Pilot Energy Ltd reported on 21 February 2018 that it had reached a binding agreement with Black Swan Resources Pty Ltd to sell its 80% beneficial interest in exploration permit WA-507-P, located in the North Carnarvon Basin.Â   Under the terms of the agreement, joint venture partner Black Swan Resources will increase its holding to 100%, with pilot to receive a 7.5% share, paid quarterly, of any net profit interest from the permit.Â  Black Swan Resources will take over all costs for operations and management of the permit. Pilot reports that after the transfer of interest is complete, it will retain an 80% legal holding on the permit title, though Black Swan Resources will hold sole beneficial interest and operatorship. WA-507-P was awarded on 17 November 2014 to NWS O&G Pty Ltd (80% and operator) and Black Swan Resources (20%). It had been offered as block W13-7 in the 2013 Federal Offshore Acreage Release. Pilot Energy (previously named Rampart Energy) acquired NWS O&Gâs interest in February 2015.Â  No drilling has yet taken place within the permit, with the first well scheduled under the work commitments between November 2019 and November 2020. Pilot Energy Ltd and Black Swan Resources reported that they were jointly looking to sell full interest in the permit, with Black Swan Resources managing the sale process. It is thought this could still be ongoing once Black Swan Resources takes full ownership. WA-507-P covers an area of 1,616 sq km.Â  Once the sale process is complete Black Swan Resources Pty Ltd will hold 100% interest and operatorship of the permit.
Black Swan Resources (->100%) has acquired 80% interest in WA-507-P from Pilot Energy.