Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2016agm notice● Neutral
All six AGM resolutions passed on a show of hands, including re-election of McGoldrick and Harper, the 10% placement capacity and appointment of an auditor. Routine meeting outcome.
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.
21 Jan 2016quarterly activities report● Neutral
December quarter: the full US$500,000 Alaska settlement was received and the Alaskan subsidiary is to be dissolved. WA-507-P seismic payment was deferred and the EP437 acquisition awaits government approval. Recaps events already announced; WA-507-P farm-out marketing has drawn early interest.
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.
29 Oct 2015quarterly activities report● Neutral
September quarter: Royale settled, ACES debt repaid, WA-503-P variation approved, and EP416/480 farm-in signed. WA-507-P oil estimate was announced after quarter end, and a WA-503-P resource estimate has been commissioned. Summarises events already announced.
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.
27 Aug 2015regulatory community update▲ GoodMajor
NOPTA approves the WA-503-P work program variation, giving Pilot until 12 May 2017 to complete the 3D seismic and study commitments. Removes the compliance risk flagged earlier; an independent resource estimate of three oil prospects is being commissioned.
26 Aug 2015debt financing▲ GoodMajor
Receives the final US$3.7m NOL credit from Alaska and uses it to clear the ACES facility, so the company and its subsidiaries are now debt free. Resolves the open Melody debt thread.
13 Aug 2015other● Neutral
Rampart Energy confirms its change of name to Pilot Energy Limited, following the 6 August general meeting, with the ASX code changing to PGY from 14 August 2015.
6 Aug 2015investor presentation● Neutral
General meeting presentation: 1.585bn shares, cash and receivables of A$950,000, ACES debt of US$3.5m due to be repaid from the remaining credit. Board expects to announce a new acquisition within weeks, ideally onshore. Alaska settlement still sought.
21 July 2015quarterly activities report● Neutral
June quarter: WA-503-P transfer approved, US$3.1m Alaska credit received, rights issue raised $1.06m, and new management installed. Royale mediation failed and litigation resumed. WA-503-P work-program variation sought from NOPTA.
16 July 2015regulatory community update▲ GoodMajor
Receives the US$3.1m Alaska exploration tax credit and uses it to repay the ACES debt, leaving a net US$92,380. The US$3.7m NOL credit is expected to follow in coming months. First of the expected Alaska reimbursements arrives.
