BPH ENERGY LTD — Capital/Financing Update 2022

Sep 5, 2022

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6 September 2022

Dear Shareholder

BPH ENERGY LIMITED – PRO-RATA NON-RENOUNCEABLE ENTITLEMENT ISSUE

As announced on 18 August 2022 (ACN 095 912 002) ( BPH Energy or Company ) is undertaking a pro rata nonrenounceable entitlement issue of one (1) fully paid ordinary share in the capital of the Company ( Share ) for every 25 Shares held at an issue price of $0.013 per Share, comprising approximately 30,769,230 fully paid ordinary shares ( New Shares ), together with one (1) free attaching option for every one (1) New Share subscribed for and issued ( Option ) to raise approximately $400,000 (less expenses) ( Entitlement Offer ). Each Option will be exercisable at $0.03 per Option on or before 30 September 2024. The Company will apply for quotation of the Options on ASX.

The Company lodged a prospectus for the Offer ( Prospectus ) with ASIC and ASX on 26 August 2022, which can be accessed at: www.bphenergy.com.au/ .

The funds raised from the Entitlement Offer are intended to be applied towards further investment into Clean Hydrogen Technology, funding for exploration and development of the Company’s existing oil and gas investments and general working capital, including the expenses of the Entitlement Offer.

New Shares will rank equally with all fully paid ordinary shares in the capital of the Company already on issue. Following completion of the Entitlement Offer, the Company will have issued approximately 30,769,230 New Shares resulting in total Shares on issue of approximately 811,102,096.

Participation in Entitlement Offer

The Entitlement Offer is being made to all shareholders of the Company ( Shareholders ) named on its register of members at 5:00pm (AWST) on 1 September 2022, whose registered address is in Australia or New Zealand.

A copy of the Prospectus is available on ASX’s announcements platform for BPH Energy and the Company’s website www.bphenergy.com.au/ .

As an Eligible Shareholder your personalised Entitlement and Acceptance Form is enclosed with this letter . The number of Shares for which you are entitled to apply for under the Entitlement Offer is shown on your personalised Entitlement and Acceptance Form. Please read the Prospectus carefully, together with the Entitlement and Acceptance Form prior to making an application. Applications may be made by BPAY or Electronic Funds Transfer. Further details are set out below.

For the purposes of calculating each Eligible Shareholders’ entitlement, fractions of entitlements have been rounded up to the nearest whole number of New Shares.

Actions required of Eligible Shareholders

There are a number of actions Eligible Shareholders may take:

• You may wish to accept all of your rights to subscribe for New Shares pursuant to the Prospectus ( Entitlement ). To take up all or some of your Entitlements you will need to ensure your application money for the Entitlements you wish to take up is received by Advanced Share Registry ( Share Registry ) by no later than 5:00pm (WST) on 15 September 2022, by completing and returning your Entitlement and Acceptance Form and making a payment by BPAY or Electronic Funds Transfer in accordance with the instructions on your Entitlement and Acceptance Form.

• If you are registered with Advanced Share Registry, you may apply for your Entitlement electronically by accessing your account via the Investor Login page at: www.advancedshare.com.au/Investor-Login and making payment by BPAY, by no later than 5:00pm (WST) on 15 September 2022, in accordance with the instructions on your Entitlement and Acceptance Form.

• You may wish to accept part of your Entitlement. To take up part of your Entitlement you will need to ensure your application money for the Entitlement you wish to take up is received by the Share Registry by no later than 5:00pm (WST) on 15 September 2022, by completing and returning your Entitlement and Acceptance Form by making payment by BPAY in accordance with the instructions on your Entitlement and Acceptance Form ($0.013 per New Share).

• You may wish to accept all of your Entitlement and also apply for any shortfall securities. Please follow the instructions on your Entitlement and Acceptance Form to apply for any shortfall securities.

• You may do nothing. If you choose to do nothing with your Entitlement, while you will continue to hold the same number of Shares, your interest in the Company will be diluted and you will receive no value for your Entitlement.

Key dates for the Offer

Event	Date
ASX Announcement of Offer / Resume Trading / Appendix 3B	Thursday, 18 August 2022
Lodgement of Prospectus with the ASIC & ASX	Friday, 26 August 2022
Ex date	Wednesday, 31 August 2022
Record Date for determining Entitlements	Thursday, 1 September 2022
Entitlement Offer opening date, Prospectus sent out to Shareholders and Company announces this has been completed	Tuesday, 6 September 2022
Last day to extend the Closing Date	Monday, 12 September 2022
Closing Date for Entitlement Offer*	Thursday, 15 September 2022
Shares quoted on a deferred settlement basis	Friday, 16 September 2022
Announcement of results of issue	Tuesday, 20 September 2022
Issue date and lodgement of Appendix 2A with ASX applying for quotation of the Shares and Options	Thursday, 22 September 2022

• This timetable is indicative only and subject to change without notice. The Company reserves the right to amend any or all of these dates and times, subject to the ASC Listing Rules, Corporations Act and other applicable laws. In particular, the Company reserves the right to accept late applications under the Offer (either generally or in particular cases) and to withdraw the Offer without prior notice.

If you have any queries concerning the Entitlement Offer, or the action you are required to take to subscribe for New Shares, please contact your financial adviser or the Company Secretary, David Breeze, on +61 08 9328 8366.

Yours sincerely

David Breeze Managing Director

BPH Energy Limited ACN 95 912 002 PO Box 317, North Perth, Western Australia 6906 Suite 12, Level 1, 114 Cedric St, Stirling, Western Australia 6021 admin@bphenergy.com.au www.bphenergy.com.au T: +61 8 9328 8366 F: +61 8 9328 8733