Pilot Energy Limited (AU:PGY) has released an update.
Pilot Energy Limited has revised its agreement with Triangle Energy for the acquisition of the Cliff Head Joint Venture, with a new staged asset transfer strategy aimed at facilitating regulatory approvals and the progression of the Cliff Head Carbon Storage project. The deal now includes an initial $4.5 million payment for state-based assets and a subsequent $4.0 million for offshore assets, contingent upon regulatory approval. This acquisition is part of Pilot’s transition to carbon management projects, including converting the Cliff Head Oil field into Australia’s first offshore CO2 storage facility.
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