Mid West Clean Energy Project Feasibility Study
On-going project partnering and Clean Ammonia offtake process
Pilot
Energy
MOU signed with Samsung C&T to become equity JV development partner and cornerstone Clean Ammonia customer
•
Upon completion of the Cliff Head acquisition from Triangle¹ and closing the Samsung MOU², Pilot will hold 80% of the MWCEP
•
Pilot has been conducting an on-going project partnering and Clean Ammonia and CCS customer offtake process and multiple parties are
continuing to undertake detailed due diligence on the project
•
•
•
•
Expressions of interest for over 2 mmtpa of Clean Ammonia offtake and 700,000 tpa of CO2 storage have been received as part of the ongoing
partnering and customer offtake process,
Pilot intends to bring in additional project development partners and Clean Ammonia and CCS customers targeting further reducing its overall
interest in the MWCEP to approximately 40%
Pilot has communicated to interested parties that preference will be given to Clean Ammonia and CCS offtakers who also participate in the
overall project on an equity basis
A condition of project equity participation is that all equity participation will be on the basis that Pilot will receive base consideration equivalent
to the historical cost basis of the assets and infrastructure that make up the Cliff Head CO2 Storage Project³
1.
Refer to the joint Pilot Energy and Triangle ASX release dated 27 July 2023
2.
Refer to the Pilot Energy ASX release dated 31 October 2023
3.
18
The historical cost base of the assets and infrastructure of that make up the Cliff Head CO2 Project is approximately AUD 330 million and is reflected in the historical annual PRRT returns lodged by the Cliff Head Oil Field JV
Australia-Korea Business Council Critical Minerals and New Energy Forum | Sydney 30 October 2023View entire presentation