Pilot Energy flies solo with new Australian wind farm

In: Windfarms
13/10/2020
Pilot Energy Limited is officially the sole owner of the Mid West Wind & Solar Project in Australia. Key Petroleum Limited has confirmed that the sale of its 40% interest in  the Offshore Exploration Permit area WA-481-P to Pilot Energy Limited was fully executed on 6th October.

The WA-481-P area covers 130 graticular blocks in the North Perth Basin equating to over 8600 km2 along approximately 250 km of the offshore Western Australian coast. Pilot Energy intend to develop a major offshore wind farm in combination with an onshore solar farm to deliver a large scale source of low cost green energy on a sustainable basis.

The conceptual layout for the four stage 1.1 GW development includes up to 78 turbines, each with a 14 MW capacity.  The offshore wind turbines will be located at least 14 km offshore and in water depths of between 20-40 metres.

Pilot Energy announced that it is commencing  a detailed feasibility study to pursue the development of the
Mid West Wind & Solar Project  in September. The Company anticipates spending approximately $1,200,000 on studies.

In exchange for sole ownership, Pilot Energy will issue Key Petroleum with 21 million shares in two tranches - an initial tranche of 4,276,703 shares will be issued within the next three business days and a further 16,723,297 shares upon Pilot Energy receiving shareholder approval, which will be sought at an extraordinary general meeting of shareholders to be held in November 2020.

Pilot’s Chairman, Brad Lingo, said: “This is another step in Pilot progressing its focus on the energy transition with a dual focus on the on-going oil production at the Cliff Head Oil Field and the potential expansion activities through exploration and development potential provided by WA-481-P and the Company’s pursuit of the potential development of major offshore wind project building off this existing footprint.”

Mr. Lingo continued: “The Company recognizes the development potential of the high quality offshore wind resource covered by WA-481-P and the Cliff Head Oil Field. This is only more significant with the Western Australia Government calling for Expressions of Interest for 1.5 GW of renewable wind and solar energy to support the Oakajee Strategic Industrial Area Renewable Hydrogen Project. The Company’s feasibility study for the proposed Mid West Wind and Solar Project is aimed at establishing that it could be major renewable energy supplier supporting the proposed development of the Oakajee Strategic Industrial Area.”


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