Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2023resource reserve update▲ GoodMajor
Pilot's internal review identified a gas fairway in its 100%-owned WA-481-P, including the Leander Complex with 450 Bcf prospective gas, which it says could supply over 10 years of ammonia production. A 3D seismic survey is planned for Q1 2024, with a farm-out under way to fund it.
6 Feb 2023production update▲ Good
Payment of about A$5.7m was received for the second oil delivery to Thailand, of which Pilot's share is about A$1.2m. A tanker with 51,100 barrels sailed for Thailand, with payment expected in March. Export route continues to run routinely.
20 Dec 2022production update▲ Good
The AB Paloma delivered 52,900 barrels to a Thai refinery, with payment due February 2023, and a fifth load-out of about 25,500 barrels was completed. This further confirms the Geraldton export route Pilot's 21.25% depends on.
19 Dec 2022other● Neutral
Annual corporate governance statement against ASX principles for FY2022. Administrative disclosure; the visible text notes no measurable gender diversity objectives were set, citing the company's small size. No new business information.
19 Dec 2022annual report● Neutral
Annual report for year to 30 Sept 2022. The chairman's letter recaps the Triangle restructure to Pilot 60%, 8 Rivers arrangements, the NOPTA application and the CO2 storage upgrade to 9.7 Mt. Financial figures not visible in the truncated text.
30 Nov 2022capital raising announcement● NeutralMajor
Pilot raised $2.0m via a placement of 133.3m shares at $0.015 (12% discount), with 1 option per 2 shares at $0.033. Directors are participating, subject to AGM approval. Pilot says this funds Cliff Head CCS regulatory approval and hydrogen pre-FEED. Declaration application lodged 29 Nov.
What it means for a shareholder
133m new shares at A$0.015 to raise about A$2.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.0102% to 0.0085% of the company. To keep it you'd need 13,658 more shares - about A$205 at the issue price.
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30 Nov 2022resource reserve update▲ GoodMajor
Cliff Head's 2C contingent CO2 storage resource was raised about 50% from 6.4 to 9.7 Mt (100% basis), enough for about 15 years at 665,000 tpa. The NOPTA storage declaration application has been lodged. Capex is expected within the earlier $110m guidance.
15 Nov 2022material agreement▲ GoodMajor
Pilot signed definitive agreements with 8 Rivers, which invested A$500,000 for 29.4m shares plus options, and gets an ammonia offtake option on 50% of production (up to 250,000 tpa). Pilot also hired a development director and owners engineer, appointed an ammonia marketer, and expects to lodge the NOPTA application shortly.
14 Nov 2022production update● Neutral
A fourth load of 26,500 barrels went onto the AB Paloma, which left Geraldton with 53,000 barrels for an Asian refinery. The Cliff Head JV says the export route is established and it is now working to cut operating costs.
31 Oct 2022admin correction● Neutral
Boardroom, Pilot's share registry, notified a change of its Sydney address from 1 November 2022. Administrative notice with no information on Pilot's business.
6 Oct 2022farm in farm out agreement● Neutral
Duplicate release of the 6 October joint announcement formalising the Cliff Head restructure: Pilot to hold 60% and operate, Triangle 40%, conditional on NOPTA's storage declaration. Triangle pays Pilot $1m on injection licence grant. No new content.
6 Oct 2022farm in farm out agreement▲ GoodMajor
Pilot and Triangle signed the sale and purchase deed formalising the Cliff Head restructure, replacing the April term sheet. After NOPTA's storage declaration, Pilot would hold 60% (up from the 57.5% in the term sheet) and operate; Triangle 40%, paying Pilot $1m on injection licence grant. Triangle can withdraw, leaving Pilot with 100%.
4 Oct 2022production update▲ Good
The Cliff Head tanker returned from Thailand after selling 50,756 barrels for US$4.6m (about A$6.8m, Pilot about A$1.4m). A third load of 26,500 barrels was put on the tanker. This confirms the Geraldton export route is paying.
23 Sept 2022listing compliance notice● Neutral
Pilot replied to an ASX query dated 16 September on its CCS cash flow claims. It explained the Stage 1 estimate of $50-60m net cash flow by 2029 (1.1 Mtpa at $54/t less $9m operating costs gives $50.4m), and pointed to existing risk disclosures. Reply truncated; Stage 2 part not visible.
