Pilot is actively de-risking a major offshore exploration program while preserving near-term optionality from Leander and longer-term upside from Cliff Head’s clean-energy evolution, leveraging existing offshore infrastructure to maximize value.

The Frankland 2C gas discovery in the permit area contains gas with very low CO2 content (about 1.5%), enabling direct injection into pipelines without pre‑treatment.

WA-481-P is a large offshore permit spanning roughly 8,605 square kilometres between Cervantes and Geraldton, making it the biggest Commonwealth offshore exploration license in Australia and containing 130 blocks near Beagle Ridge, Dandaragan Trough, and Dunsborough prospects.

Within WA-481-P, the Dunsborough oil discovery and nearby Cliff Head infrastructure sit in proximity to Beagle Ridge and Dandaragan Trough, highlighting the asset’s strategic value.

Leander stands out as a drill-ready gas prospect, a four-way dip-closed anticline with an estimated mean gas resource of about 1.1 trillion cubic feet and a geological chance of success between 24% and 36%, located roughly 15 km offshore from Pilot’s Cliff Head.

Pilot is nearing the completion of its WA-481-P farm-out, with short-listed bidders expected to submit offers by the end of December 2025.

Final farm-out negotiations will incorporate Eureka 3D seismic data and the first exploration well, with the timing aligned to commercial discussions and allowing 3D seismic work into CY2027 rather than committing to a 2026 seismic shoot.

The farm-out is designed to balance near-term exploration catalysts with long-term clean-energy ambitions, using the Cliff Head platform to advance value across the portfolio.

The focus of the farm-out is to attract joint venture partners for Leander and fast-track exploration success to market via Cliff Head infrastructure, with first gas targeted around 2030 at about 150 million cubic feet per day.

Pilot has activated a $5.9 million PRRT debt facility to fund abandonment, decommissioning, and rehabilitation at Cliff Head, reducing upfront costs for the joint venture.

Parallel to exploration, Pilot’s Mid-West clean energy project aims to repurpose Cliff Head into Australia’s first integrated offshore CCS and renewable energy hub, including blue hydrogen and clean ammonia production for export to Asia.