Wooooo Hooooo Go BPH :)$$$$$$, page-18545

That's okay. But I have not begun to do the "correcting" yet.

The correcting starts now:

"being fully funded for pep11 most certainly will help to get approval" (72327082) ["Funded for the initial seablue-1"] (72327457)

Let's see if they are fully funded for the seablue-1 well as you say.


source: screen shot of the PEP-11 Work Program, NOPTA https://public.neats.nopta.gov.au/Opggs/Title/81775e2a-8d46-47f7-91c9-de6f10feca90

So Asset Energy estimated $15,000,000 for this part of the work program. However... last time they drilled a well the financial statements showed $20,965,450:


source: extract from 14 Feb 2011, ASX:MMR, Half Yearly Report and Accounts https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2995-01150354-6A528738

The question then is, did the cost of this part of the work program go up or down since the last time they drilled? Well considering inflation, you would expect a higher price. Nevertheless, let's use the low ball figure of $15million, let's see if they can at least reach that.

Now let's have a look at the financials:

• Cash and cash equivalents at end of quarter: $5,106,000 (29 Jan 20248:05pm8:05pmBPHBPH ENERGY LTDBPH ENERGY LTDyesQuarterly Activities/Appendix 4C Cash Flow Report https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02766384-6A1191226)
• 9/02/2024 ASX:BPH, recent capital raise: $2,250,000 (source: 09/02/2024, ASX:BPH, Placement https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02770982-6A1193297)
• Advent Energy Ltd and its controlled entities, cash at the end of the financial year: $26,437 (source: Advent Energy Ltd O.I.S. 2023Entitlement Issue Offer Information Statement 23 12 2023 https://adventenergy.com.au/wp-content/uploads/2023/12/Entitlement-Issue-Offer-Information-Statement-Advent-Energy-Limited-FINAL-ASIC-VERSION3318324.16.pdf)
• cash and cash equivalents at end of period, ASX:BUY: $948,000. (source: 31/01/2024 7:01 pm Quarterly Activities Report & App 5B - QTR ended Dec 2023https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02768082-2A1502328)

Total = $8,329,437.



source: extract from Advent Energy Ltd O.I.S. 2023Entitlement Issue Offer Information Statement 23 12 2023 https://adventenergy.com.au/wp-content/uploads/2023/12/Entitlement-Issue-Offer-Information-Statement-Advent-Energy-Limited-FINAL-ASIC-VERSION3318324.16.pdf


source: extract from 31/01/2024 7:01 pm Quarterly Activities Report & App 5B - QTR ended Dec 2023 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02768082-2A1502328


Hmm.. I'm quite surprised myself actually, considering David Breeze knows the Federal Government via Keith Pitt scrutinized the finances last time, you would expect him to at least have the cash together before the status changed to "joint authority for decision"... oh well...