19 Sept 2022joint venture update● Neutral
Warrego's release of the same news: the consortium with Pilot and APA completed the Mid-West blue hydrogen and CCS feasibility study and extended its arrangements. It adds no new Pilot figures or commitments. Duplicate of Pilot's own announcement.
19 Sept 2022joint venture update▲ GoodMajor
The Mid West consortium of Pilot, APA Group and Warrego completed its feasibility study on blue hydrogen and CCS, confirming the region is suitable. It extended its arrangements to evaluate the findings and consider commercial options. No decision to proceed has been made. This resolves the South West-style study thread.
16 Sept 2022investor presentation● Neutral
Brad Lingo presented on the Cliff Head CCS project at the Australian CCUS Conference in Melbourne. The text shown is a cover note and disclaimers, with no new figures visible before truncation.
16 Sept 2022investor presentation● Neutral
Notice of a CCS 101 webinar on 21 September 2022 with consultants Genesis and CO2Tech, followed by Q&A with Brad Lingo. Educational and administrative, with no new project information.
7 Sept 2022investor presentation● Neutral
Brad Lingo presented on the Mid West Clean Energy Project through Cliff Head CCS at the Good Oil & Gas conference. The text shown is mostly disclaimers, with no new information visible.
19 Aug 2022investor presentation● Neutral
Chairman's presentation for the 19 August 2022 general meeting. The text shown is only disclaimers and ASX feasibility-study conditions, with no new figures visible before truncation.
17 Aug 2022production update▲ Good
The Cliff Head JV loaded a second 26,500 bbl onto the AB Paloma, making a cargo of about 51,000 bbl bound for a Thailand refinery. This confirms the Geraldton export route works, and the JV continues to work on Cliff Head's CCS future.
15 Aug 2022price query● Neutral
Pilot told ASX it knows of no undisclosed information explaining the rise from $0.017 to $0.023 and the higher volume on 12 August. It pointed to clean-energy sector activity and media coverage, and confirmed Listing Rule compliance.
12 Aug 2022other● Neutral
ASX paused trading in Pilot shares pending a further announcement, following a price query. Administrative step with no information on its own.
14 July 2022production update▲ GoodMajor
The Cliff Head JV loaded its first 24,500 bbl of oil at Port of Geraldton onto a chartered tanker, the new export route after BP Kwinana ended. The CH-10 workover resumes late July when the pump arrives, with higher output expected in late August.
11 July 2022capital raising announcement● NeutralMajor
Pilot raised $2.2m via a placement of 129.4m shares at $0.017, a 17.1% discount to the last close, with one free option per two shares (exercise $0.033, three years). $1.67m comes in tranche 1; the rest needs shareholder approval on about 19 August. It funds CCS milestones towards a final investment decision.
What it means for a shareholder
129m new shares at A$0.017 to raise about A$2.2m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (58,824 at the issue price), your slice goes from 0.0117% to 0.00929% of the company. To keep it you'd need 15,105 more shares - about A$257 at the issue price.
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4 July 2022investor presentation● Neutral
Notice of an investor webinar on 5 July 2022 on the Mid West Clean Energy Project, presented by Chairman Brad Lingo. Administrative notice with no new information.
30 June 2022material agreement▲ GoodMajor
Pilot signed a non-binding MOU with 8 Rivers Capital for A$1m of support (half cash, half in-kind) for the Mid West Clean Energy Project's Stage 2 and 3 engineering. 8 Rivers gets an option on up to 172,500 tpa of ammonia offtake. Definitive agreements and further due diligence are still needed.
10 June 2022investor presentation● Neutral
Recording of the 8 June 2022 investor webinar on Stage 1 Cliff Head CCS is now available online. Administrative notice with no new information.
9 June 2022half year report● Neutral
Half-year to 31 March 2022: loss of $812,379 (prior year $1,988,358), net cash outflow $3.02m, working capital surplus $2.65m (down from $5.45m at September 2021). Mostly recaps announced events such as the WA-481-P 100% approval and the Cliff Head restructure.
9 June 2022drilling progress report▲ Good
Workover began on 9 June 2022 on CH-10, shut in since September 2021 after a pump electrical fault. It is expected to add about 130 bopd and lift field output above 800 bopd. This starts the remedy for the open shut-in issue.
