BPH Energy’s December quarter report reveals significant progress in its investee projects amid ongoing legal challenges and strategic capital management. The company balances judicial reviews, regulatory milestones, and funding plans across energy and medical technology sectors.
- Judicial review underway for PEP-11 offshore permit refusal
- Cortical Dynamics advances AI brain monitoring device towards clinical trials
- Clean Hydrogen Technologies progressing pilot plant and planning production sites
- Significant share option expiries and reissues with director participation
- Cash reserves support operations for over 13 quarters despite net outflows
Capital Movements and Shareholder Engagement
During the December 2025 quarter, BPH Energy Ltd undertook several capital management activities, including issuing nearly 1.4 million shares to settle advertising fees and navigating the expiry of over 622 million share options. In response, the company secured shareholder approval to issue a new tranche of options at a nominal price, allowing existing option holders to maintain their stake in the company’s future development. Notably, directors David Breeze and Tony Huston actively participated in this issuance, underscoring their commitment to BPH’s strategic direction.
Advent Energy’s Legal Challenge Over PEP-11 Permit
BPH’s investee Advent Energy Limited, holding a significant stake in the PEP-11 offshore permit, continues to contest the Joint Authority’s refusal of permit applications lodged in 2020 and 2021. The legal battle has escalated to the Federal Court, with a hearing scheduled for late February 2026. Despite the setback, the PEP-11 permit remains active, and the joint venture complies with all contractual and regulatory obligations. The outcome of this judicial review will be pivotal for BPH’s upstream energy ambitions.
Cortical Dynamics Advances AI-Enhanced Medical Technology
Cortical Dynamics, in which BPH holds a 16.4% interest, is nearing technical completion of its BARM 2.0 device, an innovative AI-driven system that integrates hypnotic depth and pain response monitoring during surgery. The company plans clinical trials in the US and the Netherlands, aiming for swift regulatory submissions worldwide. Engagements at high-profile events such as the Australia Regulatory Device Summit and MedTech on the Hill in Canberra have bolstered Cortical’s profile among regulators and investors. Additionally, Cortical is developing CORDYAN™, an AI-powered predictive app designed to complement BARM 2.0 and integrate with electronic medical records, supported by government grants.
Clean Hydrogen Technologies Progresses Pilot Plant and Production Plans
Clean Hydrogen Technologies (CHT), with a 16.1% BPH interest, has demonstrated consistent production of turquoise hydrogen and carbon nanotube composites at its pilot plant in India, with zero CO2 emissions. The company is finalising engineering designs compliant with US and Indian standards and is seeking approximately US$2.5 million to build production facilities in Maharashtra, India, and Louisiana, USA. These developments position CHT to meet growing industrial demand for clean hydrogen and advanced carbon materials.
Financial Position and Cash Flow
BPH reported net operating cash outflows of $180,000 and investing outflows of $646,000 for the quarter, primarily related to loans extended to investees. Despite these outflows, the company ended the period with $2.43 million in cash and equivalents, providing an estimated 13.5 quarters of funding at current burn rates. Payments to related parties, including directors and service providers, were disclosed transparently. The company maintains an unsecured, interest-free loan facility of $85,000 with Grandbridge Limited.
Overall, BPH Energy’s December quarter reflects a company actively managing complex legal and regulatory landscapes while advancing promising technologies in energy and medical sectors. The interplay between judicial outcomes, regulatory approvals, and funding strategies will be critical to watch in the coming months.
Bottom Line?
BPH Energy’s next quarter hinges on legal rulings and regulatory milestones that will shape its growth trajectory.
Questions in the middle?
- What is the likely timeline and outcome of the Federal Court hearing on the PEP-11 permit refusal?
- How soon can Cortical Dynamics expect regulatory approvals following clinical trials for BARM 2.0?
- What funding strategies will BPH pursue to support Clean Hydrogen Technologies’ planned production facilities?