Pilot Energy Ltd

Having failed to secure funding or a strategic partner, the board appointed Cor Cordis voluntary administrators to Pilot and two subsidiaries on 13 July 2026. This ends the 2 April suspension saga. Shares stay suspended, and the outcome for shareholders is not stated.

bankruptcy or receivership

Pilot has a binding convertible note facility for up to $1.1m from investors including Chairman Greg Columbus's Discovery syndicate. The $1.1m is already advanced, with notes subject to shareholder approval. The appendix describes up to $2m in total, a 12-month term and a 15% coupon.

debt financing

The first 1 MW Dongara Data Centre module, built with Kala Data at the Cliff Head plant, was commissioned and started operating, on schedule and within budget. Only 0.4 MW of computing is installed so far; expansion to 4 MW in the second half of 2026 depends on this module performing.

production update

Pilot remains suspended with funding and strategic talks unfinished. It grants Triangle Energy an option on 7.5% of WA-481-P for a $250,000 loan due 30 June 2026, plus a further 2.5% option for $500,000. Directors lend another $250,000.

asset acquisition disposition

ASX says Pilot could not announce on 8 April, so the suspension continues until ASX is satisfied it is complying with listing rules. No reinstatement date is set. The funding and strategic initiatives remain undisclosed.

listing compliance notice

At Pilot's request, ASX suspends the shares from 2 April 2026 while the company negotiates a range of funding and strategic initiatives. Pilot expects to announce on 8 April, saying talks are taking longer than anticipated. Trading was halted on 31 March.

listing compliance notice

Pilot secures a three-year, A$25m equity facility from LDA Capital, drawn at Pilot's option by issuing shares at 90% of recent average price. Costs are a A$500,000 fee and options over 7,386,062 shares at $0.09. This adds a flexible funding source, but any draw dilutes shareholders.

capital raising announcement

Brian Siddall, formerly Beach Energy's WA general manager, becomes CEO immediately on a $300,000 base salary, with Brad Lingo assisting during a transition. This follows the CEO recruitment under way. The text also confirms the share consolidation was approved at the 24 February AGM.

director officer appointment

Pilot raises $3.44m through a placement of 955.6m shares at $0.0036, a 10% discount, well below April 2025's $0.010 raise. Each share carries a free option at $0.0036. Funds go mainly to Cliff Head operations. Directors take about $200k, subject to approval; second tranche follows the 24 February meeting.

capital raising announcement

Pilot proposes a 1-for-25 consolidation of shares, options and convertible notes, subject to shareholder approval at the 24 February 2026 meeting. Holders keep the same percentage interest; the aim is a higher nominal share price. Record date 27 February.

security holder rights change

Pilot signs a binding heads of agreement with SN Energy to jointly develop a hybrid solar and battery project at Three Springs, with a possible 50MW data centre. Pilot receives $10.75m in upfront and milestone payments, plus development costs. It follows the earlier non-binding $11.5m offer. A definitive agreement is due February 2026; Pilot also took a $500k shareholder loan.

joint venture update

Pilot says the WA-481-P farmout is well advanced, with farminee offers closing before end December. Seismic timing is dropped: no 2026 crews are available, so the Eureka 3D survey and Leander drilling timing will be set in farmout talks. Pilot calls Leander drill-ready.

drilling progress report

September 2025 quarter report discloses the foreign state-owned enterprise, which had signed a non-binding heads of agreement for 20% of Cliff Head CCS, has ended negotiations. Also covers the Kala data centre deal, Finport facility and a planned December storage amendment filing.

quarterly activities report

Regulator NOPSEMA approves the Eureka 3D seismic survey (minimum 400 km2) over the Leander gas prospect in WA-481-P. Pilot says the farmout shortlist is concluded and it aims for a preferred partner before year end. Advances the farmout begun in July.

regulatory community update

Pilot secures a $5.9m PRRT refund financing facility from Finport, available to 31 August 2027, funding 40% of ongoing Cliff Head decommissioning spending as incurred. Repaid from annual PRRT refunds. Pilot and Royal Energy are guarantors. Follows the $3.9m refund received in August.

debt financing

Pilot forms a 50:50 data centre joint venture with Kala Data at the Arrowsmith plant, using surplus gas-fired power. A 1 MW unit is planned for early 2026, expanding to 4 MW. Kala funds capital; Pilot's share is about 38m shares at 2.0 cents, issued after commissioning.

joint venture update

Pilot receives a $3,887,357 PRRT refund, the full amount claimed for Cliff Head decommissioning costs, paid to Pilot under the Triangle agreement. Up to $600k more is expected from other joint venture parties. Supports the earlier $1.5m advance against this refund.

other

Pilot secures a $1.5m unsecured debt note from private credit investors, an advance on a claimed $4.5m PRRT tax refund. 6% establishment fee and 15% interest, repayable by 25 January 2026. Adds short-term cash to a company with a $12.9m working capital deficit.

debt financing

Pilot starts the formal farmout of WA-481-P (100%, 8,605 km2) to find a partner to drill the Leander gas prospect, 1,116 Bcf prospective (unproven). It reports strong interest in the teaser and expects a process of a few months.

farm in farm out agreement

Triangle confirms binding documents signed for sale of the Cliff Head onshore assets to Pilot, for a $5.563m secured note due 30 September 2026 at 10% interest. Pilot also agrees to use 30% of any Three Springs Solar sale proceeds to pay the note. Offshore transfer awaits.

material agreement

Pilot completes stage one of the Cliff Head purchase from Triangle and now owns all onshore assets, including the Arrowsmith plant and land. Offshore assets still need a NOPTA transfer request. This clears the way for Korean consortium and state-owned partners.

asset acquisition disposition

Pilot signs a binding $1.8m convertible note deal led by Discovery Investments (chair Greg Columbus leads the syndicate), with $750k advanced now. It replaces the $1.8m Powerhouse/1Stock notes that 1Stock failed to fund, now terminated. Issue needs shareholder approval.

debt financing

Pilot raises $5.0m by placing 500m shares at $0.010 with 1-for-1 $0.033 options. Tranche 1 is 324.4m shares; tranche 2 needs approval at a 4 June meeting. Directors take $455k. Pilot says it is now adequately capitalised, and mentions a non-binding approach from a foreign state-owned company for a Cliff Head CCS stake.

capital raising announcement

Pilot lifts the Leander gas prospect in WA-481-P to 1,116 Bcf mean prospective resource, up from 450 Bcf, and oil prospects to 66 mmbbl from 40.6. These are unproven prospects, not discoveries. A farm-out to find partners is to start shortly.

resource reserve update

Greg Columbus becomes Non-Executive Chairman from 31 March 2025, with 30+ years in energy and past chair roles at Warrego Energy and Talon Energy. Brad Lingo moves from Executive Chairman to Managing Director only.

director officer appointment

Pilot and Triangle agree revised Cliff Head terms, settling the unagreed restructure from February. The $5.563m for the onshore assets becomes a secured note due 30 September 2026, 10% interest from 30 June 2025, plus $167k on 31 August 2025. Offshore transfer still needs NOPTA approval.

farm in farm out agreement

Pilot extends its suspension to 5 April 2025 or until a raising is announced. It plans a $7–8m share placement led by Alpine Capital, in two tranches, first settling by 28 March and second (needing shareholder approval) in May. Triangle talks remain unresolved; price not given.

capital raising announcement

Pilot and South32 Worsley Alumina agreed to study capturing and storing up to about 700,000 tonnes a year of CO2 at Cliff Head, with Chiyoda and Knutsen NYK. Completion is expected Q3 2025, funded from the $6.5m grant. It is a first named emitter link, but only a study.

