Pilot Energy Ltd says that the National Offshore Petroleum Titles Administrator (NOPTA) has granted a Transitional Work Program Variation pertaining to the Company's offshore exploration permit WA-503-P.
Under the original permit conditions, the 3D seismic commitment associated with the permit was required to be completed before 12 May 2015, i.e. prior to assignment of Pilot Energy's permit interest. The effect of the Transitional Work Program Variation is that Pilot Energy now has until 12 May 2017 to complete the 3D seismic commitment and other work commitments composed of various 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.