Pilot concludes buy of 40% in offshore permit in Western Australia

Australian company Pilot Energy Ltd (ASX:PGY) today announced completion of the acquisition of the 40% interest it does not own in the offshore exploration license for an area that may also become home to a huge offshore wind farm.

Key Petroleum Ltd (ASX:KEY) sold its 40% non-operated interest in the Offshore Exploration Permit WA-481-P to Pilot in exchange for 21 million shares in the buyer. Under a separate transaction, Pilot plans to now sell 78.75% in the permit and transfer the operatorship to Triangle Energy (Global) Ltd (ASX:TEG).

Pilot in September presented its plan for the Mid West Wind & Solar Project. The company wants to build an offshore wind farm in WA-481-P and an onshore solar park along the coast of the Mid West Region of Western Australia. The project feasibility study will also look at the opportunity to install onshore wind turbines, the feasibility of accessing and utilising existing offshore and onshore gas infrastructure, and the viability of producing hydrogen for domestic use and for export.

The annual mean wind speed within the area covered by the offshore exploration permit has been measured to be greater than 9 m/s at a hub height 100 metres. Out of the 8,600 sq km area of WA-481-P, over 7,600 sq km offer water depths of 60 metres or less, Pilot said previously.

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