Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2016resource reserve update● NeutralMajor
Independent expert BDO calls the Tranche 2 placement 'not fair but reasonable'. It values a Pilot share at 0.38-0.88c after the deal, versus 0.63-1.47c before on a control basis. RISC values the exploration portfolio at A$12.8-29.96m.
9 May 2016half year report● Neutral
Interim financial report for the six months to 31 March 2016, with BDO as auditor. Restates the Tranche 1 completion, Wong's appointment and the planned board changes. Financial figures are not visible in the provided text.
2 May 2016director officer appointment● Neutral
Initial director's interest notice for Benson Wong (appointment date given as 28 April 2016). He holds no shares directly but is deemed to have an interest in the 400 million Tranche 1 shares held by the Subscriber group he is part of.
2 May 2016director officer appointment● Neutral
Benson Wong joins as Executive Director and CFO following Tranche 1, as the placement terms provided. His package is about $160,000 a year. He will help seek funding partners from Asia and elsewhere.
26 Apr 2016capital raising announcement▲ Good
Tranche 1 of the cornerstone placement completes: 400 million shares issued at 0.2c, raising A$800,000. A further A$2.8m at 0.3c awaits shareholder approval, with a meeting expected mid-June 2016. Shares on issue rise to about 2.005bn.
What it means for a shareholder
400m new shares at A$0.002 to raise about A$800,000. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.0311% to 0.0249% of the company. To keep it you'd need 124,574 more shares - about A$249 at the issue price.
Create a free account to see this worked out for your own holding.
26 Apr 2016admin correction● Neutral
Administrative notice under the Corporations Act confirming the 400 million Tranche 1 shares were issued on 26 April 2016 without a disclosure document. No new information.
20 Apr 2016farm in farm out completion▲ GoodMajor
WA regulator approves transfer of the 13.058% EP437 interest from Caracal to Pilot, completing the November 2015 acquisition. The joint venture will reprocess seismic over the Wye Not and Becos prospects to choose a drilling target.
7 Apr 2016investor presentation● Neutral
Corporate presentation restating the A$3.6m cornerstone placement, board changes and strategy. Notes Tranche 2 needs shareholder approval at a June 2016 general meeting. Repeats known facts and carries no new results.
31 Mar 2016capital raising announcement▲ GoodMajor
Pilot raises A$3.6m from a group of four investors: A$800,000 at 0.2c now and A$2.8m at 0.3c subject to shareholder approval. The investors would hold 45.4%. Benson Wong joins as CFO and Wilson Xue as director; Todd and McGoldrick step down to advisers.
3 Mar 2016resource reserve update▲ GoodMajor
Gaffney Cline independently assesses WA-503-P's three leads. Individual reservoir best cases range from 1.1 to 25.1 MMbbl gross, with chances of success of 15-24%. Confirms the company's earlier estimates for the permit. A 3D seismic survey is planned for 2016.
24 Feb 2016investor presentation● Neutral
AGM project update restating the portfolio and past-year achievements. It includes a combined resource table, with WA-507-P best case 1,581 MMbbl oil or 10,047 Bscf gas. Mostly known facts; farm-outs on the offshore permits are under way.
23 Feb 2016drilling result▲ Good
Airborne gravity survey over EP416/480 supports the large Leschenault gas prospect, with prospective resources up to 600 Bcf (company estimate, unrisked). Not a drilled result. The joint venture is still deciding the work program needed to reach drilling.
10 Feb 2016farm in farm out completion▲ GoodMajor
WA regulator approves transfer of title and operatorship of EP416/480 to Pilot, which now holds 60% and operates, with Empire on 40%. Completes the farm-in signed 2 Sept 2015. Pilot is still interpreting the airborne survey.
4 Feb 2016other● Neutral
Patersons Securities has started broker research coverage of Pilot. No financial or project information is in the announcement itself.
20 Jan 2016annual report● Neutral
Annual report for the year to 30 September 2015 dispatched to shareholders. The chairman restates the Alaska settlement, five new permits and overhead cuts of more than $500,000 a year. Repeats the 11 December lodgement; no new information.
