1 Mar 2024security holder rights change● Neutral
Pilot lodged a prospectus for up to 10,000 new options ($0.033, expiring 25 August 2025). Its purpose is to let existing options trade freely, not to raise capital.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2024other● Neutral
Top 20 holders of the $0.033 options as at 29 February 2024, together holding about 61% of the 154,958,330 options. The largest is HSBC Custody Nominees at 6.36%. Data schedule only.
1 Mar 2024other● Neutral
Holder distribution for the $0.033 options expiring August 2025: 154,958,330 options held by 124 holders, with 115 holders owning nearly all of them. Data schedule only.
1 Mar 2024security holder rights change● Neutral
Pilot lodged the prospectus to qualify 154,958,330 existing $0.033 options for ASX trading, at investor request, and applied for quotation, expected from 4 March 2024. It is not a capital raising.
27 Feb 2024capital raising announcement▲ GoodMajor
The $3.5m convertible notes completed on 19 February 2024, with the remaining $2.5m received after shareholders overwhelmingly approved them at the 6 February AGM. Pilot also received a $1.3m R&D tax refund on 23 February. Funds go to pre-FEED work and working capital.
6 Feb 2024investor presentation● Neutral
AGM investor briefing restating the Mid West Clean Energy Project aim of 1.2 million tpa of clean ammonia for export by 2028, built on Cliff Head CO2 storage. Presentation repeats known facts; the visible text shows no new results.
22 Dec 2023production update▼ Bad
Cliff Head output is reduced after annual integrity testing: CH-6 and CH-13 are back at about 250 bopd, CH-12 should add about 200 bopd by end January, and CH-7 has a valve fault. Triangle's sale of its share to Pilot is stated at $15m, with work 'well advanced'.
19 Dec 2023other● Neutral
Annual corporate governance statement and Appendix 4G for FY2023, reporting against ASX's 4th edition principles. It notes no formal measurable gender diversity objectives were set, citing the company's small size. Compliance paperwork only.
18 Dec 2023annual report● Neutral
Annual report for the year to 30 September 2023 presents the Mid West Clean Energy Project as the flagship, moving from feasibility to development, with the Samsung C&T MOU and the Triangle Cliff Head purchase recapped. Financial figures were not visible in the text provided.
15 Dec 2023capital raising announcement● NeutralMajor
Pilot signed binding convertible note agreements for $3.5m with a syndicate led by Discovery Investments (Greg Columbus): $1.0m paid early and a $2.5m note, with issue conditional on the 6 February 2024 AGM. It follows the $3.0m note from May 2023. Conversion terms not visible.
16 Nov 2023regulatory community update▲ Good
Commonwealth Parliament passed amendments to the Sea Dumping Act, which Pilot says give Cliff Head CCS a clear pathway to obtain the sea dumping permits it needs. The NOPTA declaration and injection licence are still required.
8 Nov 2023listing compliance notice● Neutral
Pilot answered ASX's 'aware' query on the capital raise, saying it first learned of investor interest on 2 November after market close and judged it too incomplete to disclose earlier. It confirmed compliance with Listing Rule 3.1. This follows the earlier price query.
6 Nov 2023capital raising announcement● NeutralMajor
Pilot raised $2.424m via a placement of 121.2m shares at $0.02, with one option per four shares (30.3m, $0.033, expiring Aug 2025). Directors participate, subject to approval. It funds the Mid West project pre-FEED and working capital. Text cites a 4.8% discount to a $0.21 close, which looks inconsistent.
What it means for a shareholder
121m new shares at A$0.020 to raise about A$2.4m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00482% to 0.00431% of the company. To keep it you'd need 5,841 more shares - about A$117 at the issue price.
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1 Nov 2023price query● Neutral
ASX queried a fall from $0.03 to $0.023 and heavy volume on 1 November. Pilot said it knew of no undisclosed information, had no other explanation, and was complying with Listing Rule 3.1. A capital raise followed days later.
31 Oct 2023material agreement▲ GoodMajor
Pilot signed a non-binding, conditional MOU with Samsung C&T, which would take a 20% interest in the Mid West Clean Energy Project and act as EPC contractor for ammonia. About $67m would be paid to Pilot at financial close, subject to conditions including NOPTA's declaration.
1 Sept 2023admin correction▼ BadMajor
After talks with ASIC, Pilot withdrew the $2.625m revenue potential figure from its March 2022 Mid West feasibility announcement, because it relied on prospective resources. Investors should not rely on it. Figure 1 was restated with annual CCS revenue context.
