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Pilot Energy Limited ( (AU:PGY) ) has provided an announcement.
Pilot Energy Limited has secured a $1.5 million debt note from private credit investors to maintain cash flow ahead of a $4.5 million PRRT tax refund related to the Cliff Head Oil Field. This financial maneuver is part of the company’s strategy to manage abandonment, decommissioning, and rehabilitation expenditures as it transitions the Cliff Head Oil Field into a CO2 storage site under the Mid West Clean Energy Project. The refund is based on 40% of the total ADRE paid by the Cliff Head JV parties, with the company exploring further funding options to support ongoing ADRE activities.
More about Pilot Energy Limited
Pilot Energy Limited is a junior oil and gas exploration and production company transitioning towards carbon management projects, hydrogen production, and clean ammonia for export to emerging APAC Clean Energy markets. The company plans 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 associated infrastructure.
Average Trading Volume: 7,432,544
Technical Sentiment Signal: Sell
Current Market Cap: A$23.75M
For detailed information about PGY stock, go to TipRanks’ Stock Analysis page.