Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2024asset acquisition disposition● NeutralMajor
Revised Cliff Head sale: Triangle to receive up to $16m ($4.5m for Arrowsmith assets by 31 Dec 2024, $4.0m on injection licence, up to $7.5m royalties). Cliff Head oil production enters a non-production phase from August 2024. Arrowsmith completion depends on Pilot having funding in place.
17 July 2024material agreement▲ GoodMajor
A Korean consortium of power and energy companies has formed to review equity in the Mid West Clean Energy Project and seek ammonia offtake. It will do due diligence and negotiate a Joint Development Agreement; nothing is binding yet.
1 July 2024resource reserve update▲ GoodMajor
Cliff Head 2C contingent CO2 storage resource rises 370% from 9.7 Mt to 45.6 Mt (100% basis), now Development Pending. A new Illawong lead adds a 50.4 Mt prospective resource. Pilot will seek to amend the Declaration for the larger volumes.
28 June 2024asset acquisition disposition▼ Bad
Triangle says it is discussing extending the completion date of the Cliff Head sale to Pilot beyond 30 June 2024, so the deed can be modified to meet NOPTA's requirements. The mid-2024 completion target now looks set to slip.
17 June 2024capital raising announcement▲ GoodMajor
Pilot raised $4.0m through a placement of 181.8m shares at $0.022, a 22% premium to the last close, with one free $0.033 option per four shares. Funds go to closing out pre-FEED, Cliff Head operations and working capital. Whairo Capital led it.
What it means for a shareholder
182m new shares at A$0.022 to raise about A$4.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (45,455 at the issue price), your slice goes from 0.00382% to 0.00332% of the company. To keep it you'd need 6,949 more shares - about A$153 at the issue price.
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17 June 2024listing compliance notice● Neutral
ASX notice that Pilot's trading suspension will lift immediately after the capital raising announcement. Administrative; no new information.
14 June 2024half year report● Neutral
Half-year to 31 March 2024: loss of $1,869,671 (prior period $2,681,994), working capital surplus $643,027, and 1,189,174,986 shares on issue. Risk section flags additional funding needs and going-concern risk if funding is not obtained (text truncated).
14 June 2024regulatory community update▲ GoodMajor
The Minister approved the Declaration of Greenhouse Gas Storage Formation over WA 31-L, with 13.4 Mt storage capacity. Applied for in Nov 2022, it is the key condition for the Triangle purchase and other MWCEP agreements; injection licence and environmental approvals are still needed.
14 June 2024listing compliance notice● NeutralMajor
At Pilot's request, trading is suspended pending a capital raising managed by Whairo Capital, which also led the November 2023 placement. Suspension runs until an announcement or trading resumes on 17 June 2024. Raise size and price are not yet stated.
14 June 2024asset acquisition disposition▲ Good
Triangle says the Declaration satisfies a key condition of its sale of 78.75% of Cliff Head to Pilot. Triangle would get up to $15m: $3.0m cash, $4.5m cash on injection licence, up to $7.5m royalties. Transfer still needs regulator approval.
12 June 2024listing compliance notice● Neutral
ASX paused trading in Pilot's securities pending a further announcement. No reason is given in the notice.
30 Apr 2024quarterly activities report▼ Bad
March 2024 quarter: Cliff Head produced 37,092 barrels (100%), Pilot's share gross loss $530k. CH-7 is still shut in. WA-481-P's 3D seismic environmental plan is with NOPSEMA, and a farm-out continues.
17 Apr 2024director officer appointment● NeutralMajor
Pilot will move its head office from Sydney to Perth and recruit a Perth-based COO and CFO. Brad Lingo becomes Executive Chairman and Managing Director; Tony Strasser leaves the board to become Head of Corporate. Pre-FEED is due in May 2024 and Triangle completion targeted mid-2024.
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.
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.
30 Jan 2024quarterly activities report● Neutral
December 2023 quarter: Cliff Head produced 46,555 barrels (100%), Pilot's share gross loss $283k. The Cliff Head CCS declaration application is now with the Minister for decision. Triangle purchase completion is now expected by June 2024, conditional on the declaration and sufficient financial security. A Capture6 MOU was signed.
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.
6 Dec 2023agm notice● Neutral
Pilot will hold its 2024 AGM on 6 February 2024; director nominations close 13 December 2023. Administrative notice only.
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 2023quarterly activities report▼ Bad
September 2023 quarter: Cliff Head produced 50,148 barrels (100%); Pilot's share shows a $65k gross figure. The CH-10 workover was abandoned after a bridge plug could not be recovered and the well suspended, ending that expected production boost. The Samsung MOU is recapped.
