Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 July 2017quarterly activities report● Neutral
June quarter report recaps the completed $720,000 raising (15 cents post-consolidation), the BDO valuation of 30 cents per share, the WA-481-P commitment-well removal and the WA-503-P extension. The Leschenault survey results are now expected in Q4 2017, later than the Q3 previously guided. Text truncated.
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.
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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.
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.
28 Apr 2017quarterly activities report● Neutral
March quarter report recaps the $720,000 placement, WA-481-P resources of up to 436 MMBOE and the $708,846 R&D receipt. Wye Knot-1 is now expected in Q3 2017, and the Leschenault survey awaits environmental plan approval, with results expected in Q3. Mostly known facts.
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.
Create a free account to see this worked out for your own holding.
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 2017agm notice● Neutral
All four AGM resolutions pass, including the remuneration report, re-election of Wong and Xue, and the 10% placement capacity. This resolves the 28 February meeting thread. Administrative.
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.
27 Jan 2017agm notice● Neutral
Annual report and notice of AGM dispatched, with the meeting set for 28 February 2017. Resolutions cover the remuneration report, re-election of directors Wong and Xue, and a 10% placement capacity. Administrative.
25 Jan 2017quarterly activities report● Neutral
Quarterly report recapping Leschenault's 1.6 Tcf potential, the EP416 renewal, EP480 variation, A$65m WA-481-P tax credits and Wye Knot-1 planned for 2017. Geochemical survey results are expected early Q3 2017; WA-481-P resource estimate now due early February. Mostly known facts.
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.
