Pilot Energy Limited (ASX:PGY), a junior oil and gas exploration and production company pursuing diversification into carbon management and clean energy projects, has announced that Triangle Energy Operations Pty Ltd (TEO) completed the first drawdown under its $5.9 million PRRT refund debt financing facility. The initial drawdown of $957,438 was completed on 29 October 2025. This facility, arranged with Finport Finance Pty Ltd, was previously announced on 17 October 2025.
The drawdown covers 100% of the Petroleum Resource Rent Tax (PRRT) refundable expenditures incurred by the company since 1 July 2025. The PRRT refund facility will be provided directly to TEO, as the operator of the Cliff Head oil field. It will finance PRRT refundable expenditures attributable to abandonment, decommissioning and rehabilitation expenditures (ADRE) associated with the historic oil production from the Cliff Head Oil Field operations.
The PRRT refund facility effectively provides Pilot and TEO with approximately 40% of the ongoing running costs for the Cliff Head operation. These costs are associated with closing down the operation and covering the ongoing ADRE expenditures through to 31 August 2027. The revolving facility allows TEO to reborrow after the annual PRRT refund is received from the ATO, bringing the facility balance back to zero for subsequent ADRE expenditures.
Triangle Energy (Global) Limited (ASX:TEG) lodged the annual 2024 PRRT tax returns for other Cliff Head JV companies on 17 October 2025, claiming an additional refund of approximately $590,000. Pilot anticipates receiving this refund within the next 30 days, as per the purchase and sale arrangements for the Cliff Head Oil Field announced on 19 August 2025.
