Bounty Oil & Gas NL and BPH Energy Limited as the PEP
11 Joint Venture announce that in Proceedings Number WAD106/2022 between Asset Energy
Pty Ltd (a wholly owned subsidiary of BPH’s investee, Advent Energy Limited) and the
Respondents namely Commonwealth Minister for Resources et al. the parties have filed
proposed consent orders in the Federal Court of Australia. The proposed orders seek to end
the ongoing litigation concerning PEP 11 without the need for a trial. The consent orders will
only be made if the Federal Court of Australia considers it appropriate and the parties await
further direction by the Court.
The consent orders, if granted, will set aside the decision made in March 2022 by the
Commonwealth - New South Wales Offshore Petroleum Joint Authority to refuse Asset
Energy’s Application for a variation and suspension of the conditions to which PEP 11 is subject
and a related refusal to grant an extension of term. If the decision of the Joint Authority is set
aside, then it will need to be re-made according to law.
In the meantime, PEP 11 continues in force and the Joint Venture is in compliance with the
contractual terms of PEP 11 with respect to such matters as reporting, payment of rents and
the various provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
