Investors beware: after spending more than $40 million in the Canning Basin, the US-owned company's continued pursuit of remote gas appears to be throwing good money after bad.
ASX-listed Pilot Energy holds a stake in the shuttered Cliff Head oil field off WA's Mid-West coast and plans to acquire full ownership to develop an offshore carbon storage project there.
A struggling deal between two companies will determine if an unused oil platform off the WA coast is used for carbon storage or needs to be decommissioned.
Triangle Energy has six months to find a viable route to market for oil that now goes to BP Kwinana or its Cliff Head operation could become a liability for the Federal Government.
