Pilot Energy - June 2016 Quarterly Report
Pilot Energy (ASX:PGY) has released its quarterly activities report for the period ending 30 June 2016, summarising the completion of the $3.6 million cornerstone investment and the Company's moves to become the largest net acreage holder in the Perth Basin. The report shows Pilot spent $1.5 million during the quarter on exploration and evaluation and finished the period with $2.055 million in cash.
QUARTERLY HIGHLIGHTS
- Completion of cornerstone investment, raising A$3.6 million
- Acquisition of WA-481-P Exploration Permit
- Pilot Energy becomes largest net acreage holder in Perth Basin
- Independent expert BDO values Pilot Energy shares at between 0.38 cents and 0.88 cents
- RISC values exploration portfolio at up to c. A$30 million
- Director appointments and management reorganisation
- Payment of balance of WA-507-P seismic Permit Award Fee
- EP480 work program variation approved by WADMP
