Pilot Energy Ltd announced on 27 July 2018 that it had reached a binding agreement to assign its interest to exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin, to joint venture partner Black Swan Resources Pty Ltd.Â  Pilot Energy currently holds 80% and operatorship, but will assign all interest and exit the permit upon completion of the deal.  Under the terms of the transaction, Pilot will take a share of the any net profit interest that arises from the permit in the future, and Black Swan will take over operatorship and responsibility for all costs and management associated with future activities in the permit.  In the current phase of work commitments, which have been suspended and extended for 24 months, 80 sq km of new 3D seismic acquisition is required, as well as post-seismic interpretation and analysis.Â  The first well is required between May 2021 and May 2022, but remains contingent at this stage.  WA-503-P was awarded to Neon Energy on 13 May 2014.Â  Pilot Energy, which was previously Rampart Energy, entered the permit â acquiring 80% interest â in March 2015.Â  Subsequently, Black Swan Resources acquired Neon Energyâs remaining 20% interest in June 2015, as Neon exited the permit.  Pilot Energy had been looking to farm-out its interest in the permit. Pilot reported it 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.Â  However Pilot will exit the block upon completion of the deal, reporting that it is looking to reduce cost and focus on its core assets where it sees greater potential under its strategy.  WA-503-P, which covers an area of 81 sq km, was awarded on 14 May 2014.Â  Once Pilotâs exit from the permit is complete, Black Swan Resources Ltd will hold 100% interest and operatorship.
Pilot Energy Ltd announced on 27 July 2018 that it had reached a binding agreement to assign its interest to exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin, to joint venture partner Black Swan Resources Pty Ltd.  Pilot Energy currently holds 80% and operatorship, but will assign all interest and exit the permit upon completion of the deal. 