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WA-503-P

Project Name: WA-503-P

Location: Offshore North Perth Basin

Ownership: 80% Working Interest (Operator)

 

On 27 July 2018 Pilot Energy announced that it had entered into a binding agreement for the sale of its interest in the Permit to Black Swan. Completion of the transaction was subject to the satisfaction of certain conditions precedent, including approval of the transaction by the National Offshore Petroleum Titles Administrator (NOPTA). NOPTA has not approved the transfer of the interest to Black Swan. Consequently, on 18 December 2018, Black Swan advised Pilot Energy that it was terminating the sale agreement. Since then, Pilot has continued to work with Black Swan as joint venture partners in the Permit.

 

Pilot and Black Swan continue to engage with NOPTA regarding ongoing involvement in the Permit. No formal process has commenced with NOPTA and any decision regarding the future of the permit remains the subject of ongoing discussions

 

The joint venture interests in WA –503-P are as follows:

Pilot Energy Ltd

80.0% (Operator)

Black Swan Resources Pty Ltd

20.0%