BPH - PEP11 is back and this time it's different

Next Tuesday Federal Court Justice Jackson will issue consent orders quashing the actions of former PM Scott Morrison in vetoing PEP11.

It is expected Justice Jackson will instruct that the NOPTA application of January 2020 be directed back to the Joint Authority for re-decisioning.

So what does it all mean? And why is it different this time around?

Back in 2020, much discussion amongst shareholders revolved around "what did NOPTA recommend?". This time around, it's different, we know that NOPTA's advice to the Joint Authority was to approve the application, see as follows:-

NOPTA approval.pdf

So once NSW again formally reject it, it will sit with Commonwealth Resources Minister Madeleine King, and she will have that advice and the following framework under which she is to consider the merit of the application.

Offshore-Petroleum-Exploration-Guideline-Work-bid-after-July-2019.pdf

Much will be made of the reason's Scott Morrison cited for rejection. The attached document extracted from the Federal Court bundle gives greater elaboration.

NOPTA advice.pdf

It includes confirmation that "financial capacity" is not a valid test under the Suspension, Extension, and Variation application process. It re-iterates that NOPTA's views on the Force Majeure issue, merit, and I actually believe NOPTA erred in their interpretation that the Force Majeure test was not achieved. Being illegally removed as a Director is clearly outside "common commercial risks or circumstances". The details of David's illegal removal and subsequent reinstatement are attached.

Breeze Termination 241116.pdf
MMR Breeze reinstatement 221020.pdf

Public interest is constantly evolving as seen by the reaction to Zali Steggall's plan to re-introduce her PEP11 Bill. Cost of living pressure through rising energy costs, cancellation of Newcastle Import Terminal, no progress on the Port Kembla Import Terminal, and ongoing delays at Narrabri have moved the needle on the definition of level of Public Interest. For all his foibles, Keith Pitt was resolute in stating that he intended to make his decision with the National Interest in mind. Keith Pitt intended to approve the application.

So, as a shareholder, I rely on Anthony Albanese's commitment to follow due process, if Madeleine King does, I don't feel there is any alternative but to approve. JMO. This will be the most scrutinised Joint Authority decision since NOPTA's inception.

GLTAH, PEP11 has covered the full spectrum of SH emotion but at last I believe this project is back on the right track. JMO. DYOR.