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The BPH Energy Ltd. (ASX: BPH) stock price is on fire.
The ASX’s energy share rose another 11% today, putting it at 310% since Monday’s closing bell.
So why are investors driving up BPH Energy stock price?
What piques the interest of ASX investors?
The BPH Energy share price has former Prime Minister Scott Morrison to thank for its outstanding performance.
Good. Kind of.
As you probably know, during the COVID-19 pandemic, Morrison secretly appointed himself as Home Secretary, Treasury, Health, Finance and Resources.
Last week it emerged that in his self-styled role as Resources Minister, Morrison had rescinded approval for BPH Energy’s Petroleum Exploration Permit 11 (PEP11) offshore gas exploration project in the Sydney Basin.
Asset Energy (a wholly-owned subsidiary of BPH Advent Energy Ltd) holds an 85% stake in the project; Bounty Oil and Gas NL (ASX: BUY) owns the remaining 15%.
So how does Morrison help drive BPH Energy’s stock price skyrocketing?
Here’s what the company reported yesterday:
In light of recent media coverage regarding former Prime Minister Scott Morrison’s use of ministerial powers to block the PEP-11 gas exploration permit, the company is currently undertaking a comprehensive review of its options, including the potential legal channels, as part of its strategy. to protect shareholder value.
Asset Energy had already initiated proceedings in the Federal Court of Australia in June. The company alleges that Morrison “was biased and failed to observe procedural fairness in its decision not to grant a term extension and suspension and variation of minimum work requirements under PEP-11.”
BPH Energy noted that Prime Minister Anthony Albanese sought advice on whether Morrison’s “appointments and decisions, which include the PEP-11 decision, were beyond the power of attorney”.
The company also said the PEP-11 project and the proposed carbon storage project were of “potential national significance.”
According to BPH Energy:
It addresses both current gas shortages and the goal of net zero emissions. Advent is committed to ensuring that all gas produced by the project is available for Australian domestic supply.
BPH Energy Share Price Overview
With the recent big gains, BPH Energy’s share price is up 160% in 2022. This compares to a 9% year-to-date loss recorded by the Index of all ordinaries (ASX: XAO).