Pilot says multiple contractors have indicated that they can acquire the 3D seismic data within the CY2027 operational window.
Meanwhile, the company continues to direct its own capital and management focus toward its Mid-West clean energy project, which would repurpose Cliff Head into Australia’s first integrated offshore carbon capture and storage (CCS) and renewable energy hub. The plan also includes developing blue hydrogen and clean ammonia production for export to Asia.
The company’s cashflow is being further supported by its $5.9 million petroleum resource rent tax (PRRT) debt funding, which was activated in October.
The PRRT facility allows companies such as Pilot Energy to finance ongoing abandonment, decommissioning and rehabilitation expenditures at its Cliff Head field.
When the facility was secured, Pilot Energy managing director Brad Lingo said it was a strong outcome for Pilot and the Cliff Head joint venture, significantly reducing the upfront funding that would otherwise be needed for decommissioning.
With a competitive farm-out running over one of Australia’s largest offshore permits, and a drill-ready trillion-cubic-feet gas target just kilometres from existing infrastructure, the company is steadily de-risking its significant exploration ambitions.
For the punters, Pilot appears to offer a rare blend of near-term optionality and longer-dated upside – where a single well at Leander could reshape the story, while Cliff Head quietly evolves into a nationally significant clean-energy hub.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
