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

Source: www.gulfoilandgas.com 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. ”

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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 


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