Pilot Energy (ASX:PGY) announced financial results for the quarter ended 30 September 2022.

In July 2022, Pilot received commitments for a placement to raise $2.2 million via a two tranche placement to new and sophisticated, institutional and professional investors.

New oil sale and export arrangements via the Port of Geraldton, enable continued Cliff Head oil production and the opportunity for other Perth Basin producers to export through Cliff Head Joint Venture (CHJV) facilities.

The CHJV completed three load-outs of oil from its refurbished and expanded storage tanks at the Arrowsmith Stabilisation Plant (ASP) facility onto its chartered tanker, the AB Paloma, at the Port of Geraldton.

The Consortium comprising Pilot, APA Group (ASX: APA) (through its subsidiary APT Management Services Ltd), and Warrego Energy Limited (ASX:WGO) (collectively the ?Consortium?) completed a detailed Feasibility Study into the potential for a Blue Hydrogen and Carbon Capture and Storage (?CCS?) project in the Mid West region of Western Australia (refer to 4 November 2021 ASX announcement).

Post quarter end, the CHJV announced Pilot and Triangle had executed a binding sale and purchase deed formalising the restructure of the existing joint venture ownership arrangements for the Cliff Head Joint Venture (CHJV) and the proposed Cliff Head CCS Project (CH CCS Project) to occur upon the grant of the declaration of an identified Greenhouse Gas storage formation in relation to Cliff Head.

Following the announcement the company?s share price rose 6.250%.