BPH ENERGY LTD — Capital/Financing Update 2010

Nov 1, 2010

==> picture [171 x 80] intentionally omitted <==

2 November 2010

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

Dear Sir/Madam,

EXPIRY OF UNQUOTED OPTIONS

Following the expiry of 500,000 unquoted options, the Company wishes to update the market on its revised capital structure:

Quoted Securities

Ordinary Fully Paid Shares – 310,683,978

Unquoted Securities

Options to acquire fully paid shares – 13,700,000, as follows:

• Options exercisable at 14.7c and expiring 31 December 2010 – 6,000,000;

• Options exercisable at 44.7c and expiring 31 December 2014 – 3,000,000;

• Options issued under employee incentive scheme exercisable at the average amount determined by the market price for the 5 days prior to exercise expiring 17 October 2011 – 500,000;

• Options issued under employee incentive scheme exercisable at the average amount determined by the market price for the 5 days prior to exercise expiring 29 April 2013 – 500,000;

• Options issued under employee incentive scheme exercisable at 14.7c expiring 1 June 2013 – 2,550,000;

• Options issued under employee incentive scheme exercisable at 14.7c expiring 16 December 2013 – 1,000,000; and

• Options issued under employee incentive scheme exercisable at 29.7c expiring 30 September 2013 – 150,000.

Yours sincerely

==> picture [115 x 34] intentionally omitted <==

Deborah Ambrosini Executive Director

BPH Corporate Ltd ACN 095 912 002 PO Box 317, North Perth, Western Australia 6906 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