Pilot Energy Limited (ASX:PGY) agreed to acquire remaining 40% stake in Offshore Exploration Permit WA-481-P from Key Petroleum Limited (ASX:KEY) for AUD 1.1 million on September 8, 2020. Pilot Energy will become 100% owner/operator of Offshore Exploration Permit WA-481-Pilot will issue 21 million shares as part of consideration in two tranches being an initial tranche of 4.3 million shares to be issued upon entering into definitive transaction documents and a further 16.7 million shares upon Pilot Energy receiving shareholder approval which will be sought at an extraordinary general meeting of shareholders to be called following the execution of definitive transaction documents. Pilot Energy Limited (ASX:PGY) signed a definitive agreement to acquire remaining 40% stake in Offshore Exploration Permit WA-481-P from Key Petroleum Limited (ASX:KEY) on October 6, 2020.

Transaction is subject to regulatory approval, Pilot and Key shareholders approval. Pilot shareholders' approval will be sought at an extraordinary general meeting of shareholders to be held in November, 2020. On December 10, 2020, the transaction was approved by the shareholders of Pilot Energy Limited. The transaction will complete 3 business days following the satisfaction of all conditions precedent or at a date agreed in writing by the Parties.

Pilot Energy Limited (ASX:PGY) completed the acquisition of remaining 40% stake in Offshore Exploration Permit WA-481-P from Key Petroleum Limited (ASX:KEY) on December 17, 2020. The initial tranche was paid in October, 2020 and final tranche was paid on December 17, 2020. Natalie Lonergan of Squire Patton Boggs acted as legal advisor to Pilot Energy Limited. Alan Mizen of Mizen+Mizen acted as legal advisor to Key Petroleum Limited.