On 19 December 2018, Pilot Energy Limited (ASX: PGY) announced it is not willing to proceed further with the sale of its beneficial interest in WA-503 P which is an offshore exploration permit to Black Swan Resources Pty Ltd (Black Swan).
Earlier on 27 July 2018, the company had signed a binding agreement with to Black Swan Resources Pty Ltd for the sale of its interest in WA-503 P. In order to get the transaction completed, which both the parties need to fulfill specific terms and conditions followed by approval from the National Offshore Petroleum Titles Administrator (NOPTA). [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
However, NOPTA didn’t show a green flag to transfer the interest to Black Swan which led to the termination of this binding agreement on 18 December 2018.
Now, both the parties will work together as a JV partner in WA-503 P.
The company further shares an update where there will be a 3D seismic survey in the region of WA-503 P.
The official listing date of PGY was 20 April 2006. Since then, the performance of the company was -98.59%. The five years performance of the company is -98.95%. The last one-year performance of the company was -55.32%.
For the financial year 2018, ending on 30 September 2018, the company made a net loss of $1,162,778. The financial position of the company is not healthy as per the balance sheet of the company. The balance sheet highlights a deficiency in the net asset base which indicates that the company does not hold a position where it can meet its long-term obligations. Further, the total current asset of the company is $622,289, and its total current liabilities is $1,165,069 which indicates that the company is not in the position to meet the working capital requirements. It can also not meet its short-term obligations.
Further, FY2018 balance sheet reports an increase in the accumulated losses which indicates the poor operating performance of the company. It might also result in losing shareholders confidence. There is also a deficiency in the shareholder’s equity.
The company has used $516,101 in its operating activities where the primary source of cash outflow was in the form of payment to suppliers and employees. The other source of cash outflow was through the payment made for exploration, evaluation, and development.
The company has generated cash through its investing activities by issuing shares and options worth $476,824.
By the end of FY2018, the net cash and cash equivalent available with the company was $601,549. By the end of trading on 19 December 2018, today no shares traded on ASX. On 18 December 2018, the closing price of the share was A$0.021 with the market capitalization of $1.67 million.
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