Pilot Energy Limited (PGY) has announced the commencement of a formal farmout process for its extensive exploration holdings in the offshore North Perth Basin. Pilot, a junior oil and gas exploration and production company, is pursuing diversification into carbon management and clean energy projects. The company holds a 100% ownership in WA-481P, Australia’s largest off-shore exploration permit covering 8,605km2 in the Perth Basin.
The farmout process aims to attract exploration joint venture partners to further develop the permit, which contains proven gas and oil exploration fairways and existing undeveloped discoveries. The ready-to-drill Leander Gas Prospect is estimated to hold 1.1 TCF of gas Prospective Resources (Mean) and presents potential for fast-track development. Pilot has established a data room and dedicated resources to support the farmout, with Managing Director Brad Lingo noting substantial interest from qualified parties.
Pilot is focused on securing a high-quality partner with specific technical and commercial expertise to drill the Leander Gas Prospect and commercialise its development. The company highlights the potential for gas discoveries to access the WA domestic gas market via pre-existing pipelines and onshore processing infrastructure. The Leander Prospect features multiple stacked pay targets with high Probability of Success estimates.
Chairman Greg Columbus stated that this farmout process coincides with expectations of welcoming offshore parties into the CCS project. He added that this offers significant supply to the market alongside the optionality of being carbon neutral, especially given the growing domestic demand for gas.
