Speech by the Chairman of BPH Energy Limited (ASX: BPH) to the shareholders

Perth, Australia, November 29, 2021 – (ABN news wire) – BPH Energy Limited (ASX: BPH) Advent Energy’s PEP 11 gas project and proposed Baleen carbon storage project (Seablue1 well) off Newcastle NSW are of potential national significance. It addresses both predicted gas shortages and the goal of net zero emissions. Advent has committed all project gas to Australia domestic supply.

Advent is a strong supporter of plans for Net Zero by 2050 and sees the company playing a direct role in achieving this goal, particularly for New South Wales

The New South Wales Chamber of Business The 2019 “Running On Empty” report confirmed: -NSW imports 98% of its gas needs from other states, a constrained domestic gas market will see further price increases for every household and business in NSW and inaction on gas and energy security are now holding the future of NSW businesses for ransom, threatening job losses and reduced investment. In New South Wales, around 300,000 jobs depend on gas supply, with gas supplying approximately 1.3 million households and 33,000 businesses. The New South Wales manufacturing sector, which accounts for about 84% of the state’s industrial gas load, adds $ 33 billion in industrial value. Without addressing NSW’s looming gas shortage, these could be at risk.

ACCC’s latest gas report found that a lack of gas supply australia East Coast gas market is increasingly likely and indicates a finely balanced supply outlook for 2022. However, like AEMO (Australian energy market operator) stated in its 2021 Gas Statement of Opportunities (GSOO), the Victorian gas fields are rapidly depleting. AEMO predicts an overall decrease in Victoria’s production of 43% between 2021 and 2025.

The NSW Government’s ‘Statement on the Future of Gas’ issued in 2021 recognizes that as part of the energy transition, gas from a mix of sources will play a role in supporting the access to affordable energy and business growth within NSW and notes that the east coast gas market could face a supply shortage as early as 2023.

The PEP11 gas project off Newcastle, if successful, could play a key role in bridging this supply gap.

Spikes in gas prices and shortages in the eastern Australian gas market occur when demand is high during the Australian winter. This period coincides with summer demand in the northern hemisphere which is also increasing due to the increased electricity needs associated with summer heat waves. The reverse applies during the Nordic winter.

Global economies are now facing an energy supply crisis as current efforts are underway to shift to a low carbon future with rapidly rising energy costs and supply shortages affecting households and economies around the world.

International energy prices increasingly fix the domestic prices of the east coast, increasing the volatility of domestic gas prices. This has pushed some manufacturers exposed to spot prices to the brink of collapse.

The importance of these factors was illustrated when the governments of New South Wales and Australia signed a 2020 MoU to jointly fund $ 2 billion increase energy supply and reduce emissions in NSW. This includes a specific target to bring an additional 70 PJs per year of gas to the NSW market by 2022.

Preventing power outages is becoming increasingly difficult as weather-dependent renewables replace coal-fired generation. This forces AEMO to intervene more often (250 times in 2019-20 against 20 three years earlier) and commands other sources, generally gas-fired, to come online. The 2020 report classified security of electricity supply as a “critical” status. (“Urgent power fix because the grid tilts AFR 050121”).

Carbon Capture, Use and Storage (CCUS) technology is one of the priority technologies in australia Roadmap for technological investment. It has been identified by the IEA as the only large-scale mitigation option available that can provide the additional CO2 emission reductions that would be needed to

achieve climate targets by 2050. The PEP11 project is the closest potential carbon storage area to the main Australian carbon sources which are in the order of 30% of Australia’s total CO2 production. Location is a key factor in carbon removal with greater synergies when industrial point sources are both close to each other and a viable storage site.

Advent has submitted a request to the National Offshore Petroleum Titles Administrator (NOPTA) to allow drilling of Seablue-1 approximately 16 miles at the Newcastle SSE off NSW. The PEP11 joint venture proposes to drill Seablue in 2022 subject to NOPTA and other regulatory approvals, and funding. The current license expiry date is February 2021. The license remains in place and in good standing during the NOPTA review period. In preparation, Advent has issued a tender for the platform and associated services.

Advent also announced the appointment of Professor Pierre Cook as a geosequestration consultant for his project in the Sydney Basin offshore. Professor Cook is a distinguished Australian and international Earth scientist and leader in the development and application of carbon capture and storage (CCS) technologies. Advent also made other key appointments, including Mr. Andrew Hogan as a contract manager.

In Dec. 2020 Advent has filed an OIS with ASIC to raise up to $ 6.5 million. In February 2021 HBP has completed a $ 9 million placement. The funds proposed to be invested by BPH will be used by Advent to advance well planning, engineering and environmental approvals for the Seablue-1 drilling. It is expected that approx.$ 5.75 million of the capital raised will be used for this purpose. In addition, BPH has confirmed its intention to $ 0.5 million to increase its stake in Cortical Dynamics Ltd.

Considerable progress has been made in the technical and business development of the Brain Anesthesia Response Monitor (BARM (TM)) and Cortical, including pilot sales, staffing, regulatory approvals, industry recognition, clinical trials, potential strategic partnerships, and engagement with key global thought leaders as outlined below.

Cortical 2020/2021 milestones included Mr. Ashley zimpel as CEO and Mr. Jamie stanistreet to the Cortical Dynamics Industry Expert Advisory Committee. Jamie has over 40 years of experience in the medical device industry and was Vice President of Medtronic Australia.

At the end of 2020, BARM (TM) obtained regulatory approval from the KFDA, allowing Cortical to launch pilot sales of BARM (TM) in South Korea.

Cortical has also taken an important step in its journey to market in the United States when he filed a 510 (K) application with the FDA for BARM (TM).

In 2020, Cortical announced a licensing and cooperation agreement with Philips North America Corporation Inc (Philippe). Cortical has now completed all technical work to interface BARM (TM) with Philips IntelliBridge and IntelliVue multi-parameter monitors via its new data acquisition module (“DAM”). Philips systems are widely used in operating theaters around the world.

David breezePresident

In regards to BPH Energy Limited:

BPH Energy Limited (ASX: BPH) is a Australian Securities Exchange listed company developing biomedical research and technologies within Australian universities and hospitals.

The company provides early stage financing, project management and marketing strategies for direct collaboration, spin-off or licensing.

BPH funds business strategies for proof of concept, research and product development, while the institutional partner provides the infrastructure and basic scientific expertise.

BPH is currently a partner of several academic institutions, including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).

Contact :

David breezeadmin@bphenergy.com.au
T: +61 8 9328 8366

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