Leander Gas Prospect Holds 1.1 TCF with Drilling Planned Before 2027 Seismic

Farmout Process Nears Critical Stage

Pilot Energy Limited (ASX – PGY) has provided a significant update on its offshore North Perth Basin gas exploration project, WA-481-P. The company is advancing its farmout process to secure joint venture partners for the exploration and development of the Leander Gas Prospect. With offers closing before the end of December 2025, Pilot has shortlisted interested parties who are currently engaged in management presentations and due diligence.

Leander Gas Prospect – A Large, Low-CO2 Resource

The Leander Prospect is a substantial four-way dip faulted anticline structure located about 15 kilometers west of the Cliff Head A Platform. It sits within the Kingia Gas Fairway and is estimated to contain approximately 1.1 trillion cubic feet (TCF) of recoverable gas with a probability of success between 24% and 36%. Importantly, the gas is expected to have low CO2 content, similar to the nearby Frankland Gas Discovery, which has only 1.5% CO2, well below pipeline specifications. This positions Leander as a potentially attractive source of clean-burning natural gas.

Seismic Survey Delayed, Drilling Plans Accelerated

While Pilot received environmental approval from NOPSEMA in October 2025 to conduct a 3D seismic survey over the Leander Prospect and surrounding areas, operational constraints have pushed the earliest feasible seismic acquisition window to 2027. The lack of available seismic vessels in 2026, with the nearest option being prohibitively expensive, has forced this delay. However, Pilot believes the existing seismic data is sufficient to consider the Leander Prospect drill-ready. The company is therefore prioritizing drilling the prospect as soon as possible, potentially ahead of the new seismic survey, with timing to be finalized during farmout negotiations.

Fast-Track Development and Production Outlook

As part of the farmout discussions, Pilot has presented a fast-track conceptual development plan for Leander. This plan leverages existing offshore infrastructure from the Cliff Head Oil Field, including pipelines and easements, to expedite development. The goal is to commence production by 2030, targeting an initial output of 150 million standard cubic feet per day. This approach could significantly shorten the timeline from discovery to production, enhancing the project’s commercial appeal.

Strategic Positioning and Clean Energy Transition

Beyond exploration, Pilot Energy is positioning itself for a broader energy transition. The company is developing carbon management projects and clean energy initiatives, including plans for CO2 storage and hydrogen production as part of the Mid West Clean Energy Project. These efforts aim to complement its oil and gas operations and align with emerging clean energy markets in the Asia-Pacific region.