material agreement

Pilot is in talks with Triangle to restructure the Cliff Head purchase, having not made the scheduled acquisition payments. It has funded about $5.7m of Cliff Head costs since 1 August 2024 and paid Triangle $400k. Recapitalisation talks remain incomplete and shares stay suspended.

asset acquisition disposition

Pilot received $1.805m from two investors for convertible notes on the same terms as earlier issues (12% interest, $0.02 conversion, December 2027 maturity). Issue depends on placement capacity after the 12 February 2025 AGM. Funds support Cliff Head operations; the Triangle purchase is not mentioned.

capital raising announcement

Pilot and KOSPO signed a non-binding Project Framework Agreement. It sets a FEED tender (responses by 15 March 2025), a Korean independent study, and an effort to sign a project development agreement by 30 June 2025. This pushes the earlier year-end 2024 target back.

joint venture update

Pilot asked to extend its voluntary suspension to 3 February 2025 or until a capital raising announcement. Note funds of $1.8m are now due by 15 January, and Pilot is talking to an existing major capital provider about a package to complete Cliff Head. It expects at least 30 days.

listing compliance notice

Cliff Head's 2C contingent CO2 storage resource rose 58% to 72.2 Mt (100% basis) from 45.6 Mt, per consultant CO2Tech; 1C is 34.2 Mt and 3C 110.2 Mt. The 2024 Declaration must be amended before an injection licence application.

resource reserve update

At Pilot's request, ASX suspended trading while Pilot waits for convertible note funds needed for the Triangle Cliff Head payment. Pilot asked for suspension until an announcement or trading on 27 December 2024.

listing compliance notice

Pilot says its initial Cliff Head instalment to Triangle depends on the convertible note funds, which had not yet arrived (investor has until 24 December). It says Triangle has different priorities and that Pilot remains open to a commercial resolution. The revised 17 December payment was apparently not made.

asset acquisition disposition

Pilot has binding commitments for $2m of convertible notes, on the same terms as the November Discovery facility: 12% interest, $0.02 conversion price, maturity December 2027. Funds are due by 24 December and issue needs refreshed placement capacity after the 12 December meeting. Proceeds go toward Cliff Head.

capital raising announcement

Alex Sundich (about 4.7% shareholder) and Natalie Wallace join as non-executive directors on 18 December 2024. Bruce Gordon and Daniel Chen retire by the February 2025 AGM. Pilot is recruiting a Perth-based CEO and CFO and moving headquarters to Perth.

director officer appointment

Pilot and Triangle replaced the Cliff Head first-stage terms with a binding term sheet: $900k on 17 December 2024, then $4.85m in five monthly payments from 15 February to 15 June 2025. The $4m on injection licence and up to $7.5m royalties are unchanged.

asset acquisition disposition

Pilot signed a binding joint development agreement with Capture6 for 'Project Wallaby', a direct air capture and water demonstration at Arrowsmith in 2025, owned 20% Pilot and 80% Capture6. Year-one spending mainly comes from the $3m grant funds.

material agreement

Pilot signed a binding convertible note facility for up to $3.0m led by Discovery Investments (Greg Columbus): $2.4m upfront and $600k later. Notes carry 12% compounding interest and mature 31 December 2027. Issue needs shareholder approval; funds go to completing Cliff Head.

debt financing

Pilot was approved by Korea's KEEI as a pre-qualified clean ammonia supplier under the CHPS subsidy scheme. This lets the Korean consortium rely on it when bidding; Pilot targets about 1 Mtpa of supply. No binding offtake is announced.

regulatory community update

Pilot raised $3.855m through a placement of 214.2m shares at $0.018, a 10% discount to last trade, with one $0.033 option per two shares. Funds mainly go to the Triangle Cliff Head purchase. Directors are participating, subject to shareholder approval.

capital raising announcement

Pilot and Triangle again varied the Cliff Head deal: first-stage completion moves to 29 November 2024. Pilot pays $400k plus $2.0m (15% interest) on 18 October, then $1.6m plus $2.5m on 29 November. Pilot takes over 100% of running costs and control of the operator board.

asset acquisition disposition

Pilot received a non-binding $11.5m offer from EDP Renewables APAC for its 376MW Three Springs solar project, in staged payments. Pilot says it would recycle the capital into sites closer to the ammonia plant. Completion is expected by year end, subject to due diligence.

asset acquisition disposition

Pilot signed an at-the-market agreement with Dolphin Corporate Investments for up to $7.5m of standby equity over 3 years, used at Pilot's discretion. It put up 32,561,791 security shares at nil cash. Funds are meant for the Cliff Head acquisition and operating costs.

capital raising announcement

Pilot was awarded greenhouse gas assessment licence G-12-AP, next to WA 31-L and overlapping WA-481-P, lifting its carbon acreage from 72 km2 to a combined 7,472 km2 (100% basis, subject to the Cliff Head purchase). It will market the WA-481-P farm-out on a combined basis.

asset acquisition disposition

Pilot won a $6.5m Commonwealth Carbon Capture Technologies grant for the Mid West project, resolving a pending grant outcome. It funds a Capture6 water and direct air capture demonstration and a pre-FEED for a confidential emitter, targeting 200,000-300,000 tpa of capture.

material agreement

Revised Cliff Head sale: Triangle to receive up to $16m ($4.5m for Arrowsmith assets by 31 Dec 2024, $4.0m on injection licence, up to $7.5m royalties). Cliff Head oil production enters a non-production phase from August 2024. Arrowsmith completion depends on Pilot having funding in place.

asset acquisition disposition

A Korean consortium of power and energy companies has formed to review equity in the Mid West Clean Energy Project and seek ammonia offtake. It will do due diligence and negotiate a Joint Development Agreement; nothing is binding yet.

material agreement

Cliff Head 2C contingent CO2 storage resource rises 370% from 9.7 Mt to 45.6 Mt (100% basis), now Development Pending. A new Illawong lead adds a 50.4 Mt prospective resource. Pilot will seek to amend the Declaration for the larger volumes.

resource reserve update

Pilot raised $4.0m through a placement of 181.8m shares at $0.022, a 22% premium to the last close, with one free $0.033 option per four shares. Funds go to closing out pre-FEED, Cliff Head operations and working capital. Whairo Capital led it.

capital raising announcement

The Minister approved the Declaration of Greenhouse Gas Storage Formation over WA 31-L, with 13.4 Mt storage capacity. Applied for in Nov 2022, it is the key condition for the Triangle purchase and other MWCEP agreements; injection licence and environmental approvals are still needed.

regulatory community update

At Pilot's request, trading is suspended pending a capital raising managed by Whairo Capital, which also led the November 2023 placement. Suspension runs until an announcement or trading resumes on 17 June 2024. Raise size and price are not yet stated.

listing compliance notice

Pilot will move its head office from Sydney to Perth and recruit a Perth-based COO and CFO. Brad Lingo becomes Executive Chairman and Managing Director; Tony Strasser leaves the board to become Head of Corporate. Pre-FEED is due in May 2024 and Triangle completion targeted mid-2024.

director officer appointment

The $3.5m convertible notes completed on 19 February 2024, with the remaining $2.5m received after shareholders overwhelmingly approved them at the 6 February AGM. Pilot also received a $1.3m R&D tax refund on 23 February. Funds go to pre-FEED work and working capital.

capital raising announcement

Pilot signed binding convertible note agreements for $3.5m with a syndicate led by Discovery Investments (Greg Columbus): $1.0m paid early and a $2.5m note, with issue conditional on the 6 February 2024 AGM. It follows the $3.0m note from May 2023. Conversion terms not visible.

capital raising announcement

Pilot raised $2.424m via a placement of 121.2m shares at $0.02, with one option per four shares (30.3m, $0.033, expiring Aug 2025). Directors participate, subject to approval. It funds the Mid West project pre-FEED and working capital. Text cites a 4.8% discount to a $0.21 close, which looks inconsistent.

