Pilot Energy Ltd, (previously Rampart Energy), had been looking to farm-out some of its 80% interest in exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin. However, on 27 July 2018 Pilot announced that it would be exiting the permit, assigning all notice over to joint venture partner Black Swan Resources.  Pilot was looking for a partner to acquire around 20% interest in the permit in return for assistance in funding 80 sq km 3D seismic acquisition over the block. Pilot has reported that low acquisition costs have been contracted for the seismic programme.  The licencing of 80 sq km of new Broadband 3D seismic data was required by 12 May 2019. The acquisition was initially required by May 2015, however the joint venture applied to alter the work programme to combine the first three yearsâ work programme into one period. This was allowed after alterations to the offshore permit guidelines were made in May 2015, offering operators the option to change to the more streamlined work programme process. A number of work programme variations were granted, pushing back the required work programme.  Gaining access to a seismic vessel within Australian waters during 2016/17 had been difficult due to demand and costs. Pilot contracted a seismic company to complete the work but cost efficiencies required a multi-client approach. Pilot was advised that a vessel will be mobilised in Q4 2017. Upon processing, interpretation and prospect mapping of any data acquired, Pilot was to then actively seek a farm-in partner. Although, despite the uncertainty in the permitâs work programme, Pilot would accept farm-in offers at any point.  A contingent well is required in the fourth permit year, between May 2018 and May 2019. The commitment to drill the must be made prior to the commencement of that term on 13 May 2018 which remains subject to structure mapping and the identification of suitable prospects   Pilot identified three leads within WA-503-P which have been assigned prospective resources. The Lower Cretaceous to Upper Jurassic sandstone reservoirs are located along the eastern flank of the Lewis Trough, within the oil rich Legendre Trend. The Updip Janus lead has been assessed to contain a best estimate of 14.3 MMbo within the Legendre and Eliassen formations. The Updip Orion lead has been assessed to contain a best estimate of 49 MMbo within the Legendre, Eliassen and M Australis formations. The Bojangles lead has been assessed to contain a best estimate of 8.6 MMbo within the Angel and M Australis formations.  WA-503-P covers an area of 80.75 sq km and was awarded on 13 May 2014 after being offered as block W13-11 in the 2013 Federal Offshore Acreage Release. Pilot held 80% interest in the permit and was seeking an additional farm-in partner. However, joint venture partner Black Swan Resources Pty Ltd will be taking over 100% interest and operatorship.   Parties interested in pursuing this opportunity were to contact:  Conrad ToddÂ Â  email: ctodd@pilotenergy.com.au    Iain SmithÂ Â Â Â Â Â Â  email: ismith@pilotenergy.com.au
Pilot Energy Ltd, (previously Rampart Energy), had been looking to farm-out some of its 80% interest in exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin. However, on 27 July 2018 Pilot announced that it would be exiting the permit, assigning all notice over to joint venture partner Black Swan Resources