BPH ENERGY LTD — Capital/Financing Update 2020

Jun 17, 2020

17 June 2020

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ASX Limited 10[th] Floor, 20 Bridge Street Sydney NSW 2000

- ASX Announcement (ASX:BPH) Lifting of voluntary suspension

COVID transaction termination

On 1[st] May, BPH entered into a terms sheet in relation to a COVID related transaction. The terms sheet specified a 60-day due diligence period. Its terms were subject to ASX approval.

BPH wishes to advise the market that it has terminated this agreement by mutual consent with the vendor and has accordingly, asked the ASX to lift the company voluntary suspension.

The ASX Life Science Code of Best Practice for Reporting by Life Science Practice and ASX Listing Rules specifies certain disclosures in relation to intellectual property and testing. These requirements could not be met.

– PEP11 gas project NOPTA Update: Confirmation of application

Advent Energy Investee Advent Energy Ltd, submitted to the National Offshore Petroleum Titles Administrator (NOPTA) an application to enable the drilling of the Baleen drill target in the PEP11 permit offshore NSW. Advent, through wholly owned subsidiary Asset Energy Pty Ltd, holds an 85% interest and is operator of the permit. Bounty Oil and Gas NL (ASX: BUY) holds the remaining 15%.

As advised, the Joint Venture made application to NOPTA to change the current Permit conditions to proceed with the drilling.

The company is pleased to advise the market that NOPTA has confirmed that this application has completed assessment and is now in the final decision phase. The Joint Venture will further update the market on the timing of these approvals when detail is available.

Placement

As previously announced, the company has completed a capital raising and is continuing to evaluate new opportunities as part of its ordinary business.

As previously announced to ASX on 21[st] May the placement shares have been issued. In compliance with ASX listing rules a holding lock has been placed on these shares pending completion and lodgment of a cleansing prospectus .The cleansing prospectus is being finalised and will be announced on ASX.

David Breeze (Director) authorised the release of this announcement to the market.

Yours sincerely,

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David Breeze Executive Director

BPH Energy Ltd ACN 095 912 002 PO Box 317, North Perth, Western Australia 6906 14 View Street, North Perth, Western Australia 6006 admin@bphenergy.com.au www.bphenergy.com.au T: +61 8 9328 8366 F: +61 8 9328 8733