14 Aug 2020other● Neutral
ASX pauses trading in Pilot shares pending a further announcement. No reason is given in the notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2020regulatory community update▲ GoodMajor
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.
12 June 2020half year report● Neutral
Half-year to 31 March 2020: loss of $32,781 and working capital deficit of $703,711, with net cash outflow of $23,050. Post-period, 21.46m shares were issued at $0.0144 on convertible note conversion and $100,000 raised at 2 cents (5m shares). Shares on issue: 79.47m at report date.
9 June 2020farm in farm out completion▼ BadMajor
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%.
13 May 2020director officer appointment● NeutralMajor
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.
13 May 2020investor presentation● Neutral
Presentation restating the new firming-energy strategy (gas, storage, renewables) and the refreshed four-person board under Brad Lingo. It aims to secure 1-2 focus projects with near-term cash flow and rationalise assets outside the strategy. Repeats the same-day announcement; no new figures.
23 Apr 2020other● NeutralMajor
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.
28 Feb 2020security holder rights change● Neutral
Shareholders approved a new company constitution at the AGM on 28 February 2020; a copy is lodged as required. Administrative, with no operational impact stated.
24 Feb 2020resource reserve update▲ Good
Pilot forwards Key's announcement of the Dunsborough Southwest prospect on WA-481-P (Pilot 60%). Pilot says it has not yet done its own review of the inversion work and will update the market later.
24 Feb 2020resource reserve update▲ GoodMajor
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.
23 Dec 2019joint venture update▲ Good
Key, operator of EP437 (stated as Key 86.43%, Pilot 13.86%), signs a land access and compensation agreement covering the Wye Knot, Parce, Becos and Becos South prospects. Parce-1 is now a firm candidate; this removes a land access obstacle for the Wye Knot-1 commitment.
13 Dec 2019annual report● Neutral
Corporate governance statement for the 2019 financial year, describing board practices. It lists a board of one chairman and two non-executive directors. No operational or financial news. Text truncated.
13 Dec 2019annual report● Neutral
Annual report for year to 30 September 2019. The chairman says farm-in efforts across the portfolio were unsuccessful, land access and the fracking moratorium hindered onshore permits, and focus is on WA-481-P. Text truncated, so no financial figures are available.
13 Dec 2019annual report● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement. Administrative filing with no substantive news.
3 Dec 2019farm in farm out agreement▲ GoodMajor
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.
30 Aug 2019price query▲ Good
Pilot's shares rose from $0.021 to $0.038 in a day. Pilot says it knows of no undisclosed news and points to Strike Energy's West Erregulla-2 gas discovery in the North Perth Basin, near its WA-481-P and EP437 joint ventures with Key.
1 Aug 2019admin correction● Neutral
Re-release of the June 2019 quarterly report because the Appendix 5B was omitted by an administrative oversight. No new operational information beyond the 31 July report.
31 July 2019director officer appointment● NeutralMajor
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.
17 June 2019director officer appointment● Neutral
Dr Guoping Bai, a China University of Petroleum professor with a geology background, joins as Non-Executive Director. Chairman Wilson Xue resigns from the board; the text does not name a new chair.
13 June 2019drilling scheduled▲ Good
Key, operator of EP437 (Pilot 13.06%), says Wye Knot-1 land access terms are agreed in principle and on-ground work is targeted for Q4 2019. A second well, Parce-1, is under consideration for a similar total budget. This advances the thread on the November 2019 deadline.
27 Feb 2019price query▼ BadMajor
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.
8 Feb 2019director officer appointment● Neutral
Executive Directors Tung Leung Wong (the earlier-noted Benson Wong, an inference) and Dr Xingjin Wang resign from the board. No reasons or replacements are given in the text.
19 Dec 2018material agreement termination● NeutralMajor
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.
18 Dec 2018annual report● Neutral
FY2018 annual report (year to 30 Sep 2018). The chairman cites WA-481-P work, withdrawal from non-core assets while keeping some upside, and land access problems onshore. It stresses a focus on near-term cashflow opportunities. Text truncated; financials not shown.
18 Dec 2018other● Neutral
Appendix 4G checklist accompanying the FY2018 annual report, pointing to the governance statement. Administrative filing with no new information.
18 Dec 2018other● Neutral
Corporate governance statement for FY2018. It states Michael Lonergan is considered independent, which differs from the prior year's statement that no directors were independent. Administrative compliance document with no operating or financial information.
20 Sept 2018capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
15.9m new shares at A$0.030 to raise about A$477,000. That's 0.498% dilution: every existing holder's slice gets 0.498% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00105% to 0.00104% of the company. To keep it you'd need 167 more shares - about A$5 at the issue price.
Create a free account to see this worked out for your own holding.
31 Aug 2018resource reserve update▲ GoodMajor
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.
27 July 2018asset acquisition disposition● NeutralMajor
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.
13 June 2018half year report● Neutral
Half-year accounts to 31 March 2018 (financial figures not shown in the text). WA-481-P reprocessing is now expected to finish in Q4 2018, and Robert Gard's appointment is noted. The auditor is listed as MNSA Pty Ltd, not BDO.