Cor Cordis appointed Voluntary Administrators to Pilot Energy and subsidiaries

Jeremy Nipps, Stephen Earel and Darryl Kirk of restructuring and advisory firm, Cor Cordis, have today been appointed Joint and Several Voluntary Administrators to ASX-listed Pilot Energy Limited (ASX: PGY), together with its wholly owned subsidiaries, Royal Energy Pty Ltd and Pilot Energy (CH CCUS) Pty Ltd.

The appointments follow an extensive process undertaken by Pilot Energy to secure additional funding and a strategic partner to support the development of the Cliff Head Project. Despite pursuing a range of funding and strategic opportunities, the Company was unable to secure the required funding.

In its announcement to the ASX, Pilot Energy said the Board had worked tirelessly to pursue funding and strategic opportunities and remained optimistic of realising value from the Company's assets as the Voluntary Administrators undertake an urgent review of operations.

The Administrators have commenced their assessment of the businesses and operations, including the companies' current arrangements and obligations under the joint venture agreement for the Cliff Head Project. They will work closely with key stakeholders, including employees, regulators, the joint venture partner, secured lenders, suppliers and creditors, as the assessment progresses.

Jeremy Nipps, Partner at Cor Cordis, said, "Our immediate focus is to understand the financial and operational position of the businesses and work collaboratively with stakeholders to evaluate the options available to maximise outcomes for creditors and preserve value."

"We recognise the strategic importance of the Cliff Head Project and will work constructively with all stakeholders throughout the administration process as we assess the available pathways.”

Notices convening the first meetings of creditors will be issued in accordance with the Corporations Act 2001.

The Administrators will provide further updates as appropriate.

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ENDS

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Media enquiries

Lidia Bufalino, National Marketing Director, lbufalino@corcordis.com.au

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