Pilot Energy (PGY.AX) has announced a significant upgrade to the prospective gas resource for its offshore exploration permit WA-481-P, specifically the Leander Gas prospect. Following a detailed review incorporating offset well data and remapping of 2D seismic data, the mean estimate of recoverable gas has surged by approximately 250% to 1,116 billion cubic feet (Bcf), accompanied by 18 million barrels of condensate. The company also increased separate oil prospective resources within the tenement to 66 million barrels across three targets. Pilot Energy holds a 100% operated interest in the 8,605 sq km permit. The Leander gas prospect, situated 15 km west of the Cliff Head oil platform, has the potential to supply Pilot with sufficient gas for at least 30 years of low-carbon ammonia production at the proposed Mid West Clean Energy Project. Pilot intends to commence a formal farm-out process to attract partners to fund near-term exploration activities, including the upcoming Eureka 3D seismic survey. The company highlighted that the offshore petroleum system within WA-481-P shares characteristics with the prolific onshore Perth Basin gas discoveries, improving prospectivity and reducing risk. The upgraded Leander resource estimates incorporate an expanded subsurface dataset, including petrophysical parameters from onshore wells such as Waitsia and West Erregulla, reinforcing the potential of the Dongara, Kingia, and High Cliff formations. Pilot is also progressing three oil targets south of Cliff Head, estimated to contain prospective oil resources of 66 million barrels (sum of mean estimate recoverable), enhancing their attractiveness. The company’s WA-481-P exploration program includes advancing stakeholder engagement, regulatory approval for a 3D seismic survey, continued technical assessment of prospects, and securing farm-in partners to fund exploration.
