Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Aug 2020admin correction● Neutral
Corrected re-release of the WA-481-P renewal news, fixing the permit number. Contingent resources are restated at 41.6 Bcf gas and 6.0 MMbbl oil, with Leander Reef prospective oil of 98 MMbbl. Pilot says it is considering non-binding corporate transactions.
14 Aug 2020other● Neutral
ASX pauses trading in Pilot shares pending a further announcement. No reason is given in the notice.
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.
30 July 2020quarterly activities report▲ Good
June quarter report: NOPTA approved the WA-481-P renewal, with a replacement 5-year offer on 15 July 2020, which the joint venture intends to accept. EP416/480 suspension granted 19 June. EP437 Wye Knot-1 deadline moved to 28 May 2021. Text truncated.
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.
30 Apr 2020quarterly activities report● Neutral
March quarter report: the WA-481-P Year 6 studies are complete and a renewal was lodged on 14 February 2020, outcome pending. EP416/480 survey is delayed by Covid-19 and land access, with a suspension sought. Wye Knot-1 awaits approvals. Text truncated.
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.
31 Jan 2020quarterly activities report● Neutral
December quarter report: the Red Emperor option is confirmed (A$150k work funding, 70% for A$500k). WA-481-P studies are due 1Q 2020 ahead of the 19 February expiry. EP437 got a suspension to 27 May 2020 for Wye Knot-1. Text truncated.
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.
31 Oct 2019quarterly activities report● Neutral
September quarter report: WA-481-P certification slips again to 4Q 2019, with the permit year 6 now running to 19 February 2020. At Wye Knot-1, the landowner agreement is signed and drilling is expected to begin before the 27 November 2019 deadline. Text truncated.
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.
31 July 2019quarterly activities report● Neutral
June quarter report: WA-481-P resource certification slips again, to 3Q 2019; the suspension and extension was granted on 6 June. Wye Knot-1 rig option and landholder agreement are progressing, with drilling still required by 27 November 2019. Text truncated.
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.
29 Apr 2019quarterly activities report● Neutral
March quarter report: WA-481-P 2D reprocessing received, but certification slips to 2Q 2019 and the JV applied to suspend and extend the work program because of seismic data delays. Wye Knot-1 extension granted; deadline 27 November 2019. Text truncated.
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.
31 Jan 2019quarterly activities report● Neutral
December quarter report: Diana 3D reprocessing on WA-481-P is complete and 2D is due January 2019, with mapping and resource work expected early Q2 2019. The Wye Knot-1 deadline was extended to 27 November 2019. Text truncated.
