Pilot Energy Limited (PGY), an oil and gas exploration and production company transitioning to carbon management projects, hydrogen production, and clean ammonia, has announced the receipt of a A$3,887,357 Petroleum Resource Rent Tax (PRRT) refund. The refund was processed through Triangle Energy Operations Pty. Ltd. (TEO), the operating company for the Cliff Head Oil Joint Venture.
The refund represents the full amount claimed by TEO for abandonment, decommissioning, and rehabilitation expenditures (ADRE) following the cessation of oil production at the Cliff Head Oil Field. As previously indicated in the Company’s June Quarterly Activity Report, the total estimated PRRT refund for the Cliff Head Joint Venture for the financial year ending 30 June 2025 was projected to be up to $4.5 million, including other JV parties.
According to the Purchase and Sale Agreement (PSA) with Triangle Energy (Group) Ltd (TEG), Pilot Energy is entitled to receive 100% of the PRRT refunds recoverable by the Cliff Head Oil Field JV parties. The received refund was initially paid to TEO and has now been fully transferred to Pilot Energy.
Pilot Energy anticipates claiming additional PRRT refunds totaling up to A$600,000 from other Cliff Head Oil Field JV parties shortly. TEO has provided draft PRRT returns to TEG for lodgment by 29 August 2025, with this additional refund amount also to be paid entirely to Pilot as per the PSA. The company sees continued prospects for securing facilities to fund future PRRT tax refund amounts as ADRE continues for the closure of Cliff Head Oil Field during its transition to a carbon capture and storage (CCS) project.
