BPH Energy raises $1m to accelerate oil and gas exploration and brain studies

BPH Energy (ASX: BPH) has secured binding commitments to raise $1 million to fund its hydrocarbon projects and to assist in the continued development of medical device company Cortical Dynamics.

“We were pleased with the strong support in the placement and will see the introduction of several new sophisticated investors, including high net worth individuals, family offices and resource funds to our register,” executive director David Breeze said.

“The funding allows BPH to accelerate the exploration programs to unlock the potential of our gas projects, especially with the current gas supply crisis, as well as assist the next phase of associate Cortical Dynamics’ expansion.”

Up to $750,000 of the funding will support the exploration and development of BPH’s oil and gas investments, while $150,000 will go towards additional funding for Cortical Dynamics.

Advent Energy developments

BPH’s unlisted oil and gas investee company Advent Energy has petroleum assets on both sides of Australia.

On the east coast, it is the operator of the PEP-11 exploration permit off NSW, where Advent is seeking a federal government extension of the licence terms before proceeding with the drilling of a significant gas prospect.

At the same time, the company is preparing to go to battle with the NSW government, which recently passed a bill blocking oil and gas developments off its coast.

BPH and Advent contend that PEP-11 lies in Commonwealth waters and is outside the NSW government’s jurisdiction.

On the north-western side of Australia, Advent was recently offered and accepted a renewal of Retention License 1 (RL1) by the Northern Territory Government for a five-year term.

Advent’s wholly-owned subsidiary Onshore Energy holds 100% of the RL1 license area in the onshore Bonaparte Basin.

The 166 square kilometre RL1 permit covers the Weaber gas field, originally discovered in 1985.

Contingent resource estimates for Weaber are 11.5 billion cubic feet (Bcf) of natural gas following an independent audit by RISC.

Significant upside 3C contingent resources of 45.8 Bcf have also been independently assessed by RISC.

Cortical Dynamics investment

BPH’s medical device investee Cortical Dynamics is developing next-generation brain function monitors.

Using the electroencephalogram (EEG), Cortical has adopted a unique approach to brain function monitoring that focuses on a better understanding of the mechanisms that produce EEG activity.

Cortical’s Brain Anaesthesia Response Monitoring System (BARM) product has been developed to detect the effects of anaesthetic agents on brain activity and assist in keeping patients optimally anaesthetised.

The company has developed an extensive patent portfolio encapsulating BARM and its physiologically based algorithms, with granted patents throughout Australia, New Zealand, the United States, Japan, the People’s Republic of China, the United Kingdom, Germany, France, Sweden and other European countries.