Pilot Energy announces sale of WA-507-P in Exmouth Plateau

10/19/2017

SYDNEY -- Pilot Energy is pleased to announce that the WA-507-P Joint Venture (Pilot Energy, 80%) has resolved to market for sale an unencumbered 100% interest in the permit, WA-507-P. The sale will allow Pilot to focus on its Perth basin interests. The highly prospective permit covers 1,622 km2 of the Exmouth Plateau, near the Thebe, Scarborough and Jupiter gas fields and is surrounded by recently awarded WA-530-P and WA-529-P permits.

The WA-507-P permit is covered by a high-quality 3D seismic dataset, acquired and processed by the geophysical company TGS in 2010. From this data the Joint Venture mapped three very large prospects at the Mungaroo reservoir level. The Dalia Updip, Beta and Gamma prospects were subsequently the subject of an independent estimate of Prospective Resources by Gaffney Cline and Associates (GCA), as announced Oct. 20, 2015. Further geological and geophysical studies matured the prospects.

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