capital raising announcement

Pilot signed a non-binding, conditional MOU with Samsung C&T, which would take a 20% interest in the Mid West Clean Energy Project and act as EPC contractor for ammonia. About $67m would be paid to Pilot at financial close, subject to conditions including NOPTA's declaration.

material agreement

After talks with ASIC, Pilot withdrew the $2.625m revenue potential figure from its March 2022 Mid West feasibility announcement, because it relied on prospective resources. Investors should not rely on it. Figure 1 was restated with annual CCS revenue context.

admin correction

June 2023 quarter: Cliff Head produced 53,386 barrels (100%); Pilot's share gross loss was $439k. Pilot revised its deal with Triangle to buy the remaining 78.75% of Cliff Head, replacing the 60% plan, with completion expected early 2024. A $3.0m convertible note was received.

quarterly activities report

Pilot agreed to buy Triangle's remaining 78.75% of Cliff Head, replacing the earlier plan to reach 60%. Consideration is about $15m: $3.0m on the NOPTA storage declaration, $4.5m on the injection licence, and up to $7.5m royalties. Completion is expected early 2024, conditional on the declaration and abandonment security.

asset acquisition disposition

Pilot signed a binding $3.0m convertible note with a syndicate led by Greg Columbus, with a 12% coupon, $0.02 conversion price, 24-month term, unsecured. It needed shareholder approval, and funds were for CCS FEED, pre-FEED work and working capital.

capital raising announcement

Pilot raised $1.7m via a placement of 170m shares at $0.01, with 1 option per 2 shares at $0.02 expiring April 2026. This is below the $0.015 price of the December raise. Funds go to CCS FEED, pre-FEED and working capital; directors and management participating.

capital raising announcement

Pilot's internal review identified a gas fairway in its 100%-owned WA-481-P, including the Leander Complex with 450 Bcf prospective gas, which it says could supply over 10 years of ammonia production. A 3D seismic survey is planned for Q1 2024, with a farm-out under way to fund it.

resource reserve update

Pilot raised $2.0m via a placement of 133.3m shares at $0.015 (12% discount), with 1 option per 2 shares at $0.033. Directors are participating, subject to AGM approval. Pilot says this funds Cliff Head CCS regulatory approval and hydrogen pre-FEED. Declaration application lodged 29 Nov.

capital raising announcement

Cliff Head's 2C contingent CO2 storage resource was raised about 50% from 6.4 to 9.7 Mt (100% basis), enough for about 15 years at 665,000 tpa. The NOPTA storage declaration application has been lodged. Capex is expected within the earlier $110m guidance.

resource reserve update

Pilot signed definitive agreements with 8 Rivers, which invested A$500,000 for 29.4m shares plus options, and gets an ammonia offtake option on 50% of production (up to 250,000 tpa). Pilot also hired a development director and owners engineer, appointed an ammonia marketer, and expects to lodge the NOPTA application shortly.

material agreement

Pilot and Triangle signed the sale and purchase deed formalising the Cliff Head restructure, replacing the April term sheet. After NOPTA's storage declaration, Pilot would hold 60% (up from the 57.5% in the term sheet) and operate; Triangle 40%, paying Pilot $1m on injection licence grant. Triangle can withdraw, leaving Pilot with 100%.

farm in farm out agreement

The Mid West consortium of Pilot, APA Group and Warrego completed its feasibility study on blue hydrogen and CCS, confirming the region is suitable. It extended its arrangements to evaluate the findings and consider commercial options. No decision to proceed has been made. This resolves the South West-style study thread.

joint venture update

The Cliff Head JV loaded its first 24,500 bbl of oil at Port of Geraldton onto a chartered tanker, the new export route after BP Kwinana ended. The CH-10 workover resumes late July when the pump arrives, with higher output expected in late August.

production update

Pilot raised $2.2m via a placement of 129.4m shares at $0.017, a 17.1% discount to the last close, with one free option per two shares (exercise $0.033, three years). $1.67m comes in tranche 1; the rest needs shareholder approval on about 19 August. It funds CCS milestones towards a final investment decision.

capital raising announcement

Pilot signed a non-binding MOU with 8 Rivers Capital for A$1m of support (half cash, half in-kind) for the Mid West Clean Energy Project's Stage 2 and 3 engineering. 8 Rivers gets an option on up to 172,500 tpa of ammonia offtake. Definitive agreements and further due diligence are still needed.

material agreement

The Cliff Head JV sold its stored Kwinana oil to BP Singapore on 8 May: 139,992 bbls at US$105.2, totalling A$21.3m. Pilot's allocation is A$4.53m. Production is now stored at Arrowsmith. This completes the last BP Kwinana lifting.

production update

Studies estimate Cliff Head CCS at a gross pre-tax NPV of about $110-210m and IRR of 30-40%. Capacity is up to 16 Mt, with injection up to 1.1 Mtpa. Initial conversion capex is $110m by mid-2025, so funding remains a question. Existing wells and facilities suit conversion.

resource reserve update

Pilot and Triangle signed a binding term sheet to restructure Cliff Head so Pilot holds a direct 57.5% and Triangle 42.5%, with Pilot becoming operator. It is conditional on NOPTA declaring a greenhouse gas storage formation. CCS injection of at least 500,000 tpa is targeted by 2025.

farm in farm out agreement

The Cliff Head JV will spend A$2.35m refurbishing two Arrowsmith oil tanks (30,000 bbl total) and export via Port of Geraldton from May. This answers the open question on offtake after BP Kwinana closed. About 140,000 bbl stored at Kwinana will be sold, about US$14m net to the JV.

joint venture update

NOPTA gave final approval for Pilot's purchase of Key Petroleum's 40% of WA-481-P, making Pilot 100% owner and operator. It lists CCS storage estimates (WA-481-P 2C contingent 4.4 Mt, best prospective 80.4 Mt) and plans a retention licence over the Frankland gas discovery.

farm in farm out completion

Pilot says its Mid West renewables, hydrogen technology and WA-481-P CCS studies are complete and show viable, globally competitive clean hydrogen. It plans permitting and front-end design for a staged CCS and blue hydrogen project, aiming for first-stage operation by 2025. It does not commit Pilot beyond feasibility. The Cliff Head CCS study is due in weeks.

investor presentation

Pilot terminated the WA-481-P sale to Triangle after NOPTA signalled it would refuse the transfer and the cut-off date passed. Pilot keeps 100% and operatorship of WA-481-P and 100% of the Cliff Head wind and solar project, ending the $300k and free-carry deal. Feasibility results are expected within eight weeks.

material agreement termination

BP Kwinana will not extend the storage agreement beyond 22 April 2022, so the BP Singapore offtake signed in October also ends after the April 2022 lifting. The joint venture is seeking alternatives. US$8.1m from the first lifting has been received.

material agreement termination

Pilot formed a consortium with APA Group (infrastructure) and Warrego Energy (gas supply) to jointly fund the Mid West Blue Hydrogen and CCS feasibility study, due Q1 CY2022. Brings in external funding and partners for the study; later joint development steps are set out but not committed.

joint venture update

Pilot signed a binding farm-in with Advanced Energy Transition: AET fully funds a Leschenault gas exploration well to earn up to 50% of any future retention lease or production licence. Drilling targeted by December 2022; best estimate 725 Bcf gross prospective resource. Firms up the earlier indicative deal.

farm in farm out agreement

Cliff Head joint venture (Pilot 21.25% indirect) signed a binding offtake with BP Singapore for 100% of Cliff Head crude, at a fixed discount to Brent, with first lifting expected October 2021. This resolves the open question of replacing the BP Kwinana offtake.

