The company said it remained optimistic of realising value from its assets as the voluntary administrators undertake an urgent review of operations, including its current arrangements and obligations pursuant to the joint venture agreement for the Cliff Head project.
Pilot was proposing to develop Australia's first offshore carbon storage project through the conversion of the Cliff Head Oil field and associated infrastructure from oil production to carbon storage as part of the Mid West Clean Energy Project (MWCEP). Pilot holds a 21.25% interest in the project.
The MWCEP is a clean ammonia export project aiming to produce up to 1 million tonnes per annum of clean ammonia with a cost base that is competitive with existing conventional grey ammonia production. The Cliff Head Carbon Storage project aimed to initially provide ~2.5 million tonnes per annum of permanent carbon capture & storage capturing both third party industrial carbon emissions as well as carbon generated by the MWCEP.