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Funds raised by BPH to be used to progress Baleen drill target
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BPH Energy Limited (ASX:BPH) today announced that it has raised $449,813.
BPH Managing Director, David Breeze commented, “the Company is pleased to receive funding from a range of investors including existing shareholders and others who participated in the Placement through Sixty-Two Capital”.
Following the issue of the Shares under the Placement, BPH will undertake a non-renounceable rights issue of two shares for every five shares held by shareholders at an issue price of 1.5 cents per share to raise up to $2,419,346 together with one free attaching Option for every two shares subscribed for and issued.
The money will be used to increase BPH’s shareholding in Advent Energy from 23% to 36% (subject to any required approvals or via an underwriting of an offer by BPH).
Approximately $2 million of the capital raised will also be used by Advent to progress well planning, engineering and environmental approvals for drilling at the Baleen drill target in the PEP11 offshore permit in NSW.
Advent has submitted to the National Offshore Petroleum Titles Administrator (NOPTA) an application to enable the drilling of the Baleen drill target in the PEP11 permit.
You can read more about this in in our previous article: BPH releases information from prior tenement holders at PEP 11.
Advent, through wholly owned subsidiary Asset Energy Pty Ltd, holds an 85% interest and is operator of the PEP11 permit. JV partner Bounty Oil and Gas NL (ASX: BUY) holds the remaining 15%.
The JV had made an application to NOPTA to change the current PEP11 permit conditions in order for it to proceed with the drilling. BPH recently advised the market that NOPTA has confirmed that this application is in the final decision phase and expects to have a final decision shortly.
The JV is also currently evaluating rig availability for the drilling of the Baleen drill target.