Pilot Energy Limited (ASX:PGY), an Australian junior oil and gas company that wants to be a player in the energy transition, is set to raise AUD 8 million (USD 6m/EUR 5.1m) in equity.
The company said on Monday it has secured firm commitments for AUD 8 million in a placement to new and existing investors.
The proceeds, plus AUD 1 million of additional funding, will go towards oil and gas, and corporate activities, as well as blue hydrogen CCS (carbon capture and storage) and renewables feasibility studies.
A portion of AUD 1 million will be allotted to renewables -- AUD 800,000 for a feasibility study of the Mid West Wind and Solar Project and AUD 200,000 for an offshore wind baseline study.
“The next phase of the feasibility studies is crucially important to enabling Pilot to implement its strategic plans and become a leading energy provider of oil & gas, hydrogen and renewables to the Mid West and South West regions of Western Australia,” said executive chairman Brad Lingo.
The company says that its material working interests in WA-481-P and EP416/480 exploration permits offshore and onshore Western Australia can form the basis for the development of the Mid-West Wind and Solar and the South West Blue Hydrogen and CCS projects.
It presented its concept for the Mid West Wind and Solar project, including offshore wind and onshore solar, and potentially onshore wind and hydrogen, in September last year.
(AUD 1.0 = USD 0.753/EUR 0.633)
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