Latest Offshore Petroleum News

MEC Resources Ltd has announced a placement of over 359 million new options to raise approximately $359,000, with directors participating to offset fees. The offer comes as the company navigates ongoing legal challenges related to its key PEP-11 permit.

MEC Resources has advanced its investment in Advent Energy and issued shares to directors, while its PEP 11 Joint Venture faces ongoing legal scrutiny ahead of a Federal Court hearing.

BPH Energy’s September quarter report highlights pivotal developments across its investees, from a critical judicial review in offshore petroleum to breakthroughs in AI medical devices and clean hydrogen production.

IPB Petroleum advances its key Browse Basin assets with ongoing drilling discussions and a strategic board appointment, while maintaining a solid cash position.

Pilot Energy has secured crucial environmental approval to conduct a 3D seismic survey offshore Perth Basin, propelling its exploration and farmout ambitions forward while supporting carbon storage initiatives.

MEC Resources Ltd has reported a net profit of $207,490 for the 2025 financial year, reversing prior losses, while advancing a significant legal challenge through its investee Advent Energy Ltd and raising $2.6 million via an entitlement offer.

BPH Energy Limited reported a 49% increase in net profit for FY2025, driven by gains in its energy and biotech investments, while facing a pivotal Federal Court hearing over the renewal of the PEP-11 offshore gas exploration permit.

Emperor Energy has secured a significant upgrade to its Judith Gas Field resources following an independent audit, alongside a $3.7 million capital raise to fund the upcoming Judith-2 appraisal well scheduled for mid-2026.

Pilot Energy has secured a $1.5 million debt note to bolster cash flow ahead of a substantial $4.5 million Petroleum Resource Rent Tax refund linked to the decommissioning of the Cliff Head Oil Field.

MEC Resources has boosted its investment in Advent Energy, navigates ongoing PEP-11 permit legal challenges, and highlights promising developments in clean hydrogen production.

BPH Energy’s June quarter update highlights ongoing legal proceedings over the PEP-11 permit, promising progress in AI-driven brain monitoring technology, and strategic moves toward hydrogen production facilities, supported by a robust cash reserve.

IPB Petroleum has secured a crucial two-year extension on its WA-424-P permit in the Browse Basin, allowing more time to progress the Gwydion oil discovery and explore the Idris prospect. The company is actively pursuing partnerships and funding to unlock value from these assets.