03/02/2021 - 15:00

BPH raises funds for oil and gas asset

03/02/2021 - 15:00

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Perth-based investment group BPH Energy has raised $9 million from a share placement to increase its stake in explorer Advent Energy and fund a drilling program in NSW.

BPH raises funds for oil and gas asset
BPH is raising $9 million to go towards an offshore drilling program in NSW. Photo: JDG Images

Perth-based investment group BPH Energy has raised $9 million from a share placement to increase its stake in explorer Advent Energy and fund a drilling program in NSW.

BPH said about $5.8 million raised under the placement will be used to progress planning, engineering, and environmental approvals for a drilling program at Advent’s Baleen offshore prospect, about 30 kilometres south-east of Newcastle.

The placement will increase BPH’s stake in Advent from 22 per cent to about 33 per cent.

BPH managing director David Breeze said the business received funding from a range of investors.

BPH will issue about 69.2 million shares under the placement, priced at 13 cents each.

EverBlu Capital managed $7 million of the placement and Nedlands-based 62 Capital $1.5 million, while $500,000 was placed by Grandbridge Securities.  

Shares in BPH closed up 23.5 per cent to trade at 21 cents.

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