All tagged Pilot Energy ASX:PYG
Pilot Energy (ASX:PGY) has reported that it has received $708,846, being an R&D tax offset relating to technical studies in progress on the WA-507-P exploration permit.
Pilot Energy (ASX:PGY) has reported total prospective oil & gas resources of up to 435MMBOE within WA-481-P. The largest prospect contains up to 78MMbbls with three prospects containing over 40MMbbl potential. The Cliff Head, Dunsborough and Frankland trends have been substantially de-risked by prior discoveries.
Pilot Energy (ASX:PGY) reported a busy December quarter, with prospectivity updates at Leschenault, renewal of EP416, the identification of numerous oil & gas prospects in WA-481-P, receipt of $65m in PRRT credits as well as confirmation of the drilling of the Wye Not-1 exploration well in 2017.
Pilot Energy (ASX:PGY) has announced that the EP437 JV (with Key Petroleum) has approved the work program and budget for drilling of the Wye Knot-1 exploration well, located in the north Perth Basin. After receipt of a $200,000 Exploration Incentive Scheme grant, the net cost to drill the well is $1.7m. The Triassic target in Wye Knot-1 is estimated to contain a best case (gross) of 1.4MMbbl oil.
Pilot Energy (ASX:PGY) has announced that WADMP has approved a variation to the work program for EP480 in the southern Perth Basin. The new work program of geochemical sampling, advanced geophysical processing and geotechnical studies reflects a commitment of $0.35m, down from the previous requirement for a $1.5m spend. The work program will focus on the large Leschenault gas prospect.
Pilot Energy (ASX:PGY) has confirmed that the WA-481-P Joint Venture has been transferred A$65 million in Petroleum Resource Rent Tax (PRRT) credits, representing the undeducted exploration expenditure costs during the initial term. The transfer reduces Pilot's potential PRRT liability by more than $75 million for future discoveries.
Pilot Energy (ASX:PGY) has confirmed the gas prospectivity of the Leschenault prospect, located between Mandurah and Bunbury in SW Western Australia. The RISC assessment of the prospect estimates the Lesueur Sandstone reservoir could host up to 970 BCF gas while the Sue Sandstone could host up to 625BCF gas. Pilot Energy holds a 60% working interest in the blocks, withEmpire Oil & gas holding the other 40%.
Oil and gas explorer Pilot Energy (ASX:PGY) has received notice from the Western Australian Department of Mines & Petroleum that Exploration Permit EP416, loacted in the southern Perth Basin, has been renewed for a period of five years. The permit was granted with a requirement to complete geochemical surveying, advanced processing of Falcon airborne geophysical data acquired in 2015 and geological /geophysical studies in the next two years. An optional exploration well is required in year four.
Pilot Energy (ASX:PGY) has announced that the transfer of WA-481-P has been approved by regulators. As part of the transaction, Pilot will be entitled to credits that cab be used to offset any Petroleum Resource Rent Tax (PRRT) liabilities. Pilot has also announced that Key Petroleum excercised its right to acquire a 40% WI from Pilot as part of the transaction.
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.