Announcement • Mar 03
Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3.439998 million. Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3.439998 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 527,390,794
Price\Range: AUD 0.0036
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 428,164,088
Price\Range: AUD 0.0036
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Jan 06
Pilot Energy Limited, Annual General Meeting, Feb 24, 2026 Pilot Energy Limited, Annual General Meeting, Feb 24, 2026. Reported Earnings • Jan 01
Full year 2025 earnings released: AU$0.004 loss per share (vs AU$0.004 loss in FY 2024) Full year 2025 results: AU$0.004 loss per share (in line with FY 2024). Net loss: AU$7.15m (loss widened 49% from FY 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. New Risk • Dec 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Revenue is less than US$1m (AU$932k revenue, or US$625k). Market cap is less than US$10m (AU$8.63m market cap, or US$5.78m). Minor Risk Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). New Risk • Aug 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.1m (US$9.80m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Revenue is less than US$1m (AU$932k revenue, or US$605k). Market cap is less than US$10m (AU$15.1m market cap, or US$9.80m). Reported Earnings • Jun 14
First half 2025 earnings released: AU$0.002 loss per share (vs AU$0.004 loss in 1H 2024) First half 2025 results: AU$0.002 loss per share (improved from AU$0.004 loss in 1H 2024). Net loss: AU$2.55m (loss narrowed 43% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Jun 11
Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 324,415,003
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 175,585,000
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Transaction Features: Subsequent Direct Listing Announcement • May 12
Pilot Energy Limited announced that it expects to receive AUD 1.8 million in funding from Discovery Investments Pty. Ltd. Pilot Energy Limited announced a binding agreement for private placement of convertible notes for the gross proceed of AUD 1800,000 on May 12, 2025. The transaction involves participation of syndicate of sophisticated investors lead by Discovery Investments Pty Ltd as a returning investor. The transaction is subject to shareholders approval on general meeting to be held on June 4, 2025.. The Investor Syndicate is being led by Mr. Greg Columbus. The transaction will happen in tranches, AUD 750,000 to be advanced to the company within 7 business days of the execution date of the convertible note terms sheet with no rights of conversion and AUD 1,050,000 to be paid to the company within 7 days of the condition satisfied. Condition for raising tranche 2 are, subject to the company receiving payment of the face value, the company will issue the notes to the investors and In the case of the Investors who contributed the advanced funds to the company upon execution of the Agreement, the amount they advanced will be offset against the subscription amount they are due to pay under the agreement. Coupon rate is 12 % and maturity date is December 31, 2028 and execrable on December 31,2027. The conversion price of notes is AUD 0..02 and notes are unsecured. Announcement • Apr 16
Pilot Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million. Pilot Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 324,415,003
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 175,584,997
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Transaction Features: Subsequent Direct Listing Announcement • Apr 01
Pilot Energy Limited Announces Material Upgrade to the Prospective Gas Resource for Its Offshore Exploration Permit WA-481-P Pilot Energy Limited announced a material upgrade to the prospective gas resource for its offshore exploration permit WA-481-P. The Company holds a 100% operated interest in the 8,605km2 permit located in shallow waters offshore Western Australia, encompassing the Dunsborough oil field and Frankland gas field. WA-481-P is strategically positioned adjacent to the onshore Perth Basin oil and gas discoveries on the Beagle Ridge and Dandaragan Trough respectively. This discovery proved up the gas play potential of the now prolific gas reservoirs of the Kingia and High Cliff Formations. These deeper formations were not recognised exploration targets at the time that Leader Reef-1 was drilled and as a result Diamond Shamrock stopped drilling without proceeding to test these now-recognised gas pay reservoirs. Following the 2023 technical study that identified a material gas fairway in the offshore part of the Perth Basin mirroring the Dandaragan Trough, Pilot's internal technical team and consultants have continued to mature the subsurface models, which has resulted in a further advancement