Pilot Energy to Pursue Development of Offshore Wind Project

Source: www.gulfoilandgas.com 9/4/2020, Location: Not categorized

Pilot Energy has announced that it is commencing a detailed feasibility study to pursue the development of an offshore wind and onshore wind and solar power project to be located along the offshore/onshore coast of the Mid West Region of Western Australia.

Highlights

- Project aimed at taking advantage of well-recognized, world-class wind and solar resources of and the large new onshore gas discoveries in the North Perth Basin and Mid West Region of Western Australia

- Focus is on the potential development in the area of Offshore Exploration Permit WA-481-P (60%-owned and Operated by Pilot) and connecting into the electricity transmission facilities of the South West Integrated System

- Geoscience Australia has also consistently rated the Mid West Region as being highly suitable for the production of both green and blue hydrogen across multiple scenarios

- The study will also assess the viability of supplying energy for hydrogen production for domestic use and/or for export taking advantage of existing nearby gas supply and infrastructure

- Study to also focus on looking for opportunities to utilize existing facilities, easements both offshore and onshore to simplify the overall development and reduce footprint of the Project

- Globally, investment in off-shore wind power projects has boomed, with a particular emphasis on accessing existing offshore and onshore gas infrastructure in the overall development in order to deliver enhanced project returns.

- While Pilot intends to own 100% of the Project at the feasibility stage, Pilot regards the Project as having the potential to attract strategic co-investors, should the feasibility study demonstrate its economic potential.

Mid West Wind and Solar Project

In pursuing the corporate strategy previously announced by the Company in May 2020, the Company will undertake a detailed assessment of the feasibility and pursue the development of the Mid West Wind and Solar Project, an offshore wind power farm and onshore wind and solar power farm to be located along the offshore/onshore coast of the Mid West Region of Western Australia.

Pilot’s Chairman, Brad Lingo, said: 'The Mid West Wind and Solar Project is directly aligned with the strategic plan that the company announced in the ASX release of 13 May 2020 and with our existing position as the operator of the Offshore Exploration Permit WA-481-P. We see this as a perfect opportunity to develop a major renewable energy transition project in the Mid West Coast Region of Western Australia.'

Mr. Lingo continued: 'This is exactly the type of development that demonstrates the ability to substantially redefine how the Australian offshore oil and gas industry can, in parallel with existing operations, participate in a low carbon future through offshore renewable energy projects delivering substantial low cost energy to Western Australia. The substantial nature of the offshore opportunity in Western Australian also presents the option to supply renewable hydrogen for domestic residential and industrial consumption as well as the potential to supply international markets'.

Mr. Lingo said: 'This is only the beginning of the process to establish the overall feasibility of the Project but it is a very good first step and Pilot’s existing footprint and management experience provides a unique opportunity to participate in the energy transition as a dedicated energy solutions provider.'

'Pilot strongly believes that focussing on the energy transition provides the opportunity to deliver strong growth and significant shareholder value', Mr. Lingo added.

Focus on Offshore Exploration Permit WA-481-P

Pilot Energy is the majority owner (60%) and operator of WA-481-P (see attached map) which covers 130 graticular blocks and is one of the largest offshore exploration permits in Australian Commonwealth waters covering most of the offshore portion of the North Perth Basin extending from North of Oakajee, Western Australia to south of Cervantes, Western Australia covering over 8600 km2 along approx. 250 km of the offshore Western Australian coast.

The offshore wind resource within the area covered by WA-481-P has been measured to have an annual mean wind speed greater than 9 m/s at a hub height 100 meters. The eastern boundary of WA-481-P is approx. 10 km offshore in relatively shallow water depths ranging between 20 to 40-meter water depth along the entire eastern portion of the permit from 10 km to 30 km offshore. Out of the 8600 km2 area of the permit over 7600 km2 (88%) of the permit area is in water depths of 60 meters or less.


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