Latest news with #BradLingo
Sydney Morning Herald
23-07-2025
- Business
- Sydney Morning Herald
Pilot initiates courtship process for massive Perth Basin gas play
Pilot Energy has kicked off a formal courtship process to secure farm-out partners at the company's expansive offshore gas permit in Western Australia's North Perth Basin. The impressive 8605-square-kilometre licence, Australia's largest offshore exploration permit, encompasses both proven oil and gas play fairways along WA's Mid West coast. At the heart of Pilot's recent exploration strategy is the Leander gas prospect, a hefty trap target with an estimated 1.1 trillion cubic feet (tcf) of prospective gas resources and a probability of drilling success ranging from 24-36 per cent. The company says its standout Kingia sandstone target, within Leander, holds 536 billion cubic feet (bcf) of gas with a 31 per cent chance of success, mirroring the geological characteristics of onshore Perth Basin discoveries such as Waitsia, Erregulla and Lockyer Deep. Pilot has set the stage for a competitive farm-out by establishing a dedicated data room for suitors. It expects to receive multiple requests for a look from properly endowed industry players. 'Due to the quality and extent of Pilot's Perth Basin exploration holdings and their fast-track development potential to get direct access to the Western Australia domestic gas market, the company expects the farm-out process to be competitive.' Pilot Energy managing director Brad Lingo The company believes that attracting a partner with the technical and commercial expertise to drill Leander will fast-track its development by leveraging its nearby Cliff Head oil platform for rapid commercialisation. The strategic infrastructure was recently acquired from Triangle Energy to spearhead Pilot's latest pivot into domestic gas, where demand is surging amid delays in other WA gas projects. The company says its farm-out process dovetails with its broader vision to lead Australia's clean energy production at the same address, where Pilot is repurposing the Cliff Head oil field into a carbon capture and storage (CCS) facility as part of its ambitious Mid West Clean Energy project. Cliff Head infrastructure includes onshore processing facilities, pipelines and the Arrowsmith production plant.
The Age
23-07-2025
- Business
- The Age
Pilot initiates courtship process for massive Perth Basin gas play
Pilot Energy has kicked off a formal courtship process to secure farm-out partners at the company's expansive offshore gas permit in Western Australia's North Perth Basin. The impressive 8605-square-kilometre licence, Australia's largest offshore exploration permit, encompasses both proven oil and gas play fairways along WA's Mid West coast. At the heart of Pilot's recent exploration strategy is the Leander gas prospect, a hefty trap target with an estimated 1.1 trillion cubic feet (tcf) of prospective gas resources and a probability of drilling success ranging from 24-36 per cent. The company says its standout Kingia sandstone target, within Leander, holds 536 billion cubic feet (bcf) of gas with a 31 per cent chance of success, mirroring the geological characteristics of onshore Perth Basin discoveries such as Waitsia, Erregulla and Lockyer Deep. Pilot has set the stage for a competitive farm-out by establishing a dedicated data room for suitors. It expects to receive multiple requests for a look from properly endowed industry players. 'Due to the quality and extent of Pilot's Perth Basin exploration holdings and their fast-track development potential to get direct access to the Western Australia domestic gas market, the company expects the farm-out process to be competitive.' Pilot Energy managing director Brad Lingo The company believes that attracting a partner with the technical and commercial expertise to drill Leander will fast-track its development by leveraging its nearby Cliff Head oil platform for rapid commercialisation. The strategic infrastructure was recently acquired from Triangle Energy to spearhead Pilot's latest pivot into domestic gas, where demand is surging amid delays in other WA gas projects. The company says its farm-out process dovetails with its broader vision to lead Australia's clean energy production at the same address, where Pilot is repurposing the Cliff Head oil field into a carbon capture and storage (CCS) facility as part of its ambitious Mid West Clean Energy project. Cliff Head infrastructure includes onshore processing facilities, pipelines and the Arrowsmith production plant.
Sydney Morning Herald
24-06-2025
- Business
- Sydney Morning Herald
Pilot, Triangle lock in Cliff Head transfer for carbon capture play
Pilot Energy has locked in the purchase of the West Australian-based Cliff Head oil facility from former joint venture partner Triangle Energy and will repurpose the asset as a carbon capture and storage facility within its Mid West Clean Energy project. 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.
The Age
24-06-2025
- Business
- The Age
Pilot, Triangle lock in Cliff Head transfer for carbon capture play
Pilot Energy has locked in the purchase of the West Australian-based Cliff Head oil facility from former joint venture partner Triangle Energy and will repurpose the asset as a carbon capture and storage facility within its Mid West Clean Energy project. 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.