1 Sept 2023admin correction● Neutral
Re-release of the same retraction because the earlier version had missing text. The added wording says the restated annual revenue also includes revenue from CO2 by-product of blue hydrogen. No other change.
31 July 2023quarterly activities report● NeutralMajor
June 2023 quarter: Cliff Head produced 53,386 barrels (100%); Pilot's share gross loss was $439k. Pilot revised its deal with Triangle to buy the remaining 78.75% of Cliff Head, replacing the 60% plan, with completion expected early 2024. A $3.0m convertible note was received.
27 July 2023asset acquisition disposition▲ GoodMajor
Pilot agreed to buy Triangle's remaining 78.75% of Cliff Head, replacing the earlier plan to reach 60%. Consideration is about $15m: $3.0m on the NOPTA storage declaration, $4.5m on the injection licence, and up to $7.5m royalties. Completion is expected early 2024, conditional on the declaration and abandonment security.
27 July 2023asset acquisition disposition● Neutral
Duplicate of the joint announcement: Pilot to acquire Triangle's 78.75% of Cliff Head for about $15m ($3.0m, $4.5m and up to $7.5m royalties). Completion needs the NOPTA storage declaration and abandonment security. Nothing new beyond the previous entry.
20 June 2023other▲ Good
Pilot received a $1.1m cash refund under the federal R&D Tax Incentive for FY22 work on the Mid West Clean Energy Project. It is non-dilutive cash that the company says will fund further project development.
15 June 2023material agreement● Neutral
Pilot signed a 3-year MoU with Knutsen NYK Carbon Carriers for shipping CO2 to Cliff Head, complementing the Svante capture MoU. It again targets about 8 Mtpa from Kwinana. Each party bears its own costs; no binding commitment or funding.
9 June 2023material agreement● Neutral
Pilot signed a non-binding MoU with Australian capture-technology firm KC8, targeting about 1 Mtpa of Mid West emissions near Cliff Head. It adds to the Svante MoU as another potential customer route. No financial terms or binding commitments stated.
8 June 2023half year report▼ Bad
Half-year to 31 March 2023: loss of $2.68m (versus $0.81m a year earlier), and a working capital deficit of $150,889 compared with a $683,369 surplus at September 2022. Net cash outflow was $1.24m. There were 805.9m shares on issue.
6 June 2023investor presentation● Neutral
Pilot presented the Cliff Head CCS project to an Austrade Japan-Korea CCUS business delegation in Melbourne. The attached presentation is an overview of the known project; no new results, funding or partners are announced.
4 May 2023capital raising announcement● NeutralMajor
Pilot signed a binding $3.0m convertible note with a syndicate led by Greg Columbus, with a 12% coupon, $0.02 conversion price, 24-month term, unsecured. It needed shareholder approval, and funds were for CCS FEED, pre-FEED work and working capital.
21 Apr 2023material agreement● Neutral
Re-release of the 19 April Svante MoU announcement, amended to add ASX-requested detail. The MoU runs one year from 10 April 2023. It targets about 8 Mtpa of Kwinana emissions, with Cliff Head potentially serving 15-25% of that. No financial commitments stated.
19 Apr 2023material agreement▲ Good
Pilot signed a non-binding MoU with Canadian firm Svante to offer combined carbon capture, transport and storage at Cliff Head. They initially target about 8 Mtpa of emissions in the Kwinana industrial area, with Cliff Head potentially serving 15-25% of that. No financial commitments stated.
17 Apr 2023capital raising announcement▼ BadMajor
Pilot raised $1.7m via a placement of 170m shares at $0.01, with 1 option per 2 shares at $0.02 expiring April 2026. This is below the $0.015 price of the December raise. Funds go to CCS FEED, pre-FEED and working capital; directors and management participating.
What it means for a shareholder
170m new shares at A$0.010 to raise about A$1.7m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0126% to 0.0104% of the company. To keep it you'd need 21,403 more shares - about A$214 at the issue price.
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12 Apr 2023regulatory community update● Neutral
Status update on the Mid West Clean Energy Project: the NOPTA declaration is still being engaged on, CCS FEED entry is targeted for mid 2023 and partner expressions of interest are ongoing. Pilot points to new Safeguard Mechanism reforms as a CCS demand driver. No partner or funding secured yet.