Pilot Energy Raises $3.44m to Support Cliff Head and Clean Energy Projects

Pilot Energy Limited ( (AU:PGY) ) has shared an update.

Pilot Energy has secured binding commitments for a $3.44 million two-tranche share placement at $0.0036 per share, a 10% discount to its last close, with the offer significantly oversubscribed by sophisticated, professional and institutional investors. The funds, together with existing working capital, will mainly support ongoing Cliff Head operations ($2.2 million), development of the Capture 6 Direct Air Capture project ($0.3 million) and general corporate and working capital needs ($1.0 million), providing financial runway to advance several corporate transactions that management sees as potential value catalysts. Directors and management intend to participate for about $200,000 subject to shareholder approval at the February AGM, while investors will receive free attaching and piggyback options, underscoring efforts to shore up liquidity, maintain production, and progress Pilot’s transition-focused projects, which could enhance its strategic positioning in both conventional and low-carbon energy markets.

The most recent analyst rating on (AU:PGY) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Pilot Energy Limited stock, see the AU:PGY Stock Forecast page.

More about Pilot Energy Limited

Pilot Energy Limited is an ASX-listed energy company focused on the Cliff Head oil field operations and emerging clean energy initiatives in Australia, including the Capture 6 Direct Air Capture project and the Three Springs Solar Project. The company targets both traditional hydrocarbons and energy transition opportunities, positioning itself to participate in evolving demand for lower-carbon energy solutions and related infrastructure.

Technical Sentiment Signal: Sell

Current Market Cap: A$8.68M

For an in-depth examination of PGY stock, go to TipRanks’ Overview page.