- Pilot Energy is trading in the green on the ASX again after a six month suspension
- The resumption follows an $8 million capital raise
- The company has transformed from a micro cap solely focussed on oil and gas, to a larger company moving into the renewable energy space
- PGY shares are up 7.58 per cent to trade at 7.1 cents at 3:31 pm AEST
Pilot Energy has returned to trade on the ASX after a six month suspension.
The reinstatement to trade follows an $8M capital raise.
Executive chair Brad Lingo said the suspension occurred in February as the company transformed from being a micro cap solely focussed on oil and gas, to a larger company which is moving into the renewable energy space.
It plans to explore the potential of renewables projects in the Mid-West and South-West regions of Western Australia.
“The company is now well capitalised to support its business plans to become a leading developer and provider of clean energy projects in WA,” Mr Lingo said.
Since returning to trade on Thursday, the company has announced it is beginning a feasibility study for offshore and onshore wind farms and an onshore solar project in the Mid-West.
The company says future infrastructure projects may include a CO2 pipeline and injection facility, blue hydrogen plants, transmission lines and hydrogen pipelines.
The feasibility study is expected to take six months and cost $900,000.
The company has also engaged consultants to conduct feasibility studies around a Mid-West Blue Hydrogen, Carbon Capture and Storage preliminary feasibility study and the Blue Hydrogen and CO2 Technology Study.
Pilot Energy holds a 21.5% interest in the Cliff Head Oil Field, with on and offshore projects.
Additionally, it has recently received confirmation that the Western Australian Department of Mines, Industry, Regulation and Safety has approved amendments to the minimum work commitments and duration of its South West oil and gas tenements.
Under the revised work program, the near-term activities include technical studies, geophysical/seismic reprocessing, and a geochemical survey. Planning for these activities is under way and Pilot expects early results from these activities may assist with the well planning process for the farm-in well to be drilled by Advanced Energy Transition Pty Ltd (AET).
PGY shares were up 7.58 per cent to trade at 7.1 cents at 3:31 pm AEST