BPH Energy drums up over $2m to drive hydrocarbon exploration and take Cortical investments to new heights

Estimated read time 3 min read

BPH Energy raises $2.25m to fund its near-term growth ambitions
The placement offer price of $0.033 per share represents a 13.2% discount to BPH’s closing price of $0.038 per share on 6 February
Funds will be used for gas exploration in NSW as well as development of neurotechnology company Cortical Dynamics

 

Special Report: BPH Energy plans to further unlock the potential of its gas projects in NSW, while advancing the next phase of investee company Cortical Dynamic’s expansion strategy, following a $2.25m raising.

BPH Energy (ASX:BPH) today raised $2.25m through a placement at $0.033 per share, providing the company with a strong cash position to fund its hydrocarbon projects and assist in the continued development of Cortical Dynamics.

Cortical Dynamics is a medical device neurotechnology company developing a product called BARM, an electric activity brain function monitor to detect the effects of anaesthetic agents on brain activity under a general operation, aiding anaesthetists in keeping patients optimally anaesthetised.

Funds will assist with the next phase of development at Cortical, as well as provide capital for exploration and development across the company’s oil and gas portfolio in NSW.

 

Portfolio of projects

BPH holds a 35.8% direct interest in investee company Advent Energy, which is taking steps to enable drilling of the proposed Seablue-1 gas exploration well on the Baleen prospect, which has a P50 prospective resource of 475 billion cubic feet of gas, in PEP 11 offshore New South Wales.

This has the potential to help meet at least part of the expected shortfall in the Australian East Coast gas supply over the coming years.

Together, the two companies settled for a 10% interest in US-based company Clean Hydrogen in December 2023, the developer of its own in-house solution to generate a clean hydrogen product, as well as solid carbon for batteries with no CO2 emissions from natural gas.

 

New investors to the roster

Importantly, the placement attracted several new sophisticated investors, including high net worth family office and resource funds.

The placement offer price of $0.033 per share represents a 13.2% discount to BPH’s closing price of $0.038 per share on Tuesday 6 February 2024, as well as an 11.9 % discount to the 5-day VWAP of $0.0375 per share and a 25.9% discount to the 15-day VWAP of $0.0446 per share.

Settlement is expected to be completed on or about 13 February 2024.

“We were pleased with the interest in the placement and look forward to all shareholders supporting BPH as we continue our activities,” BPH executive director David Breeze said.

 

 

This article was developed in collaboration with BPH Energy, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post BPH Energy drums up over $2m to drive hydrocarbon exploration and take Cortical investments to new heights appeared first on Stockhead.

You May Also Like

+ There are no comments

Add yours