Pilot Energy Limited provided an update on its recently completed Mid West region Feasibility Studies. The transition to the production of clean hydrogen requires carbon capture and storage (CCS) and renewable power generation. Pilot is well positioned to play a significant role in the energy transition through harnessing the world-class CCS and Renewable resources of the Mid West region of Western Australia. The Feasibility Studies for the Mid West Integrated Renewable Energy Project included the Mid West Blue Hydrogen and Carbon Capture and Storage study (CCS and Blue H2 Study)
focused on the Cliff Head Oil field, the Mid West Renewable Energy Study (Renewables Study), the 8 Rivers Blue Hydrogen Technology Study (8 Rivers Study) and the WA 481P CCS Study (WA 481P CCS Study) collectively the "Feasibility Studies"). The Renewables Study and the 8 Rivers Study have been completed. The first stage of the WA 481P CCS Study has also completed providing an assessment of the CO2 storage potential of Pilot's 100% owned WA-481P exploration permit with estimates of both the Contingent and Prospective CO2 storage resource capacity within the permit. These estimates have been prepared in accordance with the SPE CO2 Storage Resources Management System (SPE SRMS) Guidelines. The Company is nearing completion of the CCS and Blue H2 Study which is assessing the implementation of a CCS and Blue H2 project centred on the Cliff Head Oil Field which is expected to be completed within the next several weeks. Pilot holds a 21.25% interest in the Cliff Head Oil Field through its 50% ownership of Triangle Energy (Operations) Pty Ltd, the operator of the Cliff Head Oil Field. This CCS and Blue H2 Feasibility study is being jointly funded and contributed to by Pilot, APA Group and Warrego Energy. Feasibility Study Results confirm viability of Mid West Clean Energy Projects Each of these feasibility studies have confirmed the significant opportunity to develop a large- scale clean hydrogen production project integrating CCS and renewable energy generation to produce hydrogen and electricity for both domestic and export markets. Provides a summary of the Feasibility Study results. Based on the completed studies, a recommended development pathway for the projects under consideration based on phased development over three stages: Stage 1 - Carbon Capture & Storage - development of a carbon capture and storage operation to provide CCS services to third parties and to support the subsequent production of blue hydrogen and clean gas-fired power;
Stage 2 - Hydrogen Production - development of a blue hydrogen generation project utilizing the 8 Rivers clean hydrogen technology (8RH2) and clean power technology to produce ~43,000 tpa of blue hydrogen with near zero emissions; and Stage 3 - Renewables and Green Hydrogen Project - integration into the Mid West Blue Hydrogen Project of approximately 220 MW of renewable power generation from both wind and solar to produce a further 18,000 tpa of green hydrogen. Upon completion of the 3-stage development, the Studies confirm (with feasibility-stage level confidence) that the Company will be able to produce approximately 61,000 tpa of clean hydrogen to produce approximately 350,000 tpa of clean ammonia to supply nto Asian clean ammonia export markets. Upon completion of the 3-stage development, the Studies confirm (with feasibility-stage level confidence) that the Company will be able to produce approximately 61,000 tpa of clean hydrogen to produce approximately 350,000 tpa of clean ammonia to supply into Asian clean ammonia export markets. Following the completion of the WA-31L CCS Feasibility Study, the Company expects that the
WA-31L Joint Venture will progress the regulatory process with the National Offshore Petroleum Titles Administrator (NOPTA) seeking the required approval to have the Cliff Head Oil Field reservoir declared a Greenhouse Gas Storage Formation.