material agreement

ASX will lift Pilot's suspension from the start of trading on 12 August 2021, after the capital raising and confirmation that reinstatement conditions were met. Shares had been suspended since February 2021.

listing compliance notice

The $8m placement is complete: 133.3m shares at $0.06, with tranche 2 (120.8m shares) issued 11 August after the 4 August vote. Pilot says ASX reinstatement conditions are met, and the Chapter 11 feasibility-study limits (including $1.2m wind and solar spend) are confirmed.

capital raising announcement

Indicative farm-in agreed: Advanced Energy Transition will fully fund one well on the Leschenault gas prospect in EP416/480 to earn 50%. Best-estimate prospective resource is 725 Bcf gross. Drilling is forecast within 12 months, subject to approvals.

farm in farm out agreement

Pilot answers ASX's February price query: the undisclosed potential acquisition of a renewable energy project has been terminated. It accepts ASX's conditions, including Chapter 11 compliance if it goes beyond feasibility or spends over $1.2m on wind and solar.

price query

Pilot has firm commitments for an $8m placement of 133.3m shares at $0.06, a 26.8% discount to the $0.082 pre-suspension price. Tranche 2 needs shareholder approval. ASX has signalled intent to reinstate trading, indicatively 11 August.

capital raising announcement

Royal Energy acquisition completed: Pilot issued 143.9m shares and now holds an indirect 21.25% of Cliff Head. Tony Strasser becomes Managing Director on $350k a year; Brad Lingo stays Executive Chairman; Michael Lonergan leaves the board and becomes Head of Upstream.

asset acquisition disposition

Triangle and Pilot signed the joint venture agreements for WA-481-P and the Cliff Head Wind & Solar JV (Pilot 80%, Triangle 20%). WA-481-P sale (78.75% to Triangle for $300k plus free carry) now awaits regulatory approvals, including transfer of Key's interest.

joint venture update

Independent report puts Cliff Head 2C contingent resources at 272,000 bbls net to Royal Energy, down from reserves booked in October 2020, because BP's Kwinana refinery closure puts the oil export route in doubt. They may return to reserves once new offtake is signed. Pilot holds 1.3 MMbbl oil and 8.8 Bcf gas in WA-481-P.

resource reserve update

Pilot's shares are suspended at its request pending a response to an ASX price query received 10 February. Pilot says it is negotiating a potential acquisition that may not become a binding agreement. Suspension expected to last until 17 February.

price query

Pilot confirms completion of the Key 40% WA-481-P purchase, after shareholders approved issuing 16,723,297 shares at the 10 December meeting. This lets Pilot proceed to sell 78.75% and operatorship of the permit to Triangle, as announced 9 November.

asset acquisition disposition

Pilot buys Energy Resources' 40% of onshore South Perth Basin permits EP416 and EP480 for $1 each, taking its interest from 60% to 100%. The permits overlap the WA government's South West CCS hub area and underpin a planned blue hydrogen and CCS project.

asset acquisition disposition

Pilot agrees to sell 78.75% of WA-481-P and operatorship to Triangle for $300,000 plus a free carry through the Year 3 work program. Pilot keeps 21.25%. This reverses the plan to hold 100% and also creates an 80/20 wind and solar JV.

asset acquisition disposition

Pilot's share purchase plan opens at 3.3c per share, targeting $500,000, not underwritten, with up to $30,000 per eligible holder. This is the retail offer foreshadowed alongside the September $2.5m placement.

capital raising announcement

Pilot agrees to buy Royal Energy for 143.9 million shares, giving a 21.25% economic interest in the Cliff Head oil field (about 800-900 bopd gross) and joint control of its operator. Needs shareholder approval. A $2.5m placement is committed and a share purchase plan is planned.

business combination

Pilot agrees to buy Key's 40% of WA-481-P for 21 million shares, subject to shareholder approval, taking it to 100% and operator. Pilot frames it as supporting the Mid West wind and solar project. It replaces the abandoned Red Emperor farm-in route.

asset acquisition disposition

Key says it will sell its 40% of WA-481-P to Pilot for 21 million Pilot shares, 5m on signing and 16m after Pilot shareholder approval. The joint venture will be terminated. Key will focus on its other Perth and Cooper Eromanga assets.

asset acquisition disposition

Pilot starts a feasibility study for an offshore wind and onshore wind and solar project on the Mid West coast of WA, around WA-481-P. It intends to own 100% at feasibility stage, which turns the May strategy into a first concrete project.

material agreement

NOPTA renewed WA-481-P (Pilot 60%, operator) for five years, with a $5.75m work program (Pilot share $3.45m) and one exploration well in Permit Year 5. This resolved the renewal pending since February; the announcement's text mistakenly called the permit WA-418-P.

regulatory community update

Red Emperor (RMP) will not exercise its option over 70% of WA-481-P; it lapsed 5 June 2020. RMP says NOPTA advised the renewal was successful. The farm-in Pilot marketed since December 2019 falls away, leaving Pilot 60% and Key 40%.

farm in farm out completion

Brad Lingo, adviser since April's review, becomes director and chairman. Acting CEO Alan Teimoori steps down 19 May 2020; no replacement named yet. The board endorses a new 'firming energy' strategy combining gas, storage and renewables, and plans to rationalise exploration assets.

director officer appointment

Pilot appoints Brad Lingo as financial and strategic advisor to review the company and its projects, including acquisitions, to find a growth strategy. The review runs 6-8 weeks, with results to follow. This starts a possible change of direction.

other

Key reports early seismic inversion results on WA-481-P identify a new Dunsborough Southwest prospect, with prospective resource of 3.95/11.58/22.03 MMbbl (low/base/high) and 24-36% chance of success. Renewal was applied for; Key's stake falls to 12% if Red Emperor exercises.

resource reserve update

Red Emperor Resources signs a binding letter of intent with Pilot and Key for an option on a 70% operated interest in WA-481-P. It will fund up to A$150,000 of studies and pay A$500,000 collectively if it exercises after permit renewal. This is the farm-in partner Pilot had been marketing for.

farm in farm out agreement

CEO Robert Gard steps down on 31 July 2019 to pursue other business interests, about 16 months after starting. Alan Teimoori, a petroleum engineer, is acting CEO until a permanent replacement is found; Gard supports the transition for three months.

director officer appointment

Responding to an ASX query on its December quarter cash ($305k, outflow $297k), Pilot expects continued negative cash flow and plans a further capital raising in March/April 2019. It is also talking to a potential investor and cutting non-essential spending.

price query

Black Swan terminates the WA-503-P sale agreement after the regulator (NOPTA) did not approve the transfer, so Pilot keeps its interest. This reverses the July sale. Pilot says a large multi-client 3D seismic survey in the area is about to start and may help attract partners.

material agreement termination

Pilot agrees a placement of 15,894,128 shares at $0.03, raising almost $477,000, to Walkerindo Nusatama Mandiri. The price is stated as 48% above the current share price. Dr Walker Li, nominated by the investor, joins as Non-Executive Director. This delivers the capital raising flagged for 2018.

capital raising announcement

Pilot completes stage 1 of an internal resource assessment of WA-481-P, citing Waitsia-style gas plays, oil near Cliff Head and Xanadu, and High Cliff Sandstone potential. It says a significant increase in prospective resources is expected, but gives no new volumes; these await reprocessed seismic.

resource reserve update

Pilot signs a binding deal to sell its beneficial interest in WA-503-P to Black Swan, which becomes Operator and funds all costs. Pilot gets a share of any net profit interest (percentage not stated) and will leave the title on completion.

asset acquisition disposition

Black Swan withdraws from WA-507-P after further seismic work failed to lower the risk or find a farminee or buyer. Pilot agrees to jointly apply to surrender the permit, so the February sale and its 7.5% net profit interest come to nothing.

