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The latest update is out from Pilot Energy Limited ( (AU:PGY) ).
Pilot Energy Limited has announced the completion of the first drawdown of $957,438 under a $5.9 million PRRT refund debt facility with Finport Finance Pty Ltd. This facility will finance the abandonment, decommissioning, and rehabilitation expenditures associated with the Cliff Head oil field operations, covering approximately 40% of the ongoing costs through August 2027. The facility is structured as a revolving credit line, allowing for reborrowing once annual refunds are received, ensuring continued financial support for the project’s closure and transition activities.
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 the production of hydrogen and clean ammonia for export to emerging APAC Clean Energy markets. The company aims to leverage its existing oil and gas operations and infrastructure to support these developments, including proposing Australia’s first offshore CO2 Storage Project through the conversion of the Cliff Head Oil field.
Average Trading Volume: 1,730,664
Technical Sentiment Signal: Sell
Current Market Cap: A$12.95M
For an in-depth examination of PGY stock, go to TipRanks’ Overview page.