Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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).
31 Oct 2016quarterly activities report● Neutral
September quarter report: Wye Knot oil prospect selected for EP437 drilling, with timing still subject to partner and landowner discussions. EP416 renewed and farm-in completed. RISC is verifying an upgraded Leschenault estimate due mid-November. WA-481-P transfer approved. Mostly known facts.
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 2016quarterly activities report● Neutral
June quarter report recaps the completed A$3.6m cornerstone raising, board changes, the WA-481-P acquisition, the BDO and RISC valuations, the final WA-507-P fee payment and EP480 work program variation approval. Mostly known facts.
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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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.
29 Apr 2016quarterly activities report● Neutral
March quarter report recaps the A$3.6m cornerstone raising (Tranche 1 done 26 April; Tranche 2 expected June), the WA-503-P assessment and the EP416/480 and EP437 title approvals. States the funds cover all firm commitments. Mostly known facts.
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.
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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.
