8 June 2022investor presentation● Neutral
June 2022 corporate presentation on the Mid West Clean Energy Project. The text shown is only disclaimers and ASX conditions; it appears to repeat the earlier Stage 1 update with no new information visible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 June 2022production update▲ GoodMajor
The Cliff Head JV sold its stored Kwinana oil to BP Singapore on 8 May: 139,992 bbls at US$105.2, totalling A$21.3m. Pilot's allocation is A$4.53m. Production is now stored at Arrowsmith. This completes the last BP Kwinana lifting.
7 June 2022resource reserve update▲ GoodMajor
Studies estimate Cliff Head CCS at a gross pre-tax NPV of about $110-210m and IRR of 30-40%. Capacity is up to 16 Mt, with injection up to 1.1 Mtpa. Initial conversion capex is $110m by mid-2025, so funding remains a question. Existing wells and facilities suit conversion.
6 June 2022investor presentation● Neutral
Notice of an investor webinar on 8 June 2022 presented by Chairman Brad Lingo on Stage 1 CCS. Administrative notice with no new information.
19 May 2022regulatory community update● Neutral
Pilot has started the Mid West Clean Energy project, engaging consultants for approvals, land access, carbon credits and financing. Stage 1 is Cliff Head CCS, then blue hydrogen and ammonia. The CCS injection licence and final investment decision are both expected by late 2023.
26 Apr 2022farm in farm out agreement▲ GoodMajor
Pilot and Triangle signed a binding term sheet to restructure Cliff Head so Pilot holds a direct 57.5% and Triangle 42.5%, with Pilot becoming operator. It is conditional on NOPTA declaring a greenhouse gas storage formation. CCS injection of at least 500,000 tpa is targeted by 2025.
19 Apr 2022joint venture update▲ GoodMajor
The Cliff Head JV will spend A$2.35m refurbishing two Arrowsmith oil tanks (30,000 bbl total) and export via Port of Geraldton from May. This answers the open question on offtake after BP Kwinana closed. About 140,000 bbl stored at Kwinana will be sold, about US$14m net to the JV.
4 Apr 2022farm in farm out completion▲ GoodMajor
NOPTA gave final approval for Pilot's purchase of Key Petroleum's 40% of WA-481-P, making Pilot 100% owner and operator. It lists CCS storage estimates (WA-481-P 2C contingent 4.4 Mt, best prospective 80.4 Mt) and plans a retention licence over the Frankland gas discovery.
29 Mar 2022investor presentation● Neutral
Presentation of the completed Mid West clean energy feasibility results, repeating the 28 March 2022 announcement. The text shown is mostly disclaimers and the ASX reporting conditions, with no new figures visible before truncation.
28 Mar 2022investor presentation● Neutral
Notice of an investor webinar on 29 March 2022, presented by Chairman Brad Lingo, covering the completed Mid West feasibility studies. Administrative notice with no new information.
28 Mar 2022investor presentation▲ GoodMajor
Pilot says its Mid West renewables, hydrogen technology and WA-481-P CCS studies are complete and show viable, globally competitive clean hydrogen. It plans permitting and front-end design for a staged CCS and blue hydrogen project, aiming for first-stage operation by 2025. It does not commit Pilot beyond feasibility. The Cliff Head CCS study is due in weeks.
28 Feb 2022investor presentation● Neutral
AGM presentation on the clean energy strategy. It lists 504.4m shares, a share price of about $0.056, a market capitalisation of about $28m and about 3.8m boe of reserves and resources. Largely repeats known facts.
2 Feb 2022material agreement termination▼ BadMajor
Pilot terminated the WA-481-P sale to Triangle after NOPTA signalled it would refuse the transfer and the cut-off date passed. Pilot keeps 100% and operatorship of WA-481-P and 100% of the Cliff Head wind and solar project, ending the $300k and free-carry deal. Feasibility results are expected within eight weeks.
21 Jan 2022regulatory community update▼ Bad
Triangle reports that on 4 January 2022 NOPTA said it intended to refuse the WA-481-P transfer. The two companies have until 4 March 2022 to make submissions, and Triangle says the agreement stays in place with no timing forecast. This is a setback for the pending sale to Triangle.
