Pilot Energy Ltd has executed an agreement with Caracal Exploration Pty Ltd to acquire Caracal's 13.058% interest in exploration permit EP437, located within the northern Perth Basin.

Exploration permit EP437 is situated on the west of the northern Perth Basin, between the towns of Geraldton and Dongara; some 10km to the north of the Dongara gas field and Jingemia/Hovea oil fields, and 20km to the north of the Cliff Head oilfield.

A number of wells have been drilled to date, the results of which confirm a working petroleum system within the permit.

Tags: Caracal Exploration Pty Ltd, Pilot Energy Ltd