Pilot Energy Ltd (the Company, ASX: PGY) is pleased to announce that the National Offshore
Petroleum Titles Administrator (NOPTA) has approved the Company’s application for an extension of
the primary term of exploration permit WA-503-P, with a suspension of the associated work
commitments until 12 May 2018.
An 80km2 3D broadband seismic survey was required to be completed before 12 May 2017, however
this has not been possible due to the absence of a suitable seismic vessel within Australian waters.
While Pilot Energy has a low-cost contract in place to complete the survey on a multi-client basis, the
survey’s small size does not justify mobilising a vessel from overseas. Pilot Energy considered various
alternative solutions, including acquiring the survey on a proprietary basis with other vessels that are
currently located overseas, however the cost of mobilisation and demobilisation is prohibitive.
The seismic contractor has advised that a vessel is scheduled to mobilise in Q4 2017, and on this basis
NOPTA has granted the twelve-month extension to the permit’s primary term.
PGY Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held
