- Pilot Energy (PGY) increases its stake in the WA 481P offshore exploration permit to 100 per cent in Western Australia
- The company finalised the purchase of the remaining 40 per cent interest in the petroleum project it previously did not own from Key Petroleum
- The acquisition means Pilot has full control to progress the petroleum exploration work program at WA 481P, which the company says is “highly prospective” for natural gas
- It also enables Pilot to seek the necessary approvals to also pursue the carbon capture and storage (CCS) potential of the permit area
- PGY shares last traded at 3.6 cents on April 4
Pilot Energy (PGY) has increased its stake in the WA 481P offshore exploration permit to 100 per cent in Western Australia.
The junior oil and gas exploration company said it finalised the purchase of the remaining 40 per cent interest in the petroleum project it previously did not own from Key Petroleum.
The acquisition means Pilot has full control to progress the petroleum exploration work program at WA 481P, which the company said was “highly prospective” for natural gas.
It also enables Pilot to seek the necessary approvals to also evaluate the carbon capture and storage (CCS) potential of the permit area.
The company said it would look to secure a retention licence over the Frankland gas discovery in the WA 481P project.
The Frankland discovery could supply natural gas to its Mid West blue hydrogen project and provide an additional location for CCS within the WA 481P permit area, according to Pilot.
The company’s strategy involves pursuing diversification and transition to the development of integrated renewable energy, hydrogen and carbon management projects by leveraging its existing oil and gas tenements and infrastructure to cornerstone the developments.
In late March, Pilot reported encouraging results of feasibility studies on the possible development of the hydrogen project using its existing oil and gas production operations in WA’s Mid West region.
PGY shares last traded at 3.6 cents on April 4.