Key Highlights

  • BPH ended the September 2026 quarter with cash of A$1.127 million, down from A$2.281 million, after A$182,000 of operating outflows and A$972,000 of loans to related parties.
  • The A$972,000 comprised loans of A$571,450 to Advent Energy, A$394,000 to Cortical Dynamics and A$7,000 to Molecular Discovery Systems.
  • Advent has appealed to the Full Court of the Federal Court after its PEP 11 judicial review application was dismissed on 17 June 2026.
  • Advent's subsidiary Onshore Energy has been in voluntary administration since 10 April 2026, and its primary asset is RL1, which contains the Weaber Gas Field.

BPH Energy Limited (ASX:BPH) ended the September 2026 quarter with cash of A$1.127 million, down from A$2.281 million three months earlier, after lending A$972,000 to three related entities and spending A$182,000 on operations. The company's quarterly report also covered Advent Energy Limited, in which BPH holds a 35.8% direct interest, and Advent's appeal against a Federal Court ruling on the PEP 11 offshore permit. It gave updates on Cortical Dynamics Limited (16.4% direct interest) and Clean Hydrogen Technologies (16.1%), and reported that Advent's onshore subsidiary has been in voluntary administration since April.

Cash Flow: A$1.127 Million Left After A$972,000 in Loans

Net cash used in operating activities was A$182,000. Payments were A$52,000 on advertising and marketing, A$19,000 on staff costs and director fees and A$151,000 on administration and corporate costs, partly offset by A$40,000 of interest received. Investing activities used A$972,000, all of it loans to other entities, and there were no financing cash flows.

The closing balance was held entirely as bank balances, whereas the previous quarter-end balance of A$2.281 million was A$169,000 in bank balances and A$2.112 million in call deposits. The company calculated 6.2 estimated quarters of funding from A$1.127 million of available funds. The company's A$65,000 loan facility, owed to Grandbridge Limited by a BPH subsidiary, is fully drawn, unsecured and interest free. Related-party payments of A$56,000 included A$19,470 of director remuneration. The A$972,000 of loans went to Advent (A$571,450), Cortical Dynamics (A$394,000) and Molecular Discovery Systems Limited (A$7,000).

Advent Energy: PEP 11 Appeal and the Onshore Administration

Advent's wholly owned subsidiary Asset Energy Pty Ltd holds 85% of the PEP 11 joint venture, with Bounty Oil and Gas NL (ASX: BUY) holding 15%. The joint venture announced on 20 January 2025 that the Commonwealth-New South Wales Offshore Petroleum Joint Authority had refused its applications of 23 January 2020 and 17 March 2021. Justice Jackson dismissed Asset's judicial review application on 17 June 2026 after hearings on 20 and 23 February 2026, leaving the refusal in place. The Court held that Asset was denied procedural fairness over undisclosed well costings, but that this was not material because the public interest ground independently justified refusal. It also held that the Joint Authority could rely on statements in the NSW Parliament as reflecting community views.

Advent has appealed to the Full Court of the Federal Court and engaged Senior Counsel, with timing a matter for that Court. Separately, Advent applied to NOPTA in March 2025 to renew PEP 11 over an area equal to 50% of the existing permit, and that application remains to be considered. Onshore Energy Pty Ltd, set up in 2011 to operate EP386 and Retention Licence RL1 in Northern Australia, entered voluntary administration after operations were affected by delays and changes in government actions, the regulatory framework and Aboriginal Heritage claims, with Bryan Hughes of 101 Advisory appointed Administrator on 10 April 2026. The Administrator is assessing Onshore's assets and liabilities, and the possible outcomes are a deed of company arrangement or the winding up of Onshore.

Brain Monitoring Hardware and Turquoise Hydrogen Plans

Cortical Dynamics said its BARM 2.0 minimum viable product, a brain and pain monitoring system combining EEG with AI, is nearing technical completion. EMC (electrical safety) testing follows, and its BarSensors will be biocompatibility and aged tested for safety and shelf life. Clinical trials are scheduled in the USA and the Netherlands, with regulatory submissions to follow as soon as possible after funding.

Clean Hydrogen Technologies has a pilot plant in Nashik, India, that has consistently produced turquoise hydrogen and a carbon nanotube (CNT) composite, using natural gas hydrocarbons in a process it says has no CO2 emissions. It is in MOU-stage talks on uses for the composite, has signed a Letter of Intent with Horizon Fuel Cells for US data centre supply, and has engaged funding support ahead of a proposed NASDAQ SPAC listing. BPH holds 760 options in CHT with a US$3,000 conversion price.

Taking Stock of the September Quarter

BPH Energy Limited (ASX:BPH) closed the quarter with A$1.127 million in cash and 6.2 estimated quarters of funding after lending A$972,000 to Advent, Cortical Dynamics and Molecular Discovery Systems. Advent's PEP 11 appeal is with the Full Court, its renewal application covering half the permit area is before NOPTA, and Onshore remains under administration. Cortical Dynamics is close to technical completion of BARM 2.0, while Clean Hydrogen Technologies is working toward project funding ahead of a proposed NASDAQ listing.