My take JaguarpawThere are 2 applications to NOPTA to be made,...

My take Jaguarpaw
There are 2 applications to NOPTA to be made, the first application for a Greenhouse Gas Storage Resource Formation has been submitted back in November 2022, if this is approved it will trigger the re structure of the CHJV which will result in Pilot holding 60% of oil & CCS projects and Triangle 40%.
The next stage is to prepare and submit an application to NOPTA for a Greenhouse Gas Injection Licence and following the granting of the declaration TEG will have the 'option' to participate in the CH CCS project to the extent of its 40% interest or withdraw.
If it elects to withdraw, TEG will surrender and Pilot will assume TEG's 40% interest in the CHJV (oil field) & Pilot will hold 100% of the CCS project. I don't know the fine print, but I'm thinking they would need to respond promptly.
Yes TEG are sitting on the fence to a degree and not committing to a JV re structure until the first NOPTA application is approved and then if the second application also gets approved they have the option to be in or out. By this time I'm expecting TEG's own position in regard to other projects will be further advanced putting company In a favourable decision making position.
I think this is a very sound strategy for many reasons, much water to flow under the bridge yet, but in the meantime Pilot are vigorously promoting the project with a couple of key MOU agreements established recently and also just this week being rewarded with a Federal Government Research & Development tax refund cash payment of $1.1 million and the thrust of their application was all about the Mid West Clean Energy project.
My opinion

GLAH