BPH Energy Ltd (ASX: BPH), an investment company holding interests in various ventures, including a significant indirect stake in the PEP11 offshore petroleum exploration permit via its 35.8% interest in Advent Energy Limited, has announced a significant update regarding the Federal Court’s judgment on PEP11. The Federal Court of Australia delivered its judgment on 17 June 2026, dismissing an application for judicial review concerning the Petroleum Exploration Permit “PEP11 Permit”. This decision means the refusal by the Commonwealth-New South Wales Offshore Petroleum Joint Authority to vary, suspend, and extend the PEP11 Permit remains in effect.
The application for judicial review was brought by Asset Energy Pty Ltd, a wholly-owned subsidiary of Advent Energy and operator of the PEP11 Joint Venture, and Bounty Oil & Gas NL (ASX: BUY). In its summary, the Court held that the application for judicial review was dismissed. While Asset Energy was denied procedural fairness related to undisclosed well costings, the Court found this denial was not material, as the public interest ground independently justified the refusal. Furthermore, the Joint Authority was deemed able to rely on statements made in the NSW Parliament as reflecting community views, with Parliamentary privilege preventing any challenge to their truth.
As a direct consequence of the judgment, the National Offshore Petroleum Titles Administrator’s (NOPTA) refusal decision on the PEP11 extension and variation applications has not been set aside, leaving the applications refused. BPH Energy is now reviewing the judgment with its advisors and, together with the PEP11 Joint Venture participants, will consider all available options, including a potential appeal. Advent Energy intends to engage appropriate Senior Counsel for this purpose. Separately, an application for renewal of 50% of the existing PEP11 permit area, lodged by Advent in March 2025, remains under consideration by NOPTA, with the current permit remaining in force pending its determination. The Company will keep the market informed of material developments in accordance with its continuous disclosure obligations.
