Pilot Energy Ltd. reported Friday that Key Petroleum Ltd. has exercised its option, included as part of a cooperation agreement between the two companies, to purchase a 40 percent interest in the former's recently acquired WA-481-P exploration permit, located offshore North Perth Basin, Western Australia.
The company signed an agreement Wednesday with Murphy Australia to acquire 100 percent interest in permit WA-481-P and highlighted the option for Key to take a stake in the acreage.
"The assignment to Key is conditional upon completion of the acquisition by Pilot Energy and regulatory approval by the National Offshore Titles Administrator (NOPTA)," Pilot Energy said in the press release.
When the transaction is completed, Pilot Energy will hold a 60 percent operating interest in the permit.
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