and update of the Leander prospective gas resource. The upgrade follows re-mapping of reprocessed 2D seismic data and an extensive review of the offset well database from the onshore discoveries, which are now open-file - Waitsia, West Erregulla, Beharra Springs Deep and Lockyer gas fields. The Leander gas prospect is located 15 km west of the existing Cliff Head oil platform and is the most mature target within WA-481-P. Pilot's internally assessed prospective resources for the Leander gas project has increased from 450 Bcf to 1,116 Bcf (mean estimate, recoverable). The Harrier and Hawk gas prospects lie immediately south of Leander and Hawk gas prospects lies immediately south of Leander and provide additional exploration targets. Announcement • Mar 31
Pilot Energy Limited Appoints Greg Columbus as Non-Executive Chairman, Effective 31 March 2025 Pilot Energy Limited announced the appointment of Mr. Greg Columbus as Non-Executive Chairman, effective 31 March 2025. Mr. Columbus brings over 30 years of experience in the energy and oil & gas sectors, having held various technical, commercial, executive and non-executive roles. As an experienced company director, he has demonstrated expertise in corporate strategy, finance, and legal matters. Throughout his career, Mr. Columbus has successfully led large-scale energy and oil & gas projects and played a key role in numerous M&A transactions, including his recent tenure as Independent Non-Executive Chairman of Warrego Energy and Talon Energy. Mr. Columbus succeeds Mr. Lingo, who will continue as Managing Director of the Company. Announcement • Mar 20
Pilot Energy Limited Announces Retirement of Daniel Chen as A Non-Executive Director Pilot Energy Limited advised that Mr. Daniel Chen has announced his retirement as a non-executive director of the Company, with effect from 19 March 2025. Announcement • Feb 14
Pilot Energy Limited Announces Retirement of Bruce Gordon as Non-Executive Director Pilot Energy Limited announced retirement of Mr. Bruce Gordon as a non-executive director of the Company, with effect from 12 February 2025. Reported Earnings • Dec 20
Full year 2024 earnings released: AU$0.004 loss per share (vs AU$0.005 loss in FY 2023) Full year 2024 results: AU$0.004 loss per share. Net loss: AU$4.82m (loss widened 15% from FY 2023). New Risk • Dec 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m (AU$572k revenue, or US$361k). Market cap is less than US$10m (AU$8.21m market cap, or US$5.18m). Minor Risk Shareholders have been diluted in the past year (41% increase in shares outstanding). Announcement • Dec 16
Pilot Energy Limited, Annual General Meeting, Feb 12, 2025 Pilot Energy Limited, Annual General Meeting, Feb 12, 2025. New Risk • Oct 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Revenue is less than US$1m (AU$572k revenue, or US$383k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$26.3m market cap, or US$17.6m). Announcement • Oct 17
Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3.855298 million. Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 3.855298 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 214,183,248
Price\Range: AUD 0.018
Discount Per Security: AUD 0.00108
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m (AU$572k revenue, or US$375k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (AU$23.5m market cap, or US$15.4m). Reported Earnings • Jun 20
First half 2024 earnings released: AU$0.002 loss per share (vs AU$0.004 loss in 1H 2023) First half 2024 results: AU$0.002 loss per share (improved from AU$0.004 loss in 1H 2023). Net loss: AU$1.87m (loss narrowed 30% from 1H 2023). New Risk • Jun 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.7m free cash flow). Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Revenue is less than US$5m (AU$1.9m revenue, or US$1.2m). Market cap is less than US$100m (AU$21.4m market cap, or US$14.2m). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non Executive Director Bruce Gordon was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 08
Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 2.424 million. Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 2.424 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 119,600,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,600,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Transaction Features: Subsequent Direct Listing New Risk • Feb 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Revenue is less than US$1m (AU$421k revenue, or US$274k). Minor Risk Market cap is less than US$100m (AU$33.3m market cap, or US$21.6m). Reported Earnings • Dec 18
Full year 2023 earnings released: AU$0.005 loss per share (vs AU$0.005 loss in FY 2022) Full year 2023 results: AU$0.005 loss per share (in line with FY 2022). Net loss: AU$4.19m (loss widened 55% from FY 2022). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Dec 06