asset acquisition disposition

Robert Gard, with over 30 years' industry experience including 23 at ExxonMobil and 8 at MEO Australia, is appointed Chief Executive Officer from 1 April 2018. He is a consultant on a $7,500 monthly retainer for five days, with three months' notice. This replaces Benson Wong in the CEO role.

director officer appointment

Pilot signs a binding deal selling its beneficial interest in WA-507-P to Black Swan. Pilot gets a 7.5% net profit interest, stays on title at 80% legal interest, and Black Swan covers all costs and risks. This resolves the sale process; no cash price is stated.

asset acquisition disposition

ASX queries Pilot's cash after the December quarter showed $313,000 cash and $323,000 operating outflow. Pilot says it had $547,426 on 12 Feb 2018, has enough for February–March, and plans a further capital raising in April–June 2018. Funding need is confirmed.

listing compliance notice

Pilot and Black Swan start marketing a 100% interest in WA-507-P for sale, with Black Swan running the process. Pilot says the sale lets it focus on the Perth Basin. GCA verified best-case prospective resources of 1.6 billion barrels of oil or 10 Tcf gas. This replaces the earlier farm-out approach with an outright sale effort.

asset acquisition disposition

Empire Oil & Gas elects to keep its 40% working interest in EP416/480 rather than convert to a royalty. Pilot's carry of Empire ends 31 August 2017, so Empire funds its share of costs from 1 September. Leschenault survey preparations continue; RISC prospective resources up to 1.6 Tcf gas gross.

farm in farm out completion

Managing Director Iain Smith resigns as a director to pursue another opportunity, staying on until 31 August 2017 for handover. Dr Xingjin Wang is appointed Executive Director and Chief Technical Officer. Smith had led the company's permit acquisition strategy.

director officer appointment

Pilot receives the $720,000 from Giant Rainbow for 240 million shares at 0.3 cents, following shareholder approval at the general meeting. This completes the placement announced in April; shares are to be issued shortly.

capital raising announcement

NOPTA approves replacing WA-481-P's year 5 and 6 commitment wells with seismic reprocessing and studies. This removes two firm wells and, per Pilot, improves farm-in marketability. This resolves the pending variation request; the permit holds up to 435.9 MMBOE of prospective resources.

regulatory community update

Pilot proposes a 1-for-50 share consolidation, cutting about 2.9 billion shares to roughly 64 million after the Giant Rainbow placement. The board says the share count is excessive. Needs shareholder approval at a 12 July meeting.

security holder rights change

Pilot agrees to raise $720,000 by placing 240 million shares at 0.3 cents with Giant Rainbow Investments, a 67% premium to the 30-day average price. The investor is a related party linked to Chairman Xue, so shareholder approval and an independent expert's report are needed; meeting planned for June.

capital raising announcement

Pilot announces WA-481-P prospective resources of 138-436 MMBOE gross (best case 248 MMBOE) across 13 prospects in four trends. The largest oil prospect has up to 78 MMbbl. Contingent resources lift to Frankland 42 Bcf gas and Dunsborough 6 MMbbl oil. This delivers the promised resource estimate.

resource reserve update

EP437 joint venture approves the work program and budget for the Wye Knot-1 oil well. Net cost is up to A$1.7m after a A$200k grant; Pilot holds 13.058%. Best case is 1.4 MMbbl gross, Operator-estimated chance of success 30%. Rig and timing are not yet set.

drilling scheduled

Chairman Gavin Harper retires from the board effective 2 December 2016. Non-executive director Wilson Xue becomes Chairman while the company looks for a suitable replacement. Harper chaired through the counter-cyclical acquisition period.

director officer appointment

Pilot receives transfer of $65.5m of undeducted exploration expenditure (PRRT credits) with WA-481-P, completing the acquisition; 40% goes to Key. The company says this cuts future PRRT by over $75m. Prospectivity summary promised by year-end.

asset acquisition disposition

RISC confirms upgraded Leschenault prospective resources (unrisked, gross): Lesueur Sandstone up to 970 Bcf and Sue Sandstone up to 625 Bcf. Best cases are 435 and 290 Bcf. Chance of discovery is 5-10% per target. It lifts earlier company estimates (Sue 130, Lesueur 140 Bcf best).

resource reserve update

EP416 is renewed for five years, with a two-year work program of geochemical survey and studies, and an optional well in year four. This satisfies the last condition of the Empire farm-in, so Pilot pays A$150,000. Leschenault resource upgrade expected soon.

regulatory community update

NOPTA approves transfer of 100% of WA-481-P (17,475 km2) to Pilot for nil upfront cost, with a 10% net profits interest to the previous owner, plus PRRT credits. Key is to take 40%, subject to a separate application. $300k studies are due this permit year.

asset acquisition disposition

Pilot confirms Key Petroleum has exercised its option for 40% of WA-481-P. Pilot would remain Operator with 60%. Assignment is subject to Pilot completing its acquisition and NOPTA approval. This resolves the open question of the Key option.

farm in farm out agreement

Pilot agrees to acquire 100% of offshore North Perth Basin permit WA-481-P from Murphy, paying a net profits interest on any production. Key Petroleum may take 40%. The permit carries a $300,000 studies commitment for the year to August 2017. Subject to regulatory approval.

asset acquisition disposition

Pilot pays the final US$841,500 of the WA-507-P seismic licence fee, six months early, for a US$71,000 discount. That fulfils the main primary-term work commitment. Drill-or-drop decision is not required until November 2019; farm-out talks continue in what the company calls a depressed market.

material agreement

Tranche 2 completes after shareholders approved it on 23 June: 933.34 million shares at 0.3c raise A$2.8m, finishing the A$3.6m cornerstone raising. Wilson Xue joins the board; Todd and McGoldrick become advisers, and Xingjin Wang is engaged as an adviser.

capital raising announcement

Independent expert BDO calls the Tranche 2 placement 'not fair but reasonable'. It values a Pilot share at 0.38-0.88c after the deal, versus 0.63-1.47c before on a control basis. RISC values the exploration portfolio at A$12.8-29.96m.

resource reserve update

WA regulator approves transfer of the 13.058% EP437 interest from Caracal to Pilot, completing the November 2015 acquisition. The joint venture will reprocess seismic over the Wye Not and Becos prospects to choose a drilling target.

farm in farm out completion

Pilot raises A$3.6m from a group of four investors: A$800,000 at 0.2c now and A$2.8m at 0.3c subject to shareholder approval. The investors would hold 45.4%. Benson Wong joins as CFO and Wilson Xue as director; Todd and McGoldrick step down to advisers.

capital raising announcement

Gaffney Cline independently assesses WA-503-P's three leads. Individual reservoir best cases range from 1.1 to 25.1 MMbbl gross, with chances of success of 15-24%. Confirms the company's earlier estimates for the permit. A 3D seismic survey is planned for 2016.

resource reserve update

WA regulator approves transfer of title and operatorship of EP416/480 to Pilot, which now holds 60% and operates, with Empire on 40%. Completes the farm-in signed 2 Sept 2015. Pilot is still interpreting the airborne survey.

farm in farm out completion

Pilot pays TGS-NOPEC US$250,000 now for a US$37,500 discount and defers the remaining WA-507-P seismic licence fee from 18 Feb to 31 Dec 2016, leaving US$912,500. This eases the February 2016 payment pressure and gives time to find a farm-in partner; early interest reported.

material agreement

Pilot agrees to buy a 13.058% non-operated interest in northern Perth Basin permit EP437 from Caracal for $15,000, 20m shares and 20m options (exercise $0.002). Subject to WA government approval; partners are Key Petroleum (operator) and Rey Resources, each 43.471%. Pilot's fourth acquisition in under a year.

