June 14 (Reuters) - Pilot Energy Ltd (PGY) :
- MINISTRY APPROVED CLIFF HEAD CARBON CAPTURE & STORAGE DECLARATION OF GREENHOUSE GAS STORAGE FORMATION
- APPROVAL TRIGGERS SALE OF CO'S 78.75% INTEREST IN CLIFF HEAD PROJECT TO PILOT ENERGY
- UNDER SALE AGREEMENT, CO WILL RECEIVE STAGED PAYMENTS OF A$7.5M CASH AND UP TO A$7.5M IN ROYALTIES
- CONSIDERATION TO BE PAID BY PILOT TO TRIANGLE IS EXPECTED TO TOTAL UP TO A$15 MILLION OVER CCS PROJECT LIFE
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