Pilot Energy Limited, Annual General Meeting, Feb 06, 2024 Pilot Energy Limited, Annual General Meeting, Feb 06, 2024. Announcement • Nov 07
Pilot Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2.424 million. Pilot Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2.424 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 121,200,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Transaction Features: Subsequent Direct Listing Reported Earnings • Jun 08
First half 2023 earnings released: AU$0.004 loss per share (vs AU$0.002 loss in 1H 2022) First half 2023 results: AU$0.004 loss per share (further deteriorated from AU$0.002 loss in 1H 2022). Net loss: AU$2.68m (loss widened 230% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 05
Pilot Energy Limited announced that it has received AUD 3 million in funding Pilot Energy Limited announced a private placement of convertible notes for gross proceeds of AUD 3,000,000 on May 4, 2023. The company has signed a binding convertible note agreement with a syndicate of sophisticated investors. The Investor Syndicate is being by individual investor, Greg Columbus. The note carries an interest rate of 12% and will mature 24 months from Completion. The conversion price is AUD 0.02. The convertible note is unsecured. The Convertible Note Agreement remains subject to and conditional upon shareholder approval of the issue of the convertible notes under ASX Listing Rule 7.1. Reported Earnings • Dec 20
Full year 2022 earnings released: AU$0.005 loss per share (vs AU$0.014 loss in FY 2021) Full year 2022 results: AU$0.005 loss per share (improved from AU$0.014 loss in FY 2021). Net loss: AU$2.71m (loss narrowed 29% from FY 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Dec 12
Pilot Energy Limited, Annual General Meeting, Feb 10, 2023 Pilot Energy Limited, Annual General Meeting, Feb 10, 2023. Announcement • Nov 16
Pilot Energy Limited Provides Update on the MWCEP Pilot Energy Limited provided an update on the MWCEP following the appointment of key resources to the project. In parallel with expanding the project team, the Company and Cliff Head joint venture partner, Triangle Energy (Global) Limited, are finalising the initial regulatory submissions required for Stage 1 (Cliff Head CCS project). The Company also continues to engage with potential project partners and customers for both Carbon Capture & Storage (CCS) and ammonia offtake. CO2Tech (CO2 storage and technical adviser) and the Cliff Head JV technical teams have finalised the reservoir and geo-mechanical modelling required to support the application to declare formations within the WA 31-L area as identified greenhouse gas formations. Technical analysis was presented to NOPTA during October 2022, ahead of submitting the formal application to declare an `Identified Greenhouse Gas Storage Formation' within the WA 31-L tenement. The Cliff Head JV expects to lodge the submission with NOPTA in the coming weeks. As the MWCEP progresses from feasibility into execution, Pilot will expand the dedicated project team. The following appointments have been made with a focus on resourcing project leadership and supporting the engineering effort. The expanded team will focus on preparing for Stage 1 (Cliff Head CCS) to enter Front End Engineering Design (FEED) in 2023 (timing linked to the grant of the Declaration of a Greenhouse Gas Storage formation over the Cliff Head WA 31-L tenement). Pilot is pleased to confirm the following appointments: Development Director: Jonas Jacobsen has been appointed as Development Director with the primary responsibility of leading the execution of the MWCEP. Prior to joining Pilot, Jonas was the Technical Director of the Star of the South offshore wind development in Victoria and was heavily involved in Pilot's Mid West Renewable Energy feasibility study. Jonas will also assist with the planning and execution of offshore and onshore wind resource monitoring programs. Owners Engineer: The Genesis team in Perth, Australia, has played a significant role to date as the lead consultant on Pilot's recently completed feasibility studies. The Genesis team's deep understanding of Pilot's study results and corporate strategy coupled with the extensive technical and operational knowledge base within Genesis and the broader T.EN Group, resulted in Pilot selecting Genesis as its owners engineer for the MWCEP. Hydrogen Technology Adviser: As previously announced, 8 Rivers will provide technical resources to the project. Commencing November 2022, 8 Rivers will assign key personnel to the MWCEP for an initial period of six months, assisting in the preparation of a basis of design for the MWCEP hydrogen production facilities. The basis of design is required to support the CCS FEED and Pre-FEED for the hydrogen and ammonia facilities. Pilot has engaged New Energy Technology (NET) to market ammonia volumes from the MWCEP, with a particular focus on the rapidly growing markets in Asia. NET is a diversified global hydrogen business with deep and targeted networks in the energy and technology sectors in Australia and globally which includes the marketing of ammonia to various international destinations. The NET marketing arrangements involve a balanced remuneration structure with a majority of the marketing fee linked to future ammonia sales. This structure aligns the success of the marketing arrangements with the success of the project. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Executive Chairman of the Board Brad Lingo is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Aug 09
Insider recently bought AU$134k worth of stock On the 2nd of August, Alexander Sundich bought around 5m shares on-market at roughly AU$0.025 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$142k more in shares than they have sold in the last 12 months. Announcement • Jul 21
Pilot Energy Limited, Annual General Meeting, Aug 19, 2022 Pilot Energy Limited, Annual General Meeting, Aug 19, 2022, at 11:00 E. Australia Standard Time. Location: The offices of A.D Danieli Level 1, 261 George St Sydney New South Wales Australia Agenda: To consider ratification of prior issue of Tranche 1 Placement Shares; to consider approval of future issue of Tranche 2 Placement Shares to 8 Rivers Capital, LLC (8RC); to consider approval of future issue of Attached Placement Options (Tranches 1 and 2); to consider Resolution 4 Approval of future issue of Tranche 2 Placement Shares and Attached Placement Options to Mr. Daniel Chen Non Executive Director; to consider approval of future issue of Tranche 2 Placement Shares and Attached Placement Options to Mr. Tony Strasser Managing Director; to consider ratification of prior issue of Shares to Consultants in lieu of part or full payment of fees; to consider ratification of prior issue of Shares to Black Swan Resources Pty Ltd; and to consider and discuss other matters. Announcement • Jul 11
Pilot Energy Limited announced that it expects to receive AUD 2.2 million in funding Pilot Energy Limited announced that it will issue 129,411,765 common shares at a price of AUD 0.017 per share for gross proceeds of AUD 2,200,000 on July 11, 2022. The company will also issue one new call option for every two new shares issued to investors, resulting in a total of 64,705,882 new Options being issued. The options will be unlisted, have a three-year term to expiry and an exercise price of AUD 0.033. The transaction will be completed in two tranches. The transaction will include participation from directors of the company for 2,000,000 shares and AUD 34,000. The company will issue 98,000,000 shares in its first tranche. The remaining 31,411,765 shares for proceeds of AUD 534,000 will be completed in the second tranche. The transaction is subject to approval from general meeting of shareholders to be held on August 19, 2022. The transaction is expected to close on July 14, 2022. Announcement • Jun 09
Triangle Energy (Global) Limited and Pilot Energy Limited Provide Update on Cliff Head Joint Venture Triangle Energy (Global) Limited announced that The Cliff Head Joint Venture (CHJV) provided the following update on its Cliff Head Operations (Cliff Head) in respect to the commencement of the Cliff Head 10 (CH-10) Workover campaign. The CH-10 well was shut in, September 2021, due to a downhole electrical fault. This well had produced reliably for nearly 12 years with the same Electrical Submersible Pump (ESP) and this performancesignificantly exceeds the field average of 4 years. On 9 June 2022, activities will begin on the CH-10 Workover to replace the failed ESP and increase hydrocarbon production from this well. Over the coming months, the CHJV willundertake a phased campaign to recover the failed ESP and replace it with a new ESP. In addition, a deeper water producing reservoir will be isolated, with the aim to increase oil production. The phased approach to this workover optimises the utilisation of the Hydraulic Workover Unit and budget spend in alignment with long lead item delivery schedules. The CHJV expects the successful workover will produce an additional circa 130 barrels of oil per day(bopd) from CH-10 and see field production return to above 800 bopd. Cliff Head Joint Venture effectively held by the Triangle Energy (Global) Limited - 78.75% and Pilot Energy Limited- 21.25%. Announcement • Jun 07
