{"id":5617,"date":"2024-02-09T00:46:12","date_gmt":"2024-02-09T00:46:12","guid":{"rendered":"https:\/\/economicherald.net\/?p=5617"},"modified":"2024-02-09T00:46:12","modified_gmt":"2024-02-09T00:46:12","slug":"bph-energy-drums-up-over-2m-to-drive-hydrocarbon-exploration-and-take-cortical-investments-to-new-heights","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5617","title":{"rendered":"BPH Energy drums up over $2m to drive hydrocarbon exploration and take Cortical investments to new heights"},"content":{"rendered":"

BPH Energy raises $2.25m to fund its near-term growth ambitions
\nThe placement offer price of $0.033 per share represents a 13.2% discount to BPH\u2019s closing price of $0.038 per share on 6 February
\nFunds will be used for gas exploration in NSW as well as development of neurotechnology company Cortical Dynamics <\/p>\n

\u00a0<\/p>\n

Special Report<\/em>: BPH Energy plans to further unlock the potential of its gas projects in NSW, while advancing the next phase of investee company Cortical Dynamic\u2019s expansion strategy, following a $2.25m raising. <\/strong><\/p>\n

BPH Energy (ASX:BPH<\/strong><\/a>)<\/strong> 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.<\/p>\n

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.<\/p>\n

Funds will assist with the next phase of development at Cortical, as well as provide capital for exploration and development across the company\u2019s oil and gas portfolio in NSW.<\/p>\n

\u00a0<\/strong><\/p>\n

Portfolio of projects <\/strong><\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u00a0<\/p>\n

New investors to the roster <\/strong><\/h2>\n

Importantly, the placement attracted several new sophisticated investors, including high net worth family office and resource funds.<\/p>\n

The placement offer price of $0.033 per share represents a 13.2% discount to BPH\u2019s 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.<\/p>\n

Settlement is expected to be completed on or about 13 February 2024.<\/p>\n

\u201cWe were pleased with the interest in the placement and look forward to all shareholders supporting BPH as we continue our activities,\u201d BPH executive director David Breeze said.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with BPH Energy, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post BPH Energy drums up over $2m to drive hydrocarbon exploration and take Cortical investments to new heights<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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\u2019s closing [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5618,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nBPH Energy drums up over $2m to drive hydrocarbon exploration and take Cortical investments to new heights - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=5617\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BPH Energy drums up over $2m to drive hydrocarbon exploration and take Cortical investments to new heights - 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