Energy, has shown its confidence once again in the disputed NSW offshore permit, PEP11.
The company has announced that it will prepare an environmental permit, despite having not received approval for an extension of the permit.
PEP11 is a joint venture project of which Advent owns 85 per cent. Bounty Oil and Gas (BUY) owns the remaining 15 per cent.
Advent applied for the extension to its permit earlier this year due to COVID-19 putting delays on its operations. However, NSW Deputy Premier John Barilaro said he was not in favour of the oil project and the application should be rejected.
The oil and gas company is still waiting for the National Offshore Petroleum Titles Administrator (NOPTA) to give it the thumbs up to proceed with drilling at the Baleen target.
Advent remains confident in receiving the extension and has gone to the next step, preparing to submit an environmental plan for Baleen-1.
The company has appointed Xodus Group under a lump sum contract to prepare the plan and submit it to National Offshore Petroleum Safety and Environmental Management Authority.
Xodus is a leading global energy environmental consultancy, with a strong track record in the Australian offshore sector.
BPH was trading at 9 cents per share at the market open today.