24 Dec 2021regulatory community update● Neutral
The WA-481-P sale to Triangle (78.75%, $300k cash plus free carry) is still awaiting NOPTA approval. To protect permit compliance, Pilot is progressing the work program itself, including 2D seismic reprocessing, and expects reimbursement if the transfer is approved.
17 Dec 2021other● Neutral
Appendix 4G and 2021 Corporate Governance Statement, reporting against ASX governance recommendations. It notes partial compliance on gender diversity objectives and board evaluation. Compliance paperwork with no new business information.
17 Dec 2021annual report● Neutral
Annual report for the year to 30 September 2021. The chairman's letter recaps the shift to an energy-transition strategy, the Royal Energy acquisition (Cliff Head exposure) completed 1 June 2021, the capital raisings and the APA/Warrego consortium. Mostly repeats known events; the text shown is truncated.
10 Dec 2021director officer appointment● Neutral
Joint company secretary Sally McDow resigned effective 10 December 2021. Cate Friedlander remains as sole company secretary. Administrative change only.
29 Nov 2021material agreement termination▼ BadMajor
BP Kwinana will not extend the storage agreement beyond 22 April 2022, so the BP Singapore offtake signed in October also ends after the April 2022 lifting. The joint venture is seeking alternatives. US$8.1m from the first lifting has been received.
10 Nov 2021other▲ Good
The Cliff Head joint venture (Pilot 21.25%) cut its estimated decommissioning cost to A$28.7m (100% basis) from A$39.5m, mainly by using a hydraulic workover unit instead of a jack-up rig. Net cost after the 40% PRRT benefit is about A$17.2m, if PRRT conditions are met.
8 Nov 2021investor presentation● Neutral
November 2021 investor presentation on Pilot's clean energy strategy. It lists 501.6m shares, about $0.06 share price, about $30m market capitalisation and about 3.8m boe of reserves and contingent resources. Largely repeats known facts.
4 Nov 2021investor presentation● Neutral
Notice of a shareholder webinar on 8 November 2021, presented by Chairman Brad Lingo, on the new Mid West blue hydrogen consortium with APA and Warrego. Attaches APA and Warrego releases. No new information.
4 Nov 2021joint venture update▲ GoodMajor
Pilot formed a consortium with APA Group (infrastructure) and Warrego Energy (gas supply) to jointly fund the Mid West Blue Hydrogen and CCS feasibility study, due Q1 CY2022. Brings in external funding and partners for the study; later joint development steps are set out but not committed.
4 Nov 2021joint venture update● Neutral
Warrego Energy announced it has joined a consortium with APA Group and Pilot to jointly fund the Mid West Blue Hydrogen and CCS feasibility study, due to complete in Q1 CY2022. This is Warrego's side of Pilot's consortium announcement.
27 Oct 2021production update▲ Good
Cliff Head completed its first lifting under the BP Singapore offtake: 107,000 bbls on 26 October, with the joint venture to receive about A$10.7m around 25 November. A further A$1.1m is due for 10,900 bbls sold in April. Pilot holds 21.25%.
22 Oct 2021farm in farm out agreement▲ GoodMajor
Pilot signed a binding farm-in with Advanced Energy Transition: AET fully funds a Leschenault gas exploration well to earn up to 50% of any future retention lease or production licence. Drilling targeted by December 2022; best estimate 725 Bcf gross prospective resource. Firms up the earlier indicative deal.
21 Oct 2021contract award● Neutral
Pilot began its South West Carbon Management and Blue Hydrogen feasibility study, with Genesis, Technip Energies and RISC engaged. It runs about six months, forecast to finish in Q1 CY2022, and covers the South West Hub CCS project overlying Pilot's 100% permits.
14 Oct 2021material agreement▲ GoodMajor
Cliff Head joint venture (Pilot 21.25% indirect) signed a binding offtake with BP Singapore for 100% of Cliff Head crude, at a fixed discount to Brent, with first lifting expected October 2021. This resolves the open question of replacing the BP Kwinana offtake.
14 Oct 2021investor presentation● Neutral
Notice that Green Fuel Development's Rowan Logie, adviser on the Mid West renewables study, will present at a Broker Briefing webinar on 19 October 2021. Administrative notice with no new company information.
6 Oct 2021investor presentation● Neutral
Notice that Chairman Brad Lingo will present at a Broker Briefing investor webinar on 7 October 2021. Administrative notice with no new company information.