BPH Energy investee appeals 35.81% stake ruling
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- Advent Energy will appeal the Federal Court judgement regarding the PEP11 exploration permit.
- The share price of investor BPH Energy remained steady following the legal update.
- The joint venture aims to progress the project to address forecast gas shortfalls.
BPH Energy (ASX:BPH) announced its 35.81% investee, Advent Energy, will appeal a Federal Court permit judgement.
The decision follows a June 17 judgement dismissing a judicial review application regarding the offshore gas permit.
The legal challenge will be conducted by Advent Energy and its wholly owned subsidiary Asset Energy.
Asset Energy holds an 85% interest in the PEP11 joint venture alongside Bounty Oil & Gas NL (ASX:BUY).
Following the announcement, the BPH Energy share price was unchanged at $0.003.
The PEP11 permit covers approximately 4,649km2 offshore the lower Hunter Region.
The joint venture stated that the permit is highly prospective for natural gas to address East Coast shortfalls.
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