Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 July 2022quarterly activities report▲ Good
June 2022 quarter: Cliff Head sold oil for $21.3m (Pilot share $4.5m), giving Pilot a gross profit of $1.97m versus $17k the prior quarter. This reflects the stored Kwinana oil sale. Also recaps the 8 Rivers MOU and the July placement.
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.
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.
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.
29 Apr 2022quarterly activities report● Neutral
March 2022 quarter: Cliff Head produced 58,317 bbls (648 bopd, 100% basis), with Pilot's share of gross profit only $17k. Post-quarter, the 140,000 bbl sale is expected to bring about A$4m net to Pilot. Mostly restates the WA-481-P approval and Cliff Head restructure.
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.