Pilot Energy Limited Provides Mid West Clean Energy Project- Stage 1 Cliff Head CCS Update Pilot Energy Limited provided an update on recently completed studies on the Cliff Head Carbon Capture and Storage project (CCS Project) - Stage 1 of the Mid West Clean Energy Project. The results from the technical studies and projects economics demonstrate the strong fundamentals which support the business case for the development of a near term CCS project in the Mid West. Stage 1 of the Mid West Clean Energy Project involves the conversion of the Cliff Head oil field from oil production to a CCS project. Recent technical studies and economic analysis has confirmed the commercial viability of providing CCS services to the Mid West. The technical studies also indicate sufficient scale in the offshore permits held by Pilot to provide CCS services in parallel with permanently storing CO2 produced during Stage 2 and Stage 3 of the Mid West Clean Energy Project. Technical studies completed by CO2Tech have confirmed the significant CO 2 storage potential of both the Cliff Head production license (WA 31-L) and the WA-481-P exploration license areas with a total 10.8 million tonnes 2C Contingent resources and best estimate Prospective resources of 80.4 million tonnes. Assessments completed by Genesis Energies and CO2Tech have considered the existing Cliff Head wells, pipelines and infrastructure and the necessary works required to augment and upgrade the infrastructure to facilitate CO2 injection. These assessments have concluded that the Cliff Head wells, pipelines and infrastructure are suitable for conversion from oil production to CCS with minimal modifications. The conversion of the current Cliff Head oil field production operation into a CCS operation will occur over three basic stages Storage Reservoir Preparation, Facilities Conversion and CO2 Injection Operations. Additionally, the initial CO 2 Injection Operations can also be expanded to both increase the CO2 injection rate up to 1 mmtpa and overall storage capacity to 16 million tonnes. Miro Capital is assisting Pilot to identify strategic and or industry partners for the Mid West Clean Energy Project and has worked with Pilot's internal team to assess the project economics of Stage 1 Cliff Head CCS. The project economics assume the CCS business provides a CO2 abatement service and have been assessed based on a 550,000 tpa and 1.1 million tpa injection rate scenarios. In parallel with the commencement of the regulatory approval process for the CCS Project, the Company is also commencing engagement with prospective third-party customers seeking near-term effective, high-quality carbon reduction solutions for their existing businesses. The Company has identified several large, long-term sources of industrial CO2 emissions in very close proximity to the Project which are potential customers for the Project. The Company believes that such industrial customers will seek long-term arrangements to manage their existing and future CO2 emissions thus supporting the long-term commercial utilisation of the Project. Additionally, the Company believes that these potential customers of the Project may also seek to secure equity participation in the Project as part of putting into place CCS contracts. Concurrently with the commercialisation of the Project, the Company is also advancing plans to secure funding for the Project. The Company believes that the Project can be largely funded through a combination of long-term debt financing as well as direct equity investment in the Project through the introduction of direct project participation by Project customers or Project equity investors. In this regard, the Company is currently engaged in discussions with multiple Australian diversified industrial companies, energy producers and overseas investor groups to progress possible participation in the Project. Given the low development and operational risk profile of the Project and the likely commercialisation of the Project through long-term contractual arrangements, the Company believes that the Project is likely to be significantly funded through infrastructure-style conventional long-term commercial bank debt financing. The net funding requirement for the CCS Project will be in the order of $70 million (100% project basis, $40M net to Pilot), after taking into account the net cashflow from oil production during the pre-injection phase. The majority of this funding will not be required until circa 2025. To this end, the Company has also engaged Bridge Street Capital Partners to assist the Company with the development of this funding strategy in conjunction with the commercialisation and partnering engagements being developed with Miro Capital and Reputex Energy. Announcement • May 19