asset acquisition disposition

Gaffney Cline estimates WA-507-P prospective oil: best cases of 764, 381 and 436 MMbbl across three leads, with Dalia Updip up to 1,743 MMbbl in the high case. GCA sees a 70% chance of gas versus 30% oil, and chances of success of 16-18%. Adds an oil case to the earlier gas estimates.

resource reserve update

Settles the Royale dispute: all claims dismissed and Pilot assigns its 30% Alaska Western Block interest for up to US$500,000 (US$150,000 at closing, US$350,000 on a sale, a well or 31 Dec 2016). Ends the long-running litigation and Pilot's exit from Alaska.

asset acquisition disposition

Pilot agrees to earn 60% and operatorship of onshore Perth Basin permits EP416 and EP480 from Empire, paying $150,000 now and $300,000 later, plus Empire's non-seismic, non-drilling costs for 24 months. Company-estimated best-case gas is 130 Bcf (Sue) and 140 Bcf (Lesueur). This is the promised onshore acquisition.

farm in farm out agreement

NOPTA approves the WA-503-P work program variation, giving Pilot until 12 May 2017 to complete the 3D seismic and study commitments. Removes the compliance risk flagged earlier; an independent resource estimate of three oil prospects is being commissioned.

regulatory community update

Receives the final US$3.7m NOL credit from Alaska and uses it to clear the ACES facility, so the company and its subsidiaries are now debt free. Resolves the open Melody debt thread.

debt financing

Receives the US$3.1m Alaska exploration tax credit and uses it to repay the ACES debt, leaving a net US$92,380. The US$3.7m NOL credit is expected to follow in coming months. First of the expected Alaska reimbursements arrives.

regulatory community update

Iain Smith becomes Managing Director on a reduced $180,000 salary (up to $90,000 bonus); Gavin Harper becomes non-executive chairman from 1 July. The rights issue raised $1,056,984, and a name change to Pilot Energy is proposed. Fills the full-time MD gap.

director officer appointment

Rights issue closed 1 July with only $380,733 of acceptances and shortfall applications, leaving a $676,252 shortfall for underwriter Patersons. Directors will take $200,000 of the shortfall through sub-underwriting. Under-subscribed by shareholders but covered by the underwriting.

capital raising announcement

Announces an underwritten 2-for-1 renounceable rights issue at $0.001 per share, raising up to about $1.06m from up to 1.057bn new shares. Each of four directors underwrites $50,000. Funds go to studies and farm-outs on WA permits, new ventures and working capital.

capital raising announcement

Rampart secures an 80% operated interest in WA-503-P, a shallow-water oil permit off Western Australia, from Neon Energy for assuming its commitments. Four leads of 5-15 MMbbl each (company estimates); Black Swan (linked to director Todd) holds 20% and is carried. NOPTA approval pending.

asset acquisition disposition

Gaffney Cline estimates WA-507-P gross prospective gas across three leads at best cases of 4.7, 2.4 and 2.9 Tcf, with up to about 21 Tcf summing the high cases. Chance of success is 16-18% per lead. Unrisked, and dependent on drilling success.

resource reserve update

NOPTA has approved the transfer of the 80% operated interest in WA-507-P to Rampart; Black Swan holds the other 20%. Completes the acquisition announced on 18 November 2014.

farm in farm out completion

Royale has served legal proceedings on Rampart's Alaskan subsidiary, alleging breach of the Participation Agreement. Rampart denies the claims and has hired US counsel, while talks continue. Turns the Western Block dispute into litigation.

joint venture update

Acquires an 80% operated interest in the new WA-507-P permit on the Exmouth Plateau, offshore Western Australia, described as a change of strategy. Entry costs are mostly contingent; a US$1.3m seismic licence is due within 12 months. Black Swan, linked to director Conrad Todd, holds 20% and is carried. NOPTA approval is pending.

asset acquisition disposition

No agreement yet with Royale on the Western Block after the drilling delay; the parties differ on key issues and the board is considering all options on its future involvement. The company is also reviewing new oil and gas ventures. Worsens the open Royale negotiation thread.

joint venture update

Withdraws the second tranche of the July placement (30.5m shares, repriced to raise $500,000) a day before the EGM, saying it could not give an Alaska project update beforehand. Leaves only the first tranche (~54.5m shares) of the planned $3.0m raise.

capital raising announcement

After the drilling delay, proposes repricing the July placement: two bonus shares per first-tranche share (average about 1.2 cents) and second tranche at 1.2 cents for $500,000, subject to shareholder vote. Also offers a share purchase plan at 1.2 cents, capped at $1,510,172.

capital raising announcement

Royale has cancelled the Kuukpic rig contract because Rampart would not fund a substantial deposit without a funding partner. Drilling slips from early 2015 to early 2016 unless a partner is found soon. Reverses the 30 May rig news; farm-in terms may be amended.

material agreement termination

Raises about $3.0m by placing 85m shares at $0.035, a 5% discount, for working capital. The first 54.5m shares are issued now; 30.5m need shareholder approval. Priced below the Feb 2014 raise at $0.05.

capital raising announcement

Managing Director Torey Marshall resigns immediately. Chairman Gavin Harper and director Iain Smith become executive chairman and executive director, jointly running operations. Geoscientist Conrad Todd joins as non-executive director.

director officer appointment

NSAI assesses two Big Bend prospects at 17.8 to 325.3 million barrels of oil in place gross (best 77.5m); Rampart's 30% share is 5.3 to 97.6m. Rosetta is the lead drilling candidate. Unrisked prospective figures, dependent on a discovery.

resource reserve update

Operator Royale has secured Kuukpic Rig No. 5 to drill two Western Block wells between January and April 2015. Rampart can lift its interest from 30% to 75% by funding them, subject to a farm-out or other funding. Binding only once the rig is accepted after repairs.

contract award

Preliminary reading of the Big Bend 3D seismic shows a large conventional oil-prone target of up to 20,000 acres, with apparent hydrocarbon indicators. Key drilling permits are submitted for two wells in January 2015. No resource figure yet.

drilling result

Independent assessor NSAI puts unrisked unconventional shale gas prospective resources on the Alaska acreage at 2.4 to 42.5 trillion cubic feet in place, best case 12.45 TcF. Recoverable gas is 80 to 2,079 bcf gross, best case 519 bcf. Adds gas to the earlier shale oil estimate; conventional work still to come.

resource reserve update

Gavin Harper was appointed non-executive chairman, and Dr Ray Shaw, chairman for the past four years, became a non-executive director. The notice gave the effective date as 1 May 2015, though it was dated 1 May 2014.

director officer appointment

The Big Bend 3D seismic survey was completed on time and within budget, with processing to take 6 to 12 weeks. The release said the Western Block interest would rise to 35% after the program, and that no interpreted results were available yet.

drilling result

Raises about $4.5m through a placement of 90m shares at $0.05, a 7% discount to the last close. 70m shares ($3.5m) come first; 20m ($1.0m) need shareholder approval at an EGM. Funds go to the seismic share and working capital, including possible acreage purchases. Follows the Nov 2013 raise at $0.065.

capital raising announcement

Closed binding documents for a US$50m senior secured facility with Melody Business Finance, backed by Alaska exploration tax credits, to fund seismic and drilling. Rampart says it leaves no net debt after repayment from credits. Resolves the December term sheet; terms undisclosed.

debt financing

SAE Exploration was awarded the contract for a 120-square-mile 3D seismic survey over the Western Block, starting February 2014 and taking about 30 days. Resolves the long-delayed contractor selection; the survey underpins earning a further 20% interest.

contract award

Rampart signed a term sheet with an international lending group for a facility backed by Alaska's exploration tax credits, covering most upfront seismic and drilling costs. Size and terms undisclosed; documentation still to be finalised. Follows the 20 November update.

