Pilot Energy has been granted by the National Offshore Petroleum Titles Administrator (NOPTA) a Transitional Work Program Variation for the offshore exploration permit WA-503-P, north of Dampier, Australia.
Under the original permit conditions, the company had until May 12, 2015, to complete the 3D seismic program, prior to the assignment of Pilot Energy’s permit interest.
Now, the NOPTA has given Pilot Energy until May 12, 2017, to complete the 3D seismic work and other geological and geophysical studies.
“Certain reporting and contracting requirements are stipulated as a condition of NOPTA’s approval, and Pilot Energy is confident it is able to comply with these requirements,” the company said in its press release.
Pilot Energy Managing Director, Iain Smith, said: “We are pleased to have received this approval from NOPTA, which provides Pilot Energy with sufficient time to progress exploration of WA-503-P while remaining in compliance with the permit conditions.
“The Pilot Energy technical team has identified three prospects within WA-503-P, offering material prospective oil resources that we intend to validate via an independent expert report in the near future.”