22 Dec 2015material agreement▲ GoodMajor
Pilot pays TGS-NOPEC US$250,000 now for a US$37,500 discount and defers the remaining WA-507-P seismic licence fee from 18 Feb to 31 Dec 2016, leaving US$912,500. This eases the February 2016 payment pressure and gives time to find a farm-in partner; early interest reported.
11 Dec 2015annual report● Neutral
Appendix 4G lodged with the annual report, saying the corporate governance statement (annual report pages 31 to 37) is current at 30 September 2015 and board-approved. Administrative filing with no new company information.
11 Dec 2015annual report● Neutral
Annual report for the year to 30 September 2015, lodged by the managing director. The chairman reports the Alaska dispute settled and five new permits added, with overheads cut by more than $500,000 a year. Financial statements are not in the excerpt.
10 Dec 2015asset acquisition disposition▲ Good
Receives about A$480,000 (US$350,000) from Royale after its Western Block sale, on top of the US$150,000 already received. Cash and receivables are about $1,000,000. Completes the Alaska settlement payments.
19 Nov 2015investor presentation● Neutral
Operational review for the year to 30 September 2015, recapping milestones: Alaska exit, debt free, and five new permits in twelve months. Restates known facts. Contains no new results.
11 Nov 2015joint venture update▲ Good
Royale announces sale of its 100% Western Block interest to an undisclosed third party. This triggers the US$350,000 payment owed to Pilot under the settlement, with timing of funds to be updated.
4 Nov 2015asset acquisition disposition▲ GoodMajor
Pilot agrees to buy a 13.058% non-operated interest in northern Perth Basin permit EP437 from Caracal for $15,000, 20m shares and 20m options (exercise $0.002). Subject to WA government approval; partners are Key Petroleum (operator) and Rey Resources, each 43.471%. Pilot's fourth acquisition in under a year.
28 Oct 2015asset acquisition disposition▲ Good
Royale settlement closes and Pilot receives the US$150,000 initial payment. A further US$350,000 remains payable on a sale, a well or by 31 Dec 2016. Completes the 28 September deal.
20 Oct 2015resource reserve update▲ GoodMajor
Gaffney Cline estimates WA-507-P prospective oil: best cases of 764, 381 and 436 MMbbl across three leads, with Dalia Updip up to 1,743 MMbbl in the high case. GCA sees a 70% chance of gas versus 30% oil, and chances of success of 16-18%. Adds an oil case to the earlier gas estimates.
30 Sept 2015other● Neutral
Chairman's letter reviews the Royale settlement and the three new WA projects, and says the Alaska farm-in left Pilot no control over spend. Says WA-503-P prospects are 10-40 MMbbl (best case, company estimate). Restates known points, with no new transaction.
28 Sept 2015asset acquisition disposition▲ GoodMajor
Settles the Royale dispute: all claims dismissed and Pilot assigns its 30% Alaska Western Block interest for up to US$500,000 (US$150,000 at closing, US$350,000 on a sale, a well or 31 Dec 2016). Ends the long-running litigation and Pilot's exit from Alaska.
3 Sept 2015investor presentation● Neutral
Good Oil Conference presentation restating strategy and the WA-507-P, WA-503-P and EP416/480 portfolio. Cash about A$950,000, no debt, 1.585bn shares. Repeats known facts and carries no new results.
2 Sept 2015farm in farm out agreement▲ GoodMajor
Pilot agrees to earn 60% and operatorship of onshore Perth Basin permits EP416 and EP480 from Empire, paying $150,000 now and $300,000 later, plus Empire's non-seismic, non-drilling costs for 24 months. Company-estimated best-case gas is 130 Bcf (Sue) and 140 Bcf (Lesueur). This is the promised onshore acquisition.
1 Sept 2015farm in farm out agreement● Neutral
Empire Oil & Gas announces that Pilot will earn 60% of South Perth Basin permits EP 416 and EP 480 and become operator. Pilot pays $450,000 in two instalments; Empire keeps 40% and is free-carried for two years. Pilot's own announcement follows the next day.
31 Aug 2015other● Neutral
Announces its new corporate website is online. Administrative notice with no substance for the business.
