Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Apr 2023quarterly activities report● Neutral
March 2023 quarter: Cliff Head produced 51,901 barrels (100%) and Pilot's 21.25% share posted a $257k gross loss. The CH-10 workover is due to restart in May, expected to add over 100 barrels a day. The Svante MoU and $1.7m placement are recapped.
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.
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.
30 Jan 2023quarterly activities report● Neutral
In the December 2022 quarter Cliff Head produced 59,108 barrels (100%), and Pilot's 21.25% share made a $49k gross loss. The CH-10 workover remained suspended pending long-lead equipment, with the well expected back on stream next quarter. The $2.0m placement, 8 Rivers deal and NOPTA application were recapped.
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.
12 Dec 2022agm notice● Neutral
Pilot will hold its 2023 AGM on 10 February 2023; director nominations close 21 December 2022. Administrative notice only; the notice of meeting follows.
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 2022quarterly activities report● Neutral
September 2022 quarter: Pilot's share of Cliff Head gross profit was $219k, down from $1.97m in the June quarter that included the stored Kwinana oil sale. Three tanker loads were completed. The consortium study and Triangle restructure deed are recapped.
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.
