Pilot Energy Limited (Pilot) and Triangle Energy (Global) Limited (Triangle) announced that they have concluded and executed a sale and purchase deed formalising the restructure of the existing joint venture ownership arrangements for the Cliff Head Joint Venture (CHJV) and the proposed Cliff Head Carbon Capture and Storage Project (CH CCS Project) previously announced on 26 April 2022. At the time of the joint ASX announcement on 26 April 2022, Pilot and Triangle had entered into a binding term sheet providing for the CHJV ownership re-structure. Since that date, as has been previously announced, Pilot has on the behalf of the CHJV, undertaken a feasibility study into the potential for carbon capture and storage centred around the Cliff Head oil field (located in WA-31-L).

confirming the viability and suitability of the proposed CCS development as well as a significant CCS resource in the area of that licence. Pilot and Triangle are finalising an application to the National Offshore Petroleum Titles Administrator (NOPTA) to declare a Greenhouse Gas storage formation (Declaration) and to pursue the CH CCS Project once economic oil production in the Cliff Head oil field has finished. Following a Declaration, the CHJV anticipates making an application to NOPTA for the grant of a Greenhouse Gas Injection Licence for the injection and permanent sequestration of a minimum of 500,000 tonnes of CO2 per annum for permanent sequestration.