BPH Energy completes Federal Court hearing over PEP 11 permit dispute
BPH Energy (ASX: BPH) has completed a two-day Federal Court hearing challenging the Joint Authority’s refusal to extend the PEP 11 offshore exploration permit. The BPH Energy PEP 11 Court Hearing took place on 20th and 23rd February 2026 before the Honourable Mr Justice Jackson in Sydney.
The company acted through its subsidiary Asset Energy Pty Limited, which operates the PEP 11 permit, alongside joint venture partner Bounty Oil & Gas NL (ASX: BUY). Justice Jackson has reserved the decision, meaning investors now await the court’s ruling on whether the judicial review application will succeed.
What is PEP 11 and why does it matter?
Petroleum Exploration Permit 11 (PEP 11) covers an offshore area in the Sydney Basin, located off the New South Wales coast. The permit has historically been associated with potential large-scale gas resources in the region.
The Joint Authority — a federal-state regulatory body responsible for offshore petroleum permits — previously refused to extend PEP 11, prompting BPH and Bounty to launch this judicial review. The companies are seeking to overturn that decision and reinstate the permit extension process.
Key facts about the PEP 11 dispute:
- What it is: An offshore petroleum exploration permit covering the Sydney Basin
- Location: Off the NSW coast in Commonwealth waters
- Why it was refused: The Joint Authority declined to grant extension applications for variation
- What BPH is seeking: Judicial review to overturn the refusal and potentially restore the permit
For investors unfamiliar with PEP 11, this permit has been central to BPH’s exploration strategy for years. A favourable ruling could reinstate access to a significant exploration opportunity and potentially unlock substantial gas resources. An unfavourable outcome would likely close this chapter of the company’s portfolio.
Court process and what happens next
The Federal Court hearing followed standard judicial review procedures. Both parties presented evidence through affidavits and agreed bundles of documents. Written submissions were provided by respective counsel, which were then expanded through oral submissions before Justice Jackson.
The judge reserved the decision at the conclusion of the 23rd February 2026 hearing. This means no ruling was issued in court, and the timeline for a decision remains uncertain. Reserved decisions in Federal Court matters can take anywhere from weeks to several months, depending on the complexity of the case and the court’s schedule.
Investors should monitor ASX announcements for updates on when the decision will be handed down. The outcome will be disclosed through the Australian Securities Exchange as soon as BPH is notified by the court.
Key takeaways for investors
- The hearing is complete. Both parties have presented their cases and the evidentiary phase is closed.
- The decision is reserved. Justice Jackson will deliver a written judgement at a future date, creating a waiting period for shareholders.
- A favourable ruling could reinstate the PEP 11 permit extension process, potentially unlocking access to offshore gas exploration opportunities.
- Investors should await further ASX updates as the court’s decision timeline is not specified.
What this means for BPH shareholders
BPH Energy now awaits the court’s decision on its judicial review application. The reserved judgement creates a binary catalyst for shareholders — either the company regains momentum on PEP 11 or exhausts this avenue of legal challenge.
Executive Director David Breeze authorised the 23 February 2026 announcement to the market. The company has provided no indication of when the Federal Court decision is expected, leaving investors in a holding pattern until the ruling is handed down.
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