BPH has received applications totalling $1.83m for its non-renounceable rights issue to fund investment into clean hydrogen as well as oil and gas exploration and development.

The applications – including the shortfall offer – were made for the issue of one share priced at 1.3c each for every 25 shares held. Investors were also awarded one free attaching option exercisable at 3c and expiring 30 September 2024 for every share subscriber.

BPH Energy (ASX:BPH) is currently determining the shortfall allocation.

Proceeds from the rights issue and $1.5m share placement will be used for further investment in clean hydrogen technology and exploration and development of its oil and gas investments.


Clean hydrogen

The company’s shareholders have approved an investment in Clean Hydrogen Technologies Corporation (Clean Carbon), which has successfully developed and tested its turquoise hydrogen processing capabilities.

This processes methane using a patent pending catalyst and a modified fluidised bed reactor to produce hydrogen with no carbon dioxide emission.

Additionally, Clean Carbon produces a second product, used for battery manufacturing, called conductive carbon.

While the methane pyrolysis process is not in itself new, the difference lies in Clean Carbon’s efficiency and quality of carbon produced.

The technology being developed also requires very little change and impact to existing infrastructures and supply chains.


Oil and gas

Funds will also be used to develop its gas resources contained within RL1 in the onshore Bonaparte Basin in the Northern Territory.

RL1, which is held by Advent Energy (BPH 36.1%), contains the Weaber field that has best estimate contingent resources of 11.5 billion cubic feet of gas.

Current rapid development of the Kununurra region in northern Western Australia, including the Ord River Irrigation Area phase 2, the township of Kununurra, and numerous regional resource projects provides an opportunity for Advent to potentially develop its gas resource.

Market studies have identified a current market demand of up to 30.8 TJ per day of power generation capacity across the Kimberley region that could potentially be supplied by RL1.


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.