Business
Why did the BPH Energy (ASX:BPH) share price tank 24% today?
The BPH Energy Ltd (ASX: BPH) share price continues to do its dance of speculation. Up and down, the volatility persists, as it has since late January. The culprit appears to be the contest over whether a drilling program will go ahead.
Shares closed the day at 16.5 cents, down 24%.
Why is the BPH Energy share price falling?
The story so far
On 1 February BPH Energy announced its proposal to use the Sydney Basin drilling program to investigate the potential for a carbon capture and storage (CCS) project. The company proceeded to conduct a capital raise to fund the proposed project.
However, the party was crashed when NSW Deputy Premier John Barilaro stated he would refuse applications to extend the PEP11 oil project. This put BPH…
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