Pilot Energy Ltd. disclosed Thursday that the National Offshore Petroleum Titles Administrator (NOPTA) has granted a Transitional Work Program Variation pertaining to the Company's offshore exploration permit WA-503-P offshore Western Australia.
Under the original permit conditions, the 3D seismic commitment associated with the permit was required to be completed before May 12, i.e. prior to assignment of Pilot Energy's permit interest. Th effect of the Transitional Work Program Variation is that Pilot Energy now has until May 12, 2017 to complete the 3D seismic commitment and other work commitments composed of various geological and geophysical studies.
Certain reporting and contracting requirements are stipluated as a condition of NOPTA's approval, and Pilot Energy is confident it is able to comply with these requirements.
Pilot Energy Managing Director, Iain Smith commented: "We are pleased to have received this approval from NOPTA, which provides Pilot Energy with sufficient time to progress exploration of WA-503-P while remaining in compliance with the permit conditions. The Pilot Energy technical team has identified three prospects within WA-503-P, offering material prospective oil resources that we intend to validate via an independent expert report in the near future."
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