Extremely bad in my opinion. If they thought a PEP-11 decision was imminent, ASX:BUY would have waited to then raise more capital at less dilution after the unlikely approval.
I guess they have the forever pumpers on BPH to thank for it, considering the BPH forum have been trying to pretend a rig has been procured even though no NOPSEMA approval has been granted and long lead items received. I saw the BPH forum trying to pretend a rig might be operated on behalf of the joint venture soon because of movements offshore Australia... lol... the funniest pump I have seen in a long time. They literally said they were looking to see if a rig would go to Newcastle, absolute madness lol. Would it just go there for $120,000/day and sit there for an unknown amount of time? lol... yeh right.
It was a great trade because I knew they were completely wrong and it would inevitably retreat.
The Labor party might think that rejecting NOPTA's PEP-11 application and allowing it to go back to court is their best option in my opinion.
"The next Australian federal election will be held on or before 27 September 2025". Therefore, if they are going to play the exact same delaying game that the Liberals/Nationals played, they would wait until they are sure that a Federal court appeal could not be resolved before the next election in my opinion. For example if the decision was made now, and the applicant immediately appealed in Federal court, the last Federal court case took 258days (01/06/2022 to 14/02/2023 source:
https://www.comcourts.gov.au/file/Federal/P/WAD106/2022/actions) therefore the Federal Court might overturn the decision before the next Federal election in that hypothetical scenario, which is bad... but if they wait until 12 January 2025 (258days) from the next potential election date, then they would be safe from having their decision potentially overturned before the next election.
I feel sorry for option holders in any of the PEP-11 associated entities. I don't see any decision any time soon, especially off the back of the "yes" campaign which caused significant political damage.
