Pilot charting a new destiny
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Pilot Energy (ASX:PGY) has seemingly moved on for good from its Rampart Energy legacy, settling a legal dispute in Alaska which sees it become solely focused on its WA fortunes.
PGY had been locked in legal dispute with Royale Energy since July 2014, when then Rampart Energy declined to fund a cash advance on a drilling rig – leading to joint venture partner Royale Energy cancelling the planned drilling program there.
Now the legal dispute has been settled, and PGY will be able to exit the joint venture by assigning its 30% stake in the joint venture in return $US500,000 ($A712,634).
There will be an initial $150,000, and then another $350,000 paid out upon completion of other milestones.
PGY chairman Gavin Harper said the company was relieved to have lifted the millstone off its neck.
“After a prolonged dispute we are pleased to have finally reached agreement with operator Royale Energy,” he said.
“Having now resolved the final legacy issue from the failed Alaska farmin, with all legal claims dismissed, Pilot Energy is well placed to create shareholder value from its four new West Australian exploration permits.”
About Pilot Energy
PGY will take the money from the settlement to advance the three WA projects it has going at the moment.
It has a stake in deepwater, shallow water, and onshore permits in the state, with its deepwater permit, WA-507-P just to the south of an oil exploration permit held in joint venture between oil giants Statoil and Eni.
It also has skin in the shallow water game, looking at WA-503-P.
Finally, it has a 30% stake in Perth Basin assets held in joint venture with experienced Perth Basin operator Empire Oil & Gas.
Its Perth Basin play is to prove up a gas resource it can sell into a domestic market which could lose a fair chunk of supply in 2020 when domestic gas reservation requirements from the North West Shelf LNG suppliers lapses.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.