Pilot Energy's Approval for CO2 Storage Project

Pilot Energy Limited (ASX: $PGY) has received approval for the Declaration of Greenhouse Gas Storage Formation for the Cliff Head CO2 Storage Project. The approval, granted by the Commonwealth Minister for Resources and Minister for Northern Australia, the Hon Madeleine King MP, notes a storage capacity of 13.4 million tonnes for the Cliff Head Storage Formation, marking a significant milestone for the development of Pilot's Mid West Clean Energy Project (MWCEP).

Executive Chairman's Perspective

This Declaration represents a material advancement in the development of Pilot's Mid West Clean Energy Project and is an exciting milestone for CCS and clean energy production in Australia. As the Pilot team worked through this application, it has been with a singular goal of delivering a project that can enable Western Australian emitters to take action with a clear opportunity to reduce carbon emissions through abatement and permanent storage on a cost-effective basis.

Project Outlook and Milestones

The approval of the Declaration of Greenhouse Gas Storage Formation for the Cliff Head CO2 Storage Project is a significant de-risking milestone for Pilot's MWCEP. This approval enables the project to proceed with the next phase of development, including traditional owner and stakeholder engagement, CO2 storage project FEED, and final selection of hydrogen and ammonia technology partners. The company aims to commence Ammonia FEED in 2H CY2024 and continue engaging with regulators to progress the remaining project approvals, including an injection license and Federal and State environmental approvals. Pilot's ambition to develop Australia's first offshore CO2 Storage Project through the conversion of the Cliff Head Oil field and associated infrastructure demonstrates its commitment to carbon management projects and clean energy production. The approval further provides confidence in the Australian regulatory regime, de-risking the MWCEP for potential international project partners.