Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2018asset acquisition disposition▼ BadMajor
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.
4 May 2018admin correction● Neutral
Share registry services move from Computershare to Boardroom Pty Limited, effective 7 May 2018. Administrative change only.
17 Apr 2018material agreement● Neutral
Executive Director Benson Wong signs a new consultancy from 12 May 2018 at $7,500 a month for five days, with a $1,500 daily rate beyond that. This is lower than the $15,000 a month CEO arrangement from September 2017, and follows Gard's CEO appointment.
3 Apr 2018director officer appointment▲ GoodMajor
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.
12 Mar 2018price query● Neutral
ASX queries a rise in the share price from 2.9 cents to a high of 4.9 cents on heavy volume. Pilot says it knows of no unannounced information explaining the trading and confirms listing rule compliance.
21 Feb 2018asset acquisition disposition● NeutralMajor
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.
13 Feb 2018listing compliance notice▼ BadMajor
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.
21 Dec 2017other● Neutral
Annual corporate governance statement as at 30 September 2017. It states none of the directors are considered independent. Administrative compliance document with no new operating or financial information.
21 Dec 2017annual report● Neutral
FY2017 annual report (to 30 Sep 2017). The chairman describes a shift in focus toward near-term cashflow opportunities and a strategy reset to rationalise the portfolio. Highlights recap the $720,000 raising, 50:1 consolidation and WA-507-P sale process. Text truncated; financials not shown.
21 Dec 2017other● Neutral
Appendix 4G checklist accompanying the annual report, pointing to the governance statement on the company website. Administrative filing with no new information.
11 Dec 2017director officer appointment▲ Good
Michael Lonergan, a petroleum geophysicist with over 30 years' experience, is appointed Non-Executive Director. This adds a technical director to a board of Xue, Wong and Wang; no terms or fees are stated.
19 Oct 2017asset acquisition disposition● NeutralMajor
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.
3 Oct 2017joint venture update▲ Good
Norwest's Xanadu-1 oil discovery in the adjacent permit is said by Pilot and Key to support oil migration pathways into WA-481-P and reduce risk for the Cliff Head South and Leander Reef trends, over 80% of the 247.8 MMbbl best case. Seismic reprocessing quotes are being sought, taking 6-9 months. No drilling in the permit itself.
12 Sept 2017material agreement● Neutral
Pilot signs consultancy agreements from 12 September 2017 with Dr Xingjin Wang as Chief Technical Officer ($12,800 a month) and Benson Wong as Chief Executive Officer ($15,000 a month), both plus GST. This puts Wong in the chief executive role after Smith's departure. Notice terms are six months for the company, three for the director.
1 Sept 2017director officer appointment● Neutral
Lisa Dadswell is appointed Company Secretary and ASX listing rules contact, replacing David McArthur, who has resigned. Administrative change.
30 Aug 2017farm in farm out completion▲ GoodMajor
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.
10 Aug 2017director officer appointment▼ BadMajor
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.
31 July 2017investor presentation● Neutral
Corporate presentation restates known facts: six permits acquired for A$470,000, up to 4,415 MMBOE potential, RISC asset value of A$23m and BDO's 30 cent valuation. New data points: cash of $630k at 30 June 2017 (before the $720k raise), nil debt, 887 holders, market cap $5.1m at 8 cents.
24 July 2017other● Neutral
Pilot points shareholders to a company profile in the Resource Global Network publication. No new company information in the announcement itself.
24 July 2017security holder rights change● Neutral
The 1-for-50 share consolidation is completed after the 12 July vote, leaving 63,576,514 shares on issue. Options and performance rights remain outstanding in small numbers. This resolves the consolidation thread.
14 July 2017capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
240m new shares at A$0.003 to raise about A$720,000. That's 7.5% dilution: every existing holder's slice gets 7.5% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.0113% to 0.0105% of the company. To keep it you'd need 27,222 more shares - about A$82 at the issue price.
Create a free account to see this worked out for your own holding.
3 July 2017regulatory community update▲ GoodMajor
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.
21 June 2017other● Neutral
Operator Key's own EP437 update, attached as a cover letter, covers Wye Knot-1 planning: long-lead expenditure approved, contractor tendering started, preferred location chosen. Wye Knot best case is 1.4 MMbbl gross. Text is truncated; Pilot's own update follows.
21 June 2017drilling scheduled● Neutral
Pilot confirms Wye Knot-1 preparations at EP437 (13.058%): long-lead approvals done and contractor tendering started. Drilling is now scheduled for Q4 2017, slipping from the Q3 2017 timing, and the final location depends on a land access agreement. Best case is 1.4 MMbbl gross.
16 June 2017regulatory community update● Neutral
NOPTA extends WA-503-P's primary term by 12 months, suspending work commitments to 12 May 2018. The required 80 km2 3D seismic survey could not be done by 12 May 2017 because no suitable vessel was in Australian waters; a vessel is scheduled for Q4 2017.
15 June 2017admin correction● Neutral
Corrects the notice of meeting: normal trading in post-consolidation shares starts 25 July 2017, not 24 July. Administrative.
14 June 2017other▲ Good
Independent expert BDO values Pilot shares at 0.43-0.79 cents (21-40 cents post-consolidation), against the 0.3 cent placement price. RISC values the exploration assets at $16.5-29.6m. This is the independent report promised for the Giant Rainbow placement.
13 June 2017security holder rights change● Neutral
Formal ASX notice of the 1-for-50 consolidation, subject to the 12 July vote. Shares fall from 2,938,816,834 to about 58.8 million and options from 207.5 million to about 4.15 million, with trading in new shares from 25 July. Mechanical detail of the proposal.
13 June 2017security holder rights change● NeutralMajor
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.
6 June 2017half year report● Neutral
Half-year report to 31 March 2017 restates the WA-481-P and Leschenault resources and notes 2,938,816,834 shares on issue. Pilot has applied to swap WA-481-P's year 5 and 6 well commitments for seismic reprocessing and studies, and is marketing the permit for a farm-in partner. Financial figures truncated.
