Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2017security holder rights change● Neutral
The small-holder sale facility closes: 33.4 million shares from 834 holders sold for $66,887 at 0.2 cents. Holder numbers fall from about 1,729 to about 895, cutting administration costs. Completes the March facility.
24 Apr 2017capital raising announcement▲ GoodMajor
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.
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.
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10 Mar 2017security holder rights change● Neutral
Pilot sets up a sale facility for holders of fewer than 250,000 shares (under $500) at 0.2 cents a share, with the company paying costs. 1,090 of about 1,741 holders qualify, holding about 1.58% of shares. Aims to cut administration costs.
7 Mar 2017other▲ Good
Pilot receives $708,846 as an R&D tax offset for technical studies on WA-507-P. This adds cash to a company with about $2m on hand at last report.
28 Feb 2017investor presentation● Neutral
Managing Director's AGM presentation recaps the year: WA-481-P, Wye Knot drilling planned for 2017 and the Leschenault geochemical survey in H1 2017. It cites a combined potential of up to 4,415 MMBOE and an independent valuation of up to 0.88 cents per share. Mostly known facts.
6 Feb 2017investor presentation● Neutral
Pilot releases a technical presentation on WA-481-P, the revised version promised on 30 January. It restates up to 435 MMBOE across four trends and the 78 MMbbl largest prospect. No new resource numbers.
30 Jan 2017resource reserve update● Neutral
Key Petroleum's copy of the 30 January WA-481-P prospective resources release: 13 prospects, 138.4/247.8/435.9 MMBOE gross, with Pilot operating at 60%. Repeats Pilot's own announcement of the same day; no new figures.
30 Jan 2017resource reserve update▲ GoodMajor
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.
20 Dec 2016resource reserve update● Neutral
Preliminary seismic interpretation of WA-481-P finds 14 prospects across three focus plays. Contingent resources are Frankland 39 Bcf gas and Dunsborough 5.4 MMbbl oil (2C). The prospective resource estimate, promised by year-end, is delayed to late January 2017.
19 Dec 2016drilling scheduled▲ GoodMajor
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.
19 Dec 2016drilling scheduled● Neutral
Operator Key Petroleum announces EP437 joint venture approval of the year 3 budget including Wye Knot-1, a A$1.9m well before a A$200k grant. Rig tendering begins; no spud date yet. Duplicates Pilot's own notice of the same day.
7 Dec 2016regulatory community update▲ Good
WADMP approves the EP480 work program variation, replacing a A$1.5m 50km seismic commitment with a A$350,000 geochemical survey, airborne data processing and studies. This lowers the committed spend on the Leschenault gas prospect (up to 1.6 Tcf) and resolves the earlier pending variation.
5 Dec 2016director officer appointment● NeutralMajor
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.
24 Nov 2016other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to pages 35-43 of the report. Administrative filing with no new business information.
24 Nov 2016annual report● Neutral
Annual report for the year to 30 September 2016. The Chairman says the year added four new exploration permits and made Pilot the largest net Perth Basin acreage holder, helped by the A$3.6m cornerstone raising. Financial statements are truncated, so no figures are given.
16 Nov 2016asset acquisition disposition▲ GoodMajor
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.
7 Nov 2016resource reserve update▲ GoodMajor
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).
6 Oct 2016farm in farm out completion● Neutral
Empire confirms the farm-out of EP416 and EP480 to Pilot is complete after the EP416 renewal. Pilot holds 60% for A$450,000 total, with the final A$150,000 now payable. Empire keeps 40%, free carried on non-field work to 31 August 2017.
6 Oct 2016regulatory community update▲ GoodMajor
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.
28 Sept 2016security holder rights change● Neutral
10,083,334 unlisted 12-cent options expire on 30 September 2016. 207,500,000 unlisted options remain, mostly 140m exercisable at 0.4c to December 2019 and 45m at 0.2c to June 2019. Administrative.
13 Sept 2016investor presentation● Neutral
Good Oil Conference presentation by the Managing Director restating strategy and portfolio, with 11,965 km2 net Perth Basin acreage. Cash and receivables are $2.1m at 31 August 2016, no debt. Largely known facts.
5 Sept 2016asset acquisition disposition▲ GoodMajor
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.
4 Aug 2016investor presentation● Neutral
August 2016 corporate presentation restating strategy, the six-permit portfolio and the cornerstone raising. Shows 2.94bn shares, cash and receivables of $2.35m and no debt. Repeats known facts.
29 July 2016farm in farm out agreement● Neutral
Key Petroleum, Pilot's EP437 partner, exercises its option to take 40% of WA-481-P on the same terms, paying a net profits interest on future production. Assignment still needs NOPTA approval and Pilot completing its own acquisition. Key is the source of this notice.
29 July 2016farm in farm out agreement▲ GoodMajor
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.
27 July 2016asset acquisition disposition▲ GoodMajor
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.
19 July 2016investor presentation● Neutral
July 2016 corporate presentation restating strategy and the cornerstone raising. Shows 2.94bn shares on issue, cash and receivables of $2.35m at 15 July 2016 (including anticipated R&D rebates) and no debt. Largely known facts.
30 June 2016admin correction● Neutral
Re-release of the WA-507-P update after ASX queries. It adds that Pilot's share of the quoted prospective resources is 80%, that royalties do not apply, and a cautionary statement. No change to the figures.
30 June 2016material agreement▲ GoodMajor
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.
27 June 2016capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
933m new shares at A$0.003 to raise about A$2.8m. That's 32% dilution: every existing holder's slice gets 32% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.0166% to 0.0113% of the company. To keep it you'd need 155,132 more shares - about A$465 at the issue price.
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