Pilot Energy's strategic funding move

Pilot Energy (ASX:PGY) has announced the securing of $2 million in convertible notes from sophisticated investors. Powerhouse Advisory Australia Pty Ltd facilitated the funding. The funds will be used for acquiring ownership interests in the Cliff Head Oil Field and transitioning operations into carbon storage, supporting their Mid West Clean Energy Project.

Pilot Energy's future vision

Pilot Energy has secured $2 million in convertible notes to fund the acquisition of the Cliff Head Oil Field from Triangle Energy Group Limited and transition the operations into carbon storage. The company aims to lead the development of Australia's first offshore CO2 storage project and diversify into hydrogen and clean ammonia production for APAC markets. The convertible notes, with a 12% interest rate, are set for issuance by February 2025, with conversion options including shares or participation in a royalty interest in the Cliff Head Carbon Storage Project. This move aligns with Pilot Energy's strategic shift towards sustainable energy solutions.

Executive insights on funding and strategy

The funds will enable Pilot Energy to finalize the acquisition of the Cliff Head Oil Field interests and initiate their transition into carbon storage initiatives as part of our Mid West Clean Energy Project.