Pilot Energy Ltd, (previously Rampart Energy), is looking to farm-down its 80% interest in exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin. However, the offer remains subject to a pursued sales agreement with joint venture partner Black Swan Resources.  On 27 July 2018 Pilot announced that it would be exiting the permit, assigning all interest over to joint venture partner Black Swan Resources. On 19 December 2018 Black Swan terminated the agreement upon notification that the National Offshore Petroleum Titles Administrator (NOPTA) did not approve the transaction. If the deal completed, Black Swan was required a farm-out of around 40-50% interest to fund committed 3D seismic acquisition (part of the Davros multi-client survey). As it stands, Pilot is required to free-carry Black Swanâs 20% interest through the initial work programme which provides additional security to ensure funding is available to cover the existing programme. Pilot has reported that it will look to farm-down as it seeks to develop a low-cost portfolio. Black Swan remains committed to increasing its interest in the permit which could see negotiations between Pilot, NOTPA and seismic contractor CGG.  Gaining access to a seismic vessel within Australian waters during 2016/17 had been difficult due to demand and costs, thus the current phase of work commitments were suspended and extended for 24 months. The acquisition of new 3D seismic acquisition covering 80 sq km is required by 12 May 2019, as well as post-seismic interpretation and analysis. Pilot had contracted a seismic company to complete the work but cost efficiencies required a multi-client approach. Pilot subsequently reported that low acquisition costs had been contracted for the seismic programme with CGG which is scheduled to complete the Davros multi-client 3D seismic extension survey in 2019, which includes the WA-503-P area. The first well is then required between May 2021 and May 2022 but remains contingent at this stage and 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 holds 80% interest in the permit and is seeking an additional farm-in partner to join with joint venture partner Black Swan Resources Pty Ltd.  Â Parties interested in pursuing this opportunity should contact:  Iain SmithÂ Â Â Â Â Â Â  email: ismith@pilotenergy.com.au  Conrad ToddÂ Â  email: ctodd@pilotenergy.com.au
Pilot Energy Ltd, (previously Rampart Energy), is looking to farm-down its 80% interest in exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin.