BPH ENERGY LTD — Capital/Financing Update 2007

Jul 12, 2007

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13[th] July 2007

Companies Announcements Office Australian Stock Exchange Limited 10[th] Floor, 20 Bond Street SYDNEY NSW 2000

Dear Shareholder

RE: EXTENSION OF SHAREHOLDER SHARE PURCHASE PLAN

In response to shareholder requests and to allow for the period of voluntary suspension the directors have extended the closing date of the Shareholder Share Purchase Plan (SSPP) to 5.00 pm Western Standard Time 23[rd] July 2007.

This date is indicative only. The company may vary the dates and times of the offer without notice.

Accordingly shareholders are encouraged to submit their Acceptance Form as soon as possible.

The extension of the SSPP offers shareholders a very important opportunity to increase their shareholding in BioPharmica before the planned spin off of Cortical Dynamics in which BioPharmica shareholders will receive a free 20 cent share in Cortical Dynamics for every listed BioPharmica share they hold as at 6[th] September 2007.

Yours Sincerely

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David Breeze Managing Director

BioPharmica Limited

ACN 95 912 002 PO Box 317, North Perth 6906, Western Australia 14 View Street, North Perth, Western Australia 6006 admin@biopharmica.com.au www.biopharmica.com.au

T: +61 8 9328 8366 F: +61 8 9328 8733