It adds 115.3 million shares to the register.
It also launched a 1-for-25 entitlement offer at the same share price, raising another $400,000, issuing another 30.7 million shares.
Each share comes with one option at a price of 3c each, expiring September 30, 2024. It will also grant a 1-for-8 ‘loyalty' option to shareholders at the same price.
Everblu Capital is lead manager, taking a 6% fee on funds raised as well as one option for every three placement shares.
"The funding allows BPH to accelerate the exploration programs to unlock the potential on both our hydrogen and gas projects especially following the recent gas crisis and focus on hydrogen," managing director David Breeze said.
"We welcome the new shareholders and look forward to eligible shareholders supporting BPH as we continue our activities.
It will spend $900,000 on its new hydrogen investment, $680,000 on oil and gas exploration and $320,000 for general working capital.
At the beginning of the month the company announced it would spend $1 million on a new hydrogen investment.
It held a shareholder meeting in June for shareholders to vote yes on a planned spend of US$1 million to take a 10% stake in Clean Hydrogen Technologies via BPH and its jointly owned subsidiary Advent Energy.
Advent is held by the long-suspended MEC Resources, BPH and the private Grandbridge. All are controlled by David Breeze.
BPH (8%) and Advent (2%) have the right to take a second shared 10% stake for the same amount of cash by the end of the year.
"Advent Energy is a strong supporter of plans for Net Zero by 2050 and sees the company playing a direct role in achieving that target, especially in New South Wales," it said August 2.
Advent holds 85% of the offshore NSW PEP11 permit, whose renewal was cancelled by Scott Morrisin late last year, after he had secretly appointed himself as a second resources minister.
He overruled his minister at the time, Keith Pitt, who was in favour of the offshore New South Wales permit's extension and drilling. Morrison's reasons were entirely political: the permit sat beside three Liberal electorates he wanted to hold onto.
It said in its quarterly report published August 1 it had applied to the Federal Court to review the decision of the Commonwealth-New South Wales Offshore Petroleum Joint Authority.
Just over a year ago the company raised $9 million and was worth 10c per share.
This week it announced 96 million options priced at 5c each had expired at the end of July.
There are another 400,000 with a price of 20cps to expire at the end of November and 7.3 million priced at 26cps February next year.
At the beginning of April BPH announced Advent's unexpected move to New Zealand to take a share of several offshore permits from Austrian national oil company OMV.
Mitsui handed back its 30% share in three permits last year, giving OMV and its OMVSapura the full share.
It returned to trade in mid-May after a halt that began in 2021 and was down 35% to 2.4c per share in same day trade.
Shares are up 12.5% today to 1.8c each.