Pilot Energy Limited Commences Mid West Clean Energy Project Pilot Energy Limited announced it has commenced activities at the Mid West Clean Energy project with key consultants engaged to progress regulatory approvals, commercialise project commodities, obtain land access and secure project financing and partnering arrangements. The Mid West Clean Energy project will be executed over three stages progressively delivering the following core components: Stage 1: Cliff Head Carbon Capture and Storage (CCS); Stage 2: Blue Hydrogen production; Stage 3: Ammonia production. Conversion of the Cliff Head oil field from oil production to CCS is the launch pad for delivering low cost, clean energy. As recently confirmed by the Feasibility Studies, the Cliff Head offshore oil field and associated infrastructure is ideally suited for a medium scale CCS project, designed to capture and store CO2, with an initial injection rate of circa 500,000tpa. The project will provide up to 16 million tonnes1 of permanent CO2 storage and will fully utilise the existing onshore and offshore facilities on a continuing basis for at least the next 20+ years. The CH CCS project is being developed by leveraging existing natural resources (underground CO2 storage capacity and natural gas) and infrastructure (Cliff Head oil project and natural gas infrastructure). As announced on 26 April 2022, the Cliff Head Joint Venture (CHJV) restructure will see Pilot holding a 57.5% operating interest in the Cliff Head infrastructure and CO 2 storage capacity required to execute the Mid West Clean Energy project. Once operational, the CH CCS project will to be one of Western Australia's significant near- term carbon abatement projects providing a pathway to reduce WA Mid West gas industry emissions and will enable Pilot to progress to Stage 2, being the production of blue hydrogen. Following the production of hydrogen, Pilot will then implement Stage 3 being the conversion of hydrogen to ammonia ready for export. Stage 3 also assumes the integration of green hydrogen supplementing the Stage 2 blue hydrogen. The key near term milestones associated with the (Stage 1) CCS development will be the granting of the Cliff Head CCS Greenhouse Gas Injection Licence by the relevant regulators and the CH CCS JV's Final Investment Decision both anticipated to occur by late 2023. Announcement • Apr 27
Triangle Energy (Global) Limited (ASX:TEG) signed a Sales and Purchase agreement to acquire 13.058% stake in Exploration Permit EP437 in Northern Perth Basin from Pilot Energy Limited (ASX:PGY). Triangle Energy (Global) Limited (ASX:TEG) signed a Sales and Purchase agreement to acquire 13.058% stake in Exploration Permit EP437 in Northern Perth Basin from Pilot Energy Limited (ASX:PGY) on April 26, 2022. Breakeven Date Change • Apr 27
No longer forecast to breakeven The analyst covering Pilot Energy no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$94.0k in 2022. New forecast suggests the company will make a loss of AU$1.16m in 2022. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Executive Chairman of the Board Brad Lingo is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Pilot Energy Limited (ASX:PGY) acquired remaining 40% stake in Murphy Australia WA-481P Oil Pty Ltd, Exploration Permit WA-481-P from Key Cooper Basin Pty Ltd. Pilot Energy Limited (ASX:PGY) acquired remaining 40% stake in Murphy Australia WA-481P Oil Pty Ltd, Exploration Permit WA-481-P from Key Cooper Basin Pty Ltd on April 4, 2022. Final approval from the National Offshore Petroleum Tenures Administrator is received.
Pilot Energy Limited (ASX:PGY) completed the acquisition of remaining 40% stake in Murphy Australia WA-481P Oil Pty Ltd, Exploration Permit WA-481-P from Key Cooper Basin Pty Ltd on April 4, 2022. Announcement • Mar 28
Pilot Energy Limited Provides Update on Its Recently Completed Mid West Region Feasibility Studies Pilot Energy Limited provided an update on its recently completed Mid West region Feasibility Studies. The transition to the production of clean hydrogen requires carbon capture and storage (CCS) and renewable power generation. Pilot is well positioned to play a significant role in the energy transition through harnessing the world-class CCS and Renewable resources of the Mid West region of Western Australia. The Feasibility Studies for the Mid West Integrated Renewable Energy Project included the Mid West Blue Hydrogen and Carbon Capture and Storage study (CCS and Blue H2 Study)focused on the Cliff Head Oil field, the Mid West Renewable Energy Study (Renewables Study), the 8 Rivers Blue Hydrogen Technology Study (8 Rivers Study) and the WA 481P CCS Study (WA 481P CCS Study) collectively the "Feasibility Studies"). The Renewables Study and the 8 Rivers Study have been completed. The first stage of the WA 481P CCS Study has also completed providing an assessment of the CO2 storage potential of Pilot's 100% owned WA-481P exploration permit with estimates of both the Contingent and Prospective CO2 storage resource capacity within