Pilot Energy Limited (ASX:PGY) has executed a binding convertible note agreement with a syndicate of sophisticated investors for an investment in the company of $3 million before costs.

The investor syndicate is led by Greg Columbus, who has over 30 years of experience in the energy and oil & gas industries, including technical, commercial, executive and non-executive roles and is also an experienced investor in listed companies.

Until recently, Columbus was also the Chairman and a major shareholder of ASX listed Warrego Energy, a developer of natural gas resources in the Perth Basin, which was taken over by the Hancock Prospecting Group in March 2023.

Proceeds from the issue of the convertible note will provide funding towards activities associated with Pilot’s projects including the Carbon Capture & Storage (CCS) FEED and pre-FEED preparatory work for the broader Mid West Clean Energy Project (MWCEP) in Western Australia.

The recent funding initiatives will provide a runway for the company to continue the planning stage of the MWCEP while partnering arrangements are being concluded.

Pilot Managing Director Tony Strasser said the company was delighted to welcome Columbus and other syndicate members as significant investors in Pilot Energy.

Strasser said: “Greg has a strong understanding of the Australian energy industry and Western Australia in particular.

“He also has a track record of successful investments in the energy sector over many years and I am confident Pilot will benefit from his strategic knowledge and financial commitment of the Syndicate.

“The investment shows confidence in Pilot’s exciting MWCEP and management to commercialise the developments underway.”