Pilot Energy Limited (ASX: PGY) has unveiled a substantial upgrade to the Leander Gas Prospect within its offshore exploration permit WA-481-P, with the mean estimate of recoverable gas surging approximately 250 per cent to 1,116 billion cubic feet (Bcf) alongside 18 million barrels of condensate.
The updated assessment follows a comprehensive review of onshore exploration data and remapping of 2D seismic surveys, positioning the Leander prospect as a cornerstone of the company’s strategic energy ambitions.
The WA-481-P permit, wholly-owned and operated by Pilot, is among Australia’s largest offshore exploration tenements and overlaps with the company’s greenhouse gas exploration licence G-12-AP.
The Leander structure, located 15 kilometres west of the operational Cliff Head oil platform, is now viewed as a critical enabler for Pilot’s Mid West Clean Energy Project.
The upgraded resource could supply natural gas for at least three decades of low-carbon ammonia production, leveraging potential synergies with the proposed Cliff Head Carbon Storage infrastructure.
The revised resource estimates incorporate an expanded subsurface dataset, including petrophysical parameters from prolific onshore Perth Basin gas fields such as Waitsia and West Erregulla.
Pilot’s technical review identified three stacked reservoir targets within the Leander structure — the Dongara, Kingia, and High Cliff formations — which collectively enhance the prospect’s volumetric potential and reduce geological risk.
In parallel, the company has increased its oil prospective resources within WA-481-P to 66 million barrels across three targets south of Cliff Head.
These oil prospects, situated along a structural trend linked to established hydrocarbon systems, complement the existing Dunsborough and Frankland discoveries in the permit.
Pilot concurrently announced the appointment of Greg Columbus as Non-Executive Chairman, effective 31 March 2025.
Columbus brings over 30 years of energy sector expertise, including leadership roles at Warrego Energy and Talon Energy.
His appointment aligns with Pilot’s strategy to advance its integrated carbon capture and storage (CCS) and clean ammonia initiatives in the Perth Basin.
Outgoing Chairman Brad Lingo, who remains Managing Director, emphasised Columbus’s “proven track record of delivering shareholder value” and his familiarity with Western Australia’s energy landscape.
Columbus highlighted Pilot’s “unique suite of assets” and pledged to drive value creation through strategic development.
Pilot will shortly initiate a farm-out process to attract partners for funding near-term exploration activities, including the Eureka 3D seismic survey.
The campaign aims to de-risk the Leander prospect and advance its alignment with Pilot’s decarbonisation goals.
The company’s dual focus on hydrocarbon exploration and CCS infrastructure positions it to capitalise on the growing demand for low-emission energy solutions.