the permit. These estimates have been prepared in accordance with the SPE CO2 Storage Resources Management System (SPE SRMS) Guidelines. The Company is nearing completion of the CCS and Blue H2 Study which is assessing the implementation of a CCS and Blue H2 project centred on the Cliff Head Oil Field which is expected to be completed within the next several weeks. Pilot holds a 21.25% interest in the Cliff Head Oil Field through its 50% ownership of Triangle Energy (Operations) Pty Ltd, the operator of the Cliff Head Oil Field. This CCS and Blue H2 Feasibility study is being jointly funded and contributed to by Pilot, APA Group and Warrego Energy. Feasibility Study Results confirm viability of Mid West Clean Energy Projects Each of these feasibility studies have confirmed the significant opportunity to develop a large- scale clean hydrogen production project integrating CCS and renewable energy generation to produce hydrogen and electricity for both domestic and export markets. Provides a summary of the Feasibility Study results. Based on the completed studies, a recommended development pathway for the projects under consideration based on phased development over three stages: Stage 1 - Carbon Capture & Storage - development of a carbon capture and storage operation to provide CCS services to third parties and to support the subsequent production of blue hydrogen and clean gas-fired power;Stage 2 - Hydrogen Production - development of a blue hydrogen generation project utilizing the 8 Rivers clean hydrogen technology (8RH2) and clean power technology to produce ~43,000 tpa of blue hydrogen with near zero emissions; and Stage 3 - Renewables and Green Hydrogen Project - integration into the Mid West Blue Hydrogen Project of approximately 220 MW of renewable power generation from both wind and solar to produce a further 18,000 tpa of green hydrogen. Upon completion of the 3-stage development, the Studies confirm (with feasibility-stage level confidence) that the Company will be able to produce approximately 61,000 tpa of clean hydrogen to produce approximately 350,000 tpa of clean ammonia to supply nto Asian clean ammonia export markets. Upon completion of the 3-stage development, the Studies confirm (with feasibility-stage level confidence) that the Company will be able to produce approximately 61,000 tpa of clean hydrogen to produce approximately 350,000 tpa of clean ammonia to supply into Asian clean ammonia export markets. Following the completion of the WA-31L CCS Feasibility Study, the Company expects that theWA-31L Joint Venture will progress the regulatory process with the National Offshore Petroleum Titles Administrator (NOPTA) seeking the required approval to have the Cliff Head Oil Field reservoir declared a Greenhouse Gas Storage Formation. Breakeven Date Change • Feb 10
No longer forecast to breakeven The analyst covering Pilot Energy no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$94.0k in 2022. New forecast suggests the company will make a loss of AU$1.16m in 2022. Announcement • Dec 25
Pilot Energy Limited Provides Operational Update on WA- 481- P Pilot Energy Limited provided operational update on the WA-481-P offshore exploration permit work programme. The 5-year work programme commitments for the WA-481-P exploration license are as follows: Under the terms of the sale agreement, as consideration for the transfer to Triangle of the 78.75% interest in WA-481-P and operatorship, Triangle is obligated to pay Pilot $300,000 in cash; and 100% free carry Pilot through the completion of the Year 3 $5.75 million minimum work program. Given that the transfer of the majority interest and operatorship in WA-481-P is still being assessed by NOPTA, Pilot has advised NOPTA that it will commence execution of the work programme activities to assure full permit compliance. Pilot is well advanced with executing these activities in terms of the 2D seismic reprocessing and commencement of the environmental studies and planning for the execution of the additional seismic acquisition. The Company also intends to ensure that these environmental studies and planning also support the Company's proposed CCS project and the offshore wind projects. Pilot continues to work with Triangle and NOPTA to progress the completion of transfer of the interest as per the sale agreement. In the event the transfer is ultimately approved, under the terms of the sale agreement, Pilot will recover reimbursement of the expenditures that are subject of the free carry commitments. Announcement • Aug 21
Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.100024 million. Pilot Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.100024 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,562,876
Price\Range: AUD 0.064
Transaction Features: Subsequent Direct Listing 