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The latest update is out from Pilot Energy Limited ( (AU:PGY) ).
Pilot Energy Limited has completed the first stage of acquiring the Cliff Head Oil Joint Venture from Triangle Energy, gaining full ownership of onshore assets and facilities. This acquisition marks a significant milestone for Pilot as it facilitates the entry of new joint venture partners into the Cliff Head Carbon Storage Project, positioning the company to capitalize on the growing carbon storage market. The company is in discussions with a consortium of Korean companies and a foreign state-owned enterprise to participate in the project, enhancing its strategic positioning in the carbon capture and storage industry.
More about Pilot Energy Limited
Pilot Energy Limited is a junior oil and gas exploration and production company focused on transitioning to carbon management projects and producing hydrogen and clean ammonia for export to the APAC Clean Energy markets. The company aims to leverage its existing oil and gas operations to develop Australia’s first offshore CO2 Storage Project by converting the Cliff Head Oil field and infrastructure from oil production to CO2 storage.
Average Trading Volume: 3,310,390
Technical Sentiment Signal: Sell
Current Market Cap: A$15.11M
See more insights into PGY stock on TipRanks’ Stock Analysis page.