Pilot Energy Limited completed the acquisition of remaining 40% stake in Offshore Exploration Permit WA-481-P from Key Petroleum Limited.
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.