Pilot Energy has recently inked an agreement to supply ammonia from the Mid West clean energy project in Perth to fuel coal-fired power plants in Korea. This deal, backed by a $2.2 million funding grant from Korea Export-Import Bank, involves collaboration with Korea Southern Power Co to develop equity participation in the project. The initiative focuses on producing approximately 1 million tons of clean ammonia annually by leveraging existing offshore oil field infrastructure in Western Australia's Arrowsmith region. The project's unique approach includes hydrogen production through natural gas reforming and subsequent carbon dioxide capture. The captured carbon dioxide will be stored in the offshore Cliff Head oil field infrastructure until its expected depletion in 2026, ensuring the project's long-term commercial success. To facilitate project development, Pilot Energy will provide front end engineering designs to contractors, aiming to optimize blue hydrogen production cost-effectively while balancing carbon intensity. The project envisions engaging in an Independent technical study funded by the KEXIM grant to determine the preferred technology and project contractor, with plans to sign the project development agreement by June 2025, pending Korean governmental approvals.