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Advent Energy Limited (“Advent”) (BPH 35.8% direct interest) PEP-11 Permit
Advent Energy Limited’s100% subsidiary Asset Energy Pty Ltd (“Asset”) is a participant in the PEP11 Joint Venture with partner Bounty Oil and Gas NL (ASX: BUY). PEP-11 interests are:
Advent Energy 85 % / Bounty Oil and Gas 15%
On 17 January 2025 the PEP-11 Joint Venture was given notice by NOPTA that the Joint Authority has refused the Joint Venture Applications made on 23 January 2020 and 17 March 2021 and that the PEP-11 permit would continue in force for a period of 2 months from 17 January 2025 (the “Decision”).
On 12 February 2025 BPH announced that Asset had applied to the Federal Court for an Originating Application (the “Application”) for judicial review pursuant to s 5 of the Administrative Decisions (Judicial Review) Act 1977 (Cth) and s 39B of the Judiciary Act 1903 (Cth) to review the Decision. The Application seeks:
1. An order quashing or setting aside the Decision;
2. A declaration that the Decision is void and of no effect; and
3. An order remitting the First Application and Second Application to the Joint Authority for reconsideration according to law.
On 17 March 2025 the Federal Court made orders by consent further set out in the Company’s March 2025 Quarterly Report .
The parties have complied with all programing orders and the matter is now listed for hearing on the 16th and 17th September 2025.
There were no further developments during the June 2025 quarter.
PEP-11 continues in force and the Joint Venture is in compliance with the contractual terms of PEP11 with respect to such matters as reporting, payment of rents and the various provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).
Cortical Dynamics Limited (Cortical) (BPH 16.4% direct interest)
Technical completion of Cortical’s next-generation AI enhanced brain and pain monitoring BARM 2.0 is expected over the next months.
BARM 2.0 is the only solution that unifies hypnotic depth and pain response monitoring, combining EEG with AI in one system, giving clinicians real-time control over anesthesia, and hospitals a smarter, more scalable way to achieve better patient outcomes both during and after surgery.
Post technical completion BARM 2.0 clinical trials are scheduled in the USA and Netherland to be followed by submissions to regulatory authorities worldwide as soon as possible.
Cortical Dynamics was invited to showcase BARM 2.0 at the Australia Regulatory Device Summit 2025, that took place on the 17-18 July at ICC. In attendance were key stakeholders including the US FDA , Therapeutic Goods Administration (TGA) and international regulators from ANVISA (Brazil), HSA (Singapore), and PMDA (Japan). This was a unique chance for Cortical to connect directly with the regulatory community and major global players in medical…