debt financing

Rampart paid the final US$1.976m instalment and now holds a direct working interest in the North Slope properties. Seismic contractor decision is expected within a week; completing the survey would lift its interest by 20% to 30% in total.

asset acquisition disposition

Raises $4.45m: a $3.5m placement at $0.065 (about 45m shares settling 2 Dec, about 10m more subject to shareholder approval) plus $0.93m from exercise of 15.5m $0.06 options. Placement shares carry one $0.10 January 2015 option per two shares. Funds go to the North Slope seismic and credit facility.

capital raising announcement

Independent estimator NSAI puts unrisked prospective shale oil in place at 0.8 to 9.5 billion barrels gross, best estimate 3.8bn (2.85bn net to Rampart), with 167m barrels recoverable gross. Conventional potential is not yet assessed. This delivers the long-awaited resource report; these are prospective, not discovered, volumes.

resource reserve update

Rampart agrees to add 5,800 gross (4,350 net) acres next to the Western Block, lifting its net North Slope holding to 42,350 acres. It must pay US$580,000 in two tranches. Funded by a $1.75m placement at $0.0035 per share, with 370m shares now and 130m subject to approval.

asset acquisition disposition

Rampart raises A$1.8m through DJ Carmichael to fund the first Alaska payment: 232.3m shares at $0.0025 (about $580,750) plus a roughly $1.22m convertible loan, convertible at $0.0025 subject to shareholder approval. Funds the Royale farm-in due 3 June.

capital raising announcement

Rampart can earn up to 75% of about 38,000 net acres on Alaska's North Slope from Royale Energy. It starts with US$3.4m for an initial 10%, then a 3D seismic survey and two wells by March 2015. Options worth US$1.7m go to Royale. First deal under the oil and gas strategy.

farm in farm out agreement

Company began trading as Rampart Energy Limited (ASX: RTD) on 22 May 2013, with a new website. It marks the move away from geothermal toward a broader energy scope.

other

Company exits the Copahue geothermal project: Geothermal One assumes all future joint venture obligations from 7 January 2013. Earth Heat pays US$125,000 and lends US$150,000. Resolves the Copahue funding thread. It also says a former Argentine representative made baseless accusations and it will respond legally.

farm in farm out completion

Rights issue closed with 88.5% take-up (571.8m of 645.8m shares); the underwriter takes the 74.0m shortfall. A further 200m-share placement at the same 0.2c price raises $400,000, bringing the total raised to over $1.9m before costs.

capital raising announcement

Company starts a strategic review, expected to take about 3 months, to seek third-party interest in its current assets and other opportunities. It says over 30% of operating costs are cut, saving at least $1.7m a year. Review was prompted by major shareholders.

other

Rights issue prospectus lodged: 3 new shares for every 4 held at 0.2c, with free options, fully underwritten by DJ Carmichael. The board says market interest in Australian geothermal is inadequate for a purely geothermal asset base, so it is broadening its energy mix.

capital raising announcement

Placement of 110m shares at 0.2c raises $220,000, plus a fully underwritten 3-for-4 rights issue at 0.2c raising $1.35m, underwritten by DJ Carmichael; total about $1.57m. This is a far lower price than the August 1c placement, and the company calls it a broadened direction.

capital raising announcement

Suspension extended. Review concluded that energy exposure should be broadened, so geothermal exposure is likely to shrink over 12 months. Company is negotiating a new funding facility to recapitalise the business.

other

Shares suspended at company request pending the result of a major review of operations and funding requirements. Announcement expected by 19 November 2012.

other

Placement raised $670,000 at 1c per share, with one 4c three-year option for every two shares. Directors will underwrite up to $73,000, subject to shareholder approval. An underwritten rights issue is being considered. The US$30m preference raising is said to be proceeding.

capital raising announcement

Company has hired a boutique corporate finance group to assess options for unlocking value, citing a gap between project value and market capitalisation. It says no outcome or timeframe is anticipated. It still aims to close the US$30m preference share raising.

other

CIFI appointed to raise about US$30m of non-voting preference shares in the Copahue project company, convertible into Earth Heat shares at 10 for 1. Separately, a Heads of Agreement to buy joint venture partner Geothermal One for CAD$6m in cash or shares (10c face value), conditional on the raising closing.

capital raising announcement

IDB mandate enlarged for a 50MWe project: IDB to invest up to US$75m directly and arrange US$135m syndication, total US$210m (up from US$134m). Still conditional on due diligence, the Bankable Feasibility Study and IDB board approval.

debt financing

Letter of Interest from Xstrata's Pachon subsidiary to buy about 50MWe of Copahue power. It is non-binding and any PPA depends on Xstrata advancing El Pachón after environmental approval; larger than the 30MWe initial project.

material agreement

Exclusivity agreement with Alstom Power to develop a geothermal power plant proposal for Copahue, possibly leading to a full construction contract. The company will decide mid-2012; no outcome is guaranteed.

material agreement

Placement to domestic and international investors raised $2.16m through 72.07m new shares (about 3c each, inferred from the figures). This is below the $3m-$5m range flagged at suspension, and funds Copahue work towards the bankable feasibility study.

capital raising announcement

CIFI mandated for a US$22.5m drilling loan (three of four Phase 1 wells), subject to due diligence. AGS Capital signed a A$17.5m contingency facility to buy shares at future prices, at company discretion. Total Phase 1 debt cited is US$86.5m.

debt financing

Placement of 20m shares at 3c to raise $600,000, with one free 6c option (12 months) for every two shares, mostly to Australian institutions. Funds overheads and projects. IDB senior debt syndication has begun with strong response reported.

capital raising announcement

Mandated the Inter-American Development Bank to raise up to US$134m for the 30MWe Copahue project: IDB invests up to US$48m directly and arranges syndication of US$86m. It is conditional on a Bankable Feasibility Study, due diligence and IDB board approval; it builds on the October lender support letters.

debt financing

Second letter of intent, with Electrometalurgica Andina, for 30MWe of power from an Argentine geothermal project. It is non-binding pending conditions and a binding power purchase agreement. It adds to the 10MW Loma Negra deal and mentions possible direct investment by Andina.

material agreement

Letter of intent and heads of agreement signed with cement maker Loma Negra for 10MW of power from an Argentine geothermal project. It is non-binding until conditions are met and a binding power purchase agreement follows. First offtake step for Copahue financing.

material agreement

Draft SKM concept study for Copahue stage 1 received. Two production wells could deliver 15MWe net, using an air-cooled binary plant and the existing 33kV line. Costs are indicated at $3m-$6m per MWe; the next-stage parameters are under internal review.

other

Board approved a faster plan: a first-stage 15MW Copahue plant, rather than the 30MW stage previously discussed. SKM began a two-phase concept and feasibility study; the first phase is due within two months. Three or four new wells would be needed. Funding for development is not yet secured.

other

SKM's independent review of Copahue gives Canadian-code resources of 19MWe measured, 55MWe inferred in the vapour zone and 190MWe inferred in the deep liquid zone. The company says this is over 150% above historical estimates.

resource reserve update

Directors David Sutton, Alex Rose-Innes and Stephen Pearce resigned to simplify the board ahead of a North American listing. They agreed to take unpaid director's fees in shares, at a price set by the board from a 5-day VWAP within six months, subject to consents.

director officer appointment

Company says arrangements are well in hand for a second listing on the TSX Venture Exchange, as foreshadowed in December. Documents are being prepared; no formal timetable, but completion is expected within about three months.

listing compliance notice

Socius CG II signed a $5m investment agreement, mainly to start Copahue feasibility work. The first $2m buys 25,316,456 shares at 7.9c plus 12,658,228 options at 7.9c. Two further tranches, $2m and $1m, can be called later at then-market prices.

