Pilot, Triangle lock in Cliff Head transfer for carbon capture play
Triangle's remaining 78.75 per cent interest in the Cliff Head oil field within the Perth Basin, held under the current JV, has been transferred to Pilot in exchange for a secured $5.563 million promissory note.
The previously announced revised terms of the sale allowed for Pilot's existing debt to Triangle to be converted via the secured note. It matures on September 30, 2026. Interest will accrue from June 30 at 10 per cent and will be capitalised to maturity.
Ownership of all onshore and offshore assets falling within WA state jurisdiction has been transferred to Pilot. The assets include onshore processing facilities, the Arrowsmith production plant, Arrowsmith freehold land, infrastructure licences and offshore pipelines within state waters.
'All the hard work to consolidate ownership of the Cliff Head oil JV assets and infrastructure is beginning to pay off.'
Pilot Energy managing director Brad Lingo
The pipelines extend 16 kilometres to an offshore platform, with the first 12km estimated to fall within WA waters.
The remaining 4km of pipelines are in Commonwealth jurisdiction. Pilot will ask to transfer the project via the National Offshore Petroleum Titles Administrator. The company plans to soon lodge the relevant paperwork with the administrator.
Triangle stands to receive a considerable boost to its cash position from the sale. In addition to the secured note funds due next year, the company will receive a one-off $167,000 payment on August 31 this year in recognition of the deferred interest accrual under the secured note.
It will receive a further $4.5 million when Pilot receives a greenhouse gas injection licence and up to a further $7.5 million in royalties from the project.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
a few seconds ago
- West Australian
Governance worries for Future Made in Australia bailout as Nyrstar awaits Belgian investigation
The West Australian exclusive Governance worries for Future Made in Australia bailout as Nyrstar awaits Belgian investigation
Perth Now
12 hours ago
- Perth Now
‘Dirty bomb': Huge warning on AI
Artificial intelligence developed outside the West could teach Australians 'how to make a dirty bomb' and let authoritarian regimes push alternate realities, the country's leading cybersecurity expert says. Big tech is promising AI will revolutionise every aspect of modern life, from how people find information to how they do their jobs. The promise has been heard in capitals across the world, with governments scrambling to figure out how to reap the economic benefits of early adoption while also not knowing what they are dealing with. Jobs are top-of-mind, but the challenges stretch far beyond which roles could be stamped out in the relentless march of technological progress. Alastair MacGibbon is the chief strategy officer at CyberCX – a Canberra-based cybersecurity firm that helps government and businesses thwart threats from hostile states to private hackers. Among the biggest challenges of AI, according to Mr MacGibbon, is hostile governments waging informational warfare. CyberCX chief strategy officer Alastair MacGibbon says authoritarian regimes could push alternate realities on Western users. CyberCX Credit: Supplied 'The concept of AI models developed outside of the West being used in the West is highly problematic,' he told NewsWire. 'This is why I was so concerned about DeepSeek because with AI models, one can distort truth.' China's DeepSeek model wiped a trillion dollars in value off US tech titans when it launched in January. Nvidia alone suffered a $600bn blow. The disruption was largely because DeepSeek is free and open source, unlike its American rivals, meaning anyone with an internet connection can use it. While DeepSeek is backed by Chinese hedgefund High-Flyer, the platform is riddled with code linking it to the government. NewsWire earlier this year also confirmed DeepSeek had a deeply embedded bias that persisted even when the model was downloaded and run offline. China's DeepSeek wiped hundreds of billions in value off tech stocks when it launched in January. Nadir Kinani / NewsWire Credit: News Corp Australia It repeatedly refused to answer questions about the Tiananmen Square massacre in 1989. Mr MacGibbon said Beijing could tweak history and make it seem as though the massacre did not 'even happen'. 'Why wouldn't you ideologically want to poison the knowledge base of the world?' he said. 'More broadly, AI models are increasingly being trained on data that was AI generated, and you're sort of getting this weird sort of beigeness of truth that is being reflected in AI results. 'So imagine what an AI model that's trained by or developed in a totalitarian, revisionist regime will do for truth. 'It should scare people considering the role we see AI playing this generation.' Even Western models can get things wrong. Elon Musk's Grok repeatedly misidentified a photo of a severely emaciated girl in Gaza, telling users on X it was taken in Yemen in 2018. The photo was taken by a photographer for Agence France-Presse in August this year. The news agency swiftly corrected Grok, which conceded it was mistaken. But Western models have guardrails that block users from using them for harm, such as bomb-making. Mr MacGibbon said AI developed by non-Western countries could drop those safeguards, either by shoddy work or by design. 'It's easy enough to get around the guardrails of the semi-responsible Western AI companies, who vary from marginally responsible to marginally irresponsible in terms of their guardrails about social harm and their responsibility,' Mr MacGibbon said. 'Imagine people who want to cause harm and dissent. 'So the combination of truth no longer being the truth, and the ability to give you access to how to … throw sand in the gears of the West. 'I don't think that's at all beyond the realms of the madness of these regimes.'
AU Financial Review
12 hours ago
- AU Financial Review
Perth Mint's deal to ship barrels of ‘acid gold' to India
The Perth Mint has assured its owner the West Australian government that more than $328 million worth of exports to India of a type of acid that can be turned into gold are being used for industrial purposes, amid concerns that trade in the product is being used to avoid import tariffs. The gold price has soared nearly 30 per cent in 2025, stoking demand around the world, including in India, where some importers have tried to circumvent government charges by purchasing different forms of the precious metal that can be converted into bullion.
