The main activities of the companies in which the company invests during the September 2025 quarter were as follows:
Advent Energy Limited (“Advent”) (BPH 35.8% direct interest)
PEP-11 Permit
Advent Energy Limited’s wholly owned 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 January 20, 2025, BPH Energy Limited (ASX:BPH) and Bounty Oil & Gas NL (Bounty) (ASX:BUY), as the PEP 11 Joint Venture, announced that they had been notified by the National Offshore Petroleum Titles Administrator (NOPTA) that the Joint Authority had rejected the Joint Venture applications submitted on January 23, 2020 (First Application) and March 17, 2021 (Second Application) had been submitted. Application) (the “Decision”).
On 12 February 2025, BPH advised that Advent Energy Limited’s wholly owned subsidiary (BPH 36.1% direct interest) Asset Energy Pty Ltd had applied to the Federal Court for an original application for judicial review under section 5 of the Administrative Decisions (Judicial Review) Act 1977 (Cth) and section 39B of the Judiciary Act 1903 (Cth) to review the decision of the Commonwealth to review. New South Wales Offshore Petroleum Joint Authority, established under section 56 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).
The Company previously announced that the original application was listed for a two-day hearing on 16 and 17 September 2025. On 16 September, after hearing the parties on technical questions of law, the Honorable Judge Jackson decided that the hearing should be conducted by him in NSW and stayed the proceedings. The original application is now scheduled for a two-day hearing on February 20 and 23, 2026.
PEP-11 remains in force and the Joint Venture complies with the contractual terms of PEP11 in relation to matters such as reporting, payment of rent 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 in the coming months.
BARM 2.0 is the only solution that unifies hypnotic depth and pain response monitoring, combining EEG with AI in one system, giving doctors real-time control over anesthesia and giving hospitals a smarter, scalable way to achieve better patient outcomes both during and after surgery.
Following technical completion, clinical trials of BARM 2.0 are planned in the US and the Netherlands, to be followed as soon as possible by regulatory submissions around the world.
Cortical was invited to present BARM 2.0 at the Australia Regulatory Device Summit 2025, which took place on July 17-18 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 opportunity for Cortical to engage directly with the regulatory community and major global players in medical technology.
Cortical was selected to exhibit BARM 2.0 at the Medtech on the Hill at Parliament House event in Canberra from 27-28 August 22025, organized by the Medical Technology Association of Australia (MTAA). In attendance were ministers, MPs, senators and industry leaders for an evening networking event in Mural Hall, Parliament House. The Showcase brought together a dynamic cross-section of MTAA member companies from therapeutic areas – from Australian startups to global MedTech leaders – offering practical demonstrations through a curated patient journey from prevention to management, and the opportunity to connect directly with the people and companies driving healthcare innovation forward, as well as with patients.
MTAA is the top association representing companies in the medical technology industry. MTAA aims to ensure that the benefits of modern, innovative and reliable medical technology are delivered effectively to deliver better health outcomes for the Australian community.
Work continues on the development of CORDYAN(TM), Cortical Dynamic’s new AI-focused predictive app initiative. Using proprietary state-of-the-art AI and deep learning expertise, Cortical Dynamics develops breakthrough medical apps that can be used in conjunction with BARM 2.0 or standalone and/or integrated into leading OEM healthcare systems and EMR (electronic medical records).
The development of CORDYAN(TM) was made possible through matching grants from MTPConnect, Australia’s premier MedTech government organisation, and ARM-hub, a Federal Government initiative to accelerate AI-related technologies in areas of strategic importance.
Clean hydrogen technologies (CHT) (BPH 16.2% direct interest)
As of mid-2024, CHT has developed its technical and catalyst capabilities to a stage where it has consistently proven to produce its two products at its pilot plant in Nashik, India; turquoise hydrogen and a carbon composite made of mainly CNT (carbon nanotubes) and CNF (carbon nanofibers), where the core process has no CO2 emissions and the raw material is hydrocarbons from natural gas. The next phase is to build production facilities in the US and India, both highly industrial markets with demand for CHT products.
As such, CHT has been designing its manufacturing facility for India since mid-2024, which will produce 820 tonnes of hydrogen and 2,462 tonnes of carbon composite at the end of Phase 1 construction. CHT plans to sell its products to the many industrial users in the state of Maharashtra, India, home of the planned manufacturing site, and likely Louisiana, USA, with several location options identified.
Before finalizing the production requirements, CHT reviewed the ASME (required for use in the US) and IS2825 (required for use in India) of the engineering designs, with this process nearing completion.
CHT is now seeking the financing necessary to build its factories in the US and India, where, within 3-4 months of a minimum financing of $2.5 million, it will start generating revenue, initially in India and then in the US, its primary market.
About BPH Energy Limited:
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company that develops biomedical research and technologies within Australian universities and hospital institutions.
The company offers early stage financing, project management and commercialization strategies for a direct partnership, a spin-out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, while the institutional partner provides infrastructure and key scientific expertise.
BPH currently collaborates with several academic institutions, including the Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
Source:
BPH Energy Limited
Contact:
David Breeze
admin@bphenergy.com.au
www.bphenergy.com.au
T: +61 8 9328 8366
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