Gulf Oil and Gas accountACCOUNT

Pilot Energy to Retain Its Interest in WA-503-P

Source: 12/19/2018, Location: Not categorized

Pilot Energy Limited (PGY) (Pilot Energy) wishes to announce that it will not be proceeding with the sale of its beneficial interest in offshore exploration permit WA-503 P (the Permit) to Black Swan Resources Pty Ltd (Black Swan).

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.

Pilot Energy and Black Swan will continue to work together as joint venture partners in the Permit.

Spokesman and CEO for Pilot Energy, Robert Gard, commented on the announcement: “While the divestment of WA-503-P was consistent with our strategy of focusing on lower cost assets which can more quickly brought into production, we still see significant prospectivity in the Permit. The cancellation of the transaction also comes at a time when acquisition of a large, multi-client 3D seismic survey is about to commence in the area in and around the Permit. This activity is expected to raise interest in the region and assist in the process to find potential partners to join us in the Permit. ”

Acquisitions and Divestitures News in Australia >>

Brazil >>  7/15/2020 - Petrobras has completed the sale of its entire stake in the ten fields that comprise the Pampo and Enchova Clusters, located in shallow water in the C...
Brazil >>  7/15/2020 - Petrobras has finalised the sale of its entire participation in two onshore production fields - Ponta do Mel and Redonda - located in the Potiguar Bas...

Norway >>  7/15/2020 - OKEA ASA has signed a Sales and Purchase Agreement (SPA) with Equinor Energy AS (“Equinor”) for the acquisition of Equinor’s 40% operated working inte...
Uganda >>  7/15/2020 - Tullow Oil plc announces that at its General Meeting held earlier, the resolution set out in the Notice of General Meeting put to the General Meeting ...

Egypt >>  7/14/2020 - SDX Energy Plc (SDX) announces that it has disposed of its 50% working interest in the North West Gemsa licence, situated in the Eastern Desert of Egy...
Australia >>  7/9/2020 - 88 Energy Limited is pleased to advise that that as at 7.00pm (Sydney time) on 8 July 2020, 88 Energy had acquired 90.97% of the shares in XCD Energy ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.