BPH Energy (ASX: BPH) has strengthened its funding position while awaiting the Federal Court’s decision on investee Advent Energy’s judicial review application relating to the PEP-11 gas permit offshore New South Wales.
The company raised about $1.2 million before costs through a placement to new and existing sophisticated investors during the March quarter, followed by the issue of new options that raised a further $542,891.
BPH ended the quarter with $3.59m in cash, up from $2.43m at the start of the period, giving it an estimated 15.5 quarters of funding based on its March quarter operating cash flow profile.
The quarter also delivered progress across BPH’s investee portfolio, including Cortical Dynamics’ next-generation brain and pain monitoring device and Clean Hydrogen Technologies’ commercial planning for hydrogen and carbon nanotube composite products.
PEP-11 Judicial Review Decision
BPH holds a 35.8% direct interest in Advent Energy, whose wholly owned subsidiary Asset Energy is the 85% participant in the PEP-11 joint venture alongside Bounty Oil and Gas.
The PEP-11 JV applied to the Federal Court for judicial review after the Commonwealth-New South Wales Offshore Petroleum Joint Authority refused applications made in January 2020 and March 2021.
The Originating Application was heard on 20 and 23 February 2026 before the Honourable Justice Jackson, with the parties tendering affidavits, agreed bundles of documents, written submissions, and oral submissions.
The decision has been reserved to a future date, while PEP-11 remains in force and the joint venture remains compliant with permit terms covering reporting, rents, and provisions under the Offshore Petroleum and Greenhouse Gas Storage Act.
Capital Raising Supports Portfolio Work
The January placement comprised 134.2 million new fully paid ordinary shares at $0.009 per share.
Placement participants received one free attaching option for each placement share, exercisable at $0.03 and expiring on the same date as options issued under BPH’s December 2025 options prospectus.
The funds were allocated across oil and gas exploration and development investments, working capital and Cortical Dynamics.
The subsequent issue of 542.9 million new options at $0.001 per option was designed to allow holders of expired BPHO options to continue participating in the company’s development, with proceeds directed to working capital.
BARM 2.0 Nears Technical Completion
BPH holds a 16.4% direct interest in Cortical Dynamics, which is nearing technical completion of the next-generation AI-enhanced BARM 2.0 minimum viable product for brain and pain monitoring trials.
BARM 2.0 will then undergo electrical safety testing, while Cortical’s proprietary BarSensors will undergo biocompatibility and aged testing for safety and shelf-life longevity ahead of clinical trials and regulatory submissions.
The device combines electroencephalogram (EEG) monitoring with AI to unify hypnotic depth and pain response monitoring in a single system for anaesthesia management.
Clinical trials are scheduled in the US and the Netherlands after technical completion, with worldwide regulatory submissions planned as soon as possible after those trials.
MedTech Profile Continues to Build
Cortical showcased BARM 2.0 at the Wholesale Investor Emergence Conference in Sydney during March.
The event attracted more than 1,400 investors and industry participants across two days.
Cortical was also selected to present its AI work on BARM 2.0 and CORDYAN to Mayo Clinic representatives during their Melbourne visit to the Aikenhead Centre for Medical Discovery.
That meeting included a group of Australian medtech companies focused on artificial intelligence and provided Cortical with further exposure to international clinical and research networks.
Clean Hydrogen Plans Commercial Facilities
BPH also holds a 16.1% direct interest in Clean Hydrogen Technologies, which has proven consistent production of turquoise hydrogen and a carbon nanotube composite at its pilot plant in India.
The process uses hydrocarbons from natural gas as feedstock and has no carbon dioxide emissions from its core process.
Clean Hydrogen Technologies completed detailed engineering and systems design in 2025, including compliance with ASME manufacturing code requirements for the USA and Singapore and IS2825 requirements for India.
The business is now planning production plants in industrialised markets with demand for its hydrogen and carbon nanotube composite products.
Hydrogen and CNT Markets Advance
Clean Hydrogen Technologies is focusing on customer end-use requirements for its products and developing new intellectual property for carbon nanotube (CNT) composite applications.
Early engagements are underway with companies exploring applications including large-scale storage batteries and cement impregnation for performance improvement.
In Singapore, the company is progressing opportunities linked to low-carbon data centres and cogeneration blending, with a letter of support from one electricity generation company and advanced discussions with two Singaporean generators.
In the USA, Clean Hydrogen Technologies has signed a letter of intent with a fuel cell partner to provide clean hydrogen for fuel cells producing electricity for data centres.
Onshore Energy Enters Administration
Advent subsidiary Onshore Energy has entered voluntary administration after continued delays and changes in government actions, regulatory framework, and Aboriginal heritage claims affecting its Northern Australia assets.
Onshore holds exploration permit EP386 and retention licence RL1, which contains the Weaber gas field.
The administrator is assessing Onshore’s assets and liabilities to determine the appropriate strategy, with potential outcomes including a deed of company arrangement or a recommendation that Onshore be wound up.
BPH said no assurance can currently be given that RL1 will be developed or that Onshore will continue as a going concern.