capital raising announcement

Corporate update: the company is considering a secondary listing such as the TSX, as it says ASX investors are less focused on new energy. Confidentiality agreements are signed with potential cornerstone investors; financing of up to $70m is under discussion, but no arrangement has been agreed.

other

Signed a binding term sheet for a JV with Djibouti's energy ministry and Electricite de Djibouti to develop the Fiale geothermal field, up to 150MW in three tranches, starting with 50MW. Also placed 10m shares at 2.5c. Power purchase agreement and funding are still to be finalised.

joint venture update

Heads of Agreement to expand into Africa: apply for geothermal areas in Kenya, pursue Djibouti tenements, and take over Botswana coal bed methane applications. It will issue 9,125,000 escrowed shares, and Alex Rose-Innes joins as executive director.

asset acquisition disposition

Fall River agreed to sell its 25% West Florence interest in Colorado to Adelaide Energy for A$75,000, payable within a month. This continues the exit from US oil and gas; the Wyoming asset is still under review.

asset acquisition disposition

Heads of Agreement to farm into the Copahue geothermal project in Argentina, an initial 30 MW development. Fall River can earn 50% by spending about US$18m, then 75% with a further US$35m, and up to 87.5%. It depends on Geothermal One winning the award, expected within 6 weeks.

farm in farm out agreement

Torey Marshall was appointed Managing Director after the Earth Heat deal completed on 22 January 2010. His base salary is A$230,000 a year including superannuation, and he is to focus on growing the company as a New Energy business.

director officer appointment

December quarter: shareholders approved the deal on 8 January; shares consolidated 1-for-3 to 30.18m, then 524.18m after issues. The Earth Heat deal completed 22 January. Major creditor liabilities were extinguished and about A$1.2m raised. Strategy moves from oil and gas to geothermal. Baxter and West Florence remain weak.

quarterly activities report

With the Earth Heat acquisition completed on 22 January 2010, Fall River now holds 8 South Australian geothermal licences, after five more applications were granted. The earlier three were independently valued at A$4.2-5.1m; the new five were given no value in that report.

asset acquisition disposition

On completing the Earth Heat deal, Dr Raymond Shaw becomes non-executive chairman and Torey Marshall joins the board; Bruce McLeod and Jack Mulready resign. David Sutton and Stephen Pearce stay. The board plans a review of strategy to become a 'New Energy' company.

director officer appointment

September quarter: West Florence-1 has fallen to 8 bbl a month, non-commercial, and Baxter is close to being converted to a royalty. The company plans a reconstruction, buying Earth Heat (geothermal) for 260m shares at A$0.01, a 1-for-3 consolidation, debt-for-equity and a raising of at least A$2m.

quarterly activities report

Fall River will focus on West Florence, where Slanovich 32-23 output has fallen to about 2 bopd despite the workover. It agreed in August to sell its 20% Sprowl interest for US$510,000 (about US$204,000 retires operator debt) and is withdrawing from all Canadian projects. Baxter status remains disputed.

quarterly activities report

Half year to 31 March 2008: net loss C$1,076,806 against C$950,626. Chairman Hollingsworth and CEO McBain resigned 29 February 2008. Sunken Lake C$245,484 written off; Fall River took a 30% interest in a Central Alberta land section. Baxter late-payment dispute with operator is unresolved.

half year report

Queensdale East 3-11 reached 1,400 m. Shows over 1,179-1,187 m, but the well swabbed almost 100% salty water with only traces of oil, so it was plugged and abandoned. Fall River paid 25% of costs. Dry hole for this small Saskatchewan farm-in.

drilling result

West Florence-1 starts oil production at an initial average 32 barrels of oil per day plus 101 of water from the Codell, with an increase expected. This is the project's first oil production. A Pierre Shale well and possible 3D seismic are planned. Fall River holds 15%.

production update

Fall River farms into the South Queensdale oil prospect in Saskatchewan: 25% before payout, 15% after, for 25% of well costs (C$112,500). Operator estimates up to 1 million barrels; well planned for October 2007. A small new Canadian oil interest.

farm in farm out agreement

Fall River has applied to delist from the Canadian TSX Venture Exchange, citing regulatory cost and few shares trading there. ASX becomes the sole listing; about 82.1% of the 90,536,522 shares/CDIs are ASX-tradable.

listing compliance notice

After fracture stimulation, Codell and Lower Niobrara swabbing recovered 25 barrels of oil in 12 hours with gas, which Victoria calls apparently commercial by comparison with the adjacent field. Mid Niobrara stimulation follows on 24 August. This is the first oil success after the failed gas zones.

flow test result

Two West Florence-1 gas zones tested: the lower Dakota gave unmeasurable gas with water and the upper Dakota gave no gas. Reinterpreted logs suggest the Muddy J will not be commercial either. Oil zone testing follows in 2-3 weeks. The primary gas target looks failed.

well test result

Fall River's September 2006 accounts are reissued as restated, with the auditor's earlier January 2007 report withdrawn. Net loss is now C$4,145,300, against C$2,044,719 first reported, mainly from a C$2,475,200 write-down on the Sprowl gas field. Equity is C$1,426,278.

financial restatement

West Florence-1 reached 1,957 metres total depth, short of the planned 2,134 metres, and wireline logs were run. Hydrocarbon shows were seen while drilling; their significance is still being evaluated. Not yet a discovery.

drilling result

Fall River confirms West Florence-1 (the Slanovich 32-23 well) began drilling on 3 May 2007 and was at 502 metres. Target depth is 2,134 metres, with the Muddy J sandstone at about 1,800 metres. Fall River holds 15%.

drilling spud

Martin Place mandated to raise A$1.4m through 20,000,000 CDIs at A$0.07 with 20,000,000 options at A$0.10 over 24 months. The price is below January's A$0.10 placement. Funds are for a two-well US program, the first spudding May 2007, and cash flow.

capital raising announcement

Fall River gets a 15% interest in 12,000 acres at West Florence, Colorado, with operator Mountain Energy. It will join the Slanovich 32-23 well around May 2007, with its share at US$165,000. Company estimates 100-200 bcf potential.

farm in farm out agreement

The placement closed on 19 January, raising A$920,000 through 9,200,000 CDIs at A$0.10. Martin Place gets a 2% management fee and 5% placement fee. Funds are for a new drilling program and working capital.

capital raising announcement

Operator Samson's Green Canyon 29-2 Baxter Shale frac test flowed about 100 mcf/d plus 48 bbl/d of load water, from 305 ft of a 3,400 ft interval. Fall River calls it encouraging; it was funded by the operator and was not an earning well.

well test result

Company mandated Martin Place Securities to place 9,200,000 CDIs at A$0.10 to raise A$920,000, with funds largely committed. The price is half the A$0.20 of the 2006 raising. Proceeds are for a new drilling program and cash flow.

capital raising announcement

All five Sprowl wells are producing about 900 mcf/d and 25 bbl/d. The company says revenue will fall below projections on lower gas prices and output, and now expects about A$900,000 a year with a sixth well. Gruver 1-14 is next.

production update

Sprowl 6-14 is connected to sales, with preliminary flow of 140-180 mcf/d plus 8 bopd while fluids still hold back gas. Fall River now has 5 producing Sprowl wells; the next well is due to spud shortly.

production update

Fall River listed on the ASX, having raised A$6,371,650, and completed buying a 20% interest in the Sprowl gas field, Oklahoma, for US$2.6 million plus 1.5 million CDIs and 500,000 option CDIs. It now has gas production and cash flow from 4 wells.

asset acquisition disposition

ASX circular confirming Fall River Resources (the company later known as Pilot Energy) joined the ASX list on 19 April 2006, with 61,983,050 CDIs and 12,743,301 options quoted from 20 April. Several escrowed securities are not quoted.

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