Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 Oct 2018quarterly activities report● Neutral
September quarter report: WA-481-P reprocessing is now expected to finish before year end, a little later than the early Q4 target given in July. The EP437 joint venture is considering a 12-month suspension for Wye Knot-1 to secure access. Text truncated; cash figures not shown.
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.
30 July 2018quarterly activities report● Neutral
June quarter report: WA-481-P reprocessing is progressing, with completion expected early in Q4. EP416/480 received a 24-month suspension and extension over the land access problems. Wye Knot-1 is still due by 27 November 2018. Text truncated; no cash figures shown.
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.
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.
27 Apr 2018quarterly activities report● Neutral
March quarter report: WA-481-P seismic reprocessing began in January and takes about 6 months. Leschenault fieldwork is still delayed by land access, with the WA fracking moratorium affecting landowner sentiment; results are now expected this year. Wye Knot-1 must be drilled by 27 November 2018. Text truncated.
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.
25 Jan 2018quarterly activities report● Neutral
December quarter report: WA-481-P year 5 budget approved 5 Dec 2017, and Pilot proposes DownUnder GeoSolutions to reprocess about 860 km of 2D and 515 km2 of 3D seismic from January 2018, taking about 6 months. Leschenault survey is delayed by land access difficulties. Text truncated.
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.
26 Oct 2017quarterly activities report● Neutral
September quarter report recaps the $720,000 raising at 15 cents, the WA-507-P sale process, Xanadu-1 de-risking WA-481-P, and Wye Knot-1 planning still awaiting a land access deal. WA-503-P seismic is delayed until 2018; Leschenault survey results are now expected H1 2018. Text truncated.
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.
