PIVOTREE customers secure Licence Offers in UK Bid Round (Tranche 1)

For Immediate Release

Highlights

  • Pivotree congratulates successful companies in the UK’s 33rd Offshore Licensing Round.
  • 27 new licences have been offered to 14 companies covering 55 blocks.
  • Pivotree is privileged to be supporting a number of these successful bidders.

LONDON, UK, 31st October 2023 — In the wake of the UK’s 33rd Offshore Licensing Round, PIVOTREE extends its congratulations to the successful companies who have secured blocks in the first batch of this highly competitive bid process. The record number of blocks made available saw strong interest amongst multiple companies vying for a stake in the UK’s offshore market, and the results reflect the renewed interest in the UK energy sector.

“We at PIVOTREE are delighted to see the successes emerging from this first phase of this licensing round,” said Marcus Christian, Executive Director. “Aside from securing the rights, it’s about the vision that these companies have exhibited. We’re privileged to be supporting a number of these successful proponents.”

Marginal fields, often overlooked because of the unique challenges they present, are increasingly becoming an integral part of the UK’s energy landscape. Pivotree’s proprietary technology cost, time, and risk reducing technology has made it a key partner for companies looking to extract value from these fields. The synergy between Pivotree and its partners will ensure best in class returns for shareholders of companies adopting the technology.

“We believe that many marginal fields, which have been previously uneconomic, have the potential to generate significant returns when developed with the right technology,” added Mr Christian.” “With our partners who have emerged successful from this round, we’re poised to bring more energy to the market, drive economic growth, and deliver returns for all stakeholders.”

According to the North Sea Transition Authority (NSTA), administering the licensing round, the blocks awarded in this batch were prioritised over other applications “because they have the potential to go into production more quickly than others.”

A second and final batch of awardees is expected to be announced in January 2024, which may include further companies that Pivotree supported prior to their applications.

About Pivotree Pty Ltd

Pivotree Pty Ltd is a technology company based in Perth, Western Australia. The company specialises in low-cost, low-risk, agile energy production and carbon storage technologies, with a mission to accelerate the global transition to a sustainable and low-carbon energy system.

For more information about Pivotree Pty Ltd and its innovative technology, please visit www.pivotree.com.au.

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This announcement is authorised for release by Marcus Christian, Executive Director, Pivotree.

For further information please contact:

Marcus Christian, Executive Director

mpchristian@pivotree.com.au

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices, or potential growth of Pivotree are, or may be, forward looking statements.  Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties.  Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

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