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Pilot Energy Limited ( (AU:PGY) ) has issued an announcement.
Pilot Energy Limited is negotiating with Triangle Energy to restructure the acquisition arrangement of the Cliff Head Oil Field, aiming to ensure full compliance with regulatory requirements during its transition to a carbon storage operation. The company has funded $5.7 million to maintain the field’s operations since August 2024 and is actively pursuing a recapitalization plan to support this transition and resume trading on the ASX, although no new agreements have been finalized yet.
More about Pilot Energy Limited
Pilot Energy Limited is a junior oil and gas exploration and production company focusing on diversifying and transitioning into carbon management projects, hydrogen production, and clean ammonia for export to APAC Clean Energy markets. The company aims to leverage its existing operations to develop Australia’s first offshore Carbon Storage Project by converting the Cliff Head Oil field into a carbon storage facility.
Average Trading Volume: 6,380,019
Technical Sentiment Consensus Rating: Buy
Current Market Cap: A$8.27M
For a thorough assessment of PGY stock, go to TipRanks’ Stock Analysis page.
