30 Sept 2021investor presentation● Neutral
September 2021 investor presentation on Pilot's clean energy strategy, repeating the ASX feasibility-study reporting conditions. No new figures or events are evident in the text provided.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2021production update▼ Bad
A downhole electrical fault shut in the CH-10 well at Cliff Head on 28 September. The joint venture expects field output to stabilise near 720 bopd, below the roughly 850 bopd expected after CH-6. Options include a new pump or an updip sidetrack.
16 Sept 2021investor presentation● Neutral
Pilot presented at the Midwest Major Projects conference on its clean energy plans, repeating the ASX feasibility-study reporting conditions. No new figures or events are evident in the text provided.
24 Aug 2021production update▲ Good
Triