Pilot Energy (ASX:PGY), formerly Rampart Energy, has received a US$3.7 million payment from the State of Alaska in relation to the US$7.8 million 3D seismic program completed in the Western Block, North Slope Alaska, in early 2014.
The funds have been used to fully pay back the balance of the Pilot Energy’s ACES finance facility and the company is now debt-free.
Pilot is working with Royale Energy to resolve a dispute over drilling in Alaska in order to extract value.
The company is currently targeting conventional oil and gas at its WA-507-P and WA-503-P permits offshore Western Australia.
It is looking at a further acquisition this year.
Pilot Energy (ASX:PGY), formerly Rampart Energy, has received a...
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