Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

PEP11 Update

by admin August 6, 2024
August 6, 2024
PEP11 Update

BPH Energy Limited (BPH) (ASX: BPH) and Bounty Oil & Gas NL (Bounty) (ASX: BUY) for the PEP11 Joint Venture announce that today, 5 August 2024, Asset Energy Pty Ltd (Asset) as operator for and on behalf of the joint venture partners, filed an Originating Application for Judicial Review in the Federal Court seeking the following:

1. A declaration that the Commonwealth-New South Wales Offshore Petroleum Joint Authority has breached an implied duty by failing to make a decision under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth) with respect to two pending applications relating to Petroleum Exploration Permit NSW–11 (PEP11 Permit); and

2. An order that the Joint Authority be compelled to determine the applications within 45 days.

Background

On 24 December 2019, Asset applied for a variation and suspension of the conditions of the PEP11 Permit pursuant to s 264 of the Act and an extension of the term of the PEP11 Permit pursuant to s 265 of the Act (the First Application). The variation, suspension and extension were sought to, among other things, enable Asset (i) further time lawfully to drill an exploration well; and (ii) thereafter conduct post well studies rather than conduct a three-dimensional seismic survey. The National Offshore Petroleum Titles Administrator (NOPTA), on behalf of the Joint Authority, accepted the First Application on 23 January 2020.

On 30 January 2021, Asset applied for a variation and suspension of the conditions of the PEP11 Permit pursuant to s 264 of the Act and an extension of the term of the PEP11 Permit pursuant to s 265 of the Act (the Second Application). The variation, suspension and extension were sought to, among other things, enable Asset further time lawfully to drill an exploration well and sought to invoke the decision-making principles set out in the COVID-19 Fact Sheet: Work-Bid Exploration Permits (dated April 2020). NOPTA, on behalf of the Joint Authority, accepted the Second Application on 4 February 2021.

On or about 26 March 2022, the then purported Joint Authority formally determined to refuse the First Application (Purported First Application Decision). On 14 February 2023, the Purported First Application Decision was set aside by the Federal Court of Australia on the ground of apprehended bias. The decision of the Federal Court was the subject of an announcement made on 14 February 2023 by BPH.

Between March 2023 and October 2023, Asset provided further information to NOPTA. On 17 October 2023, NOPTA made a recommendation to the Joint Authority with respect to both Applications. To date, neither the First Application nor Second Application have been determined by the Joint Authority according to law. It has been 1,656 days (inclusive) since the First Application was accepted by NOPTA. It has been 1,278 days (inclusive) since the Second Application was accepted by NOPTA.

Asset alleges that the failure by the Joint Authority to make a decision with respect to the First Application and the Second Application constitutes a breach of its duty to consider the applications within a reasonable time.

David Breeze (Director) authorised the release of this announcement to the market.

Click here for the full ASX Release

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Mortgage rates plunge to the lowest level in over a year after weak employment report
next post
4 Ways to Invest in Gold for Retirement (Updated 2024)

Related Posts

Crypto Market Recap: CME Launches SOL Futures Contracts,...

March 19, 2025

Graphite Processing Expansion Opportunities

June 19, 2025

Providence Gold Mines Inc. Announces Financing Update on...

September 13, 2025

Trident Royalties PLC Announces Chairman Transition

May 10, 2024

Drilling Commences at Penny South Gold Project, Western...

February 27, 2025

Satellite Imagery and Gold Exploration

June 5, 2025

How to Invest in Natural Gas: Stocks, ETFs...

March 18, 2025

Bitcoin Well Expands Rewards Program To Include The...

May 9, 2025

Horn Island Mining Lease Application Registered

August 15, 2025

5 Small-cap Biotech ETFs to Watch in 2025

October 8, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • EXCLUSIVE: New GOP report accuses Democrats of trying to ‘undermine’ healthcare in government shutdown fight

      October 15, 2025
    • Jordan asks Jack Smith to testify over ‘partisan and politically motivated’ Trump prosecutions

      October 15, 2025
    • Comey seeks to toss criminal case calling Trump prosecutor ‘unlawful’ appointee

      October 15, 2025
    • Mike Johnson, world leaders to nominate Trump for Nobel Peace Prize after Israel-Hamas deal

      October 15, 2025
    • Democrats threaten to see Trump team ‘in court’ over ‘illegal’ firings as shutdown battle escalates

      October 15, 2025

    Categories

    • Business (1,118)
    • Investing (3,252)
    • Politics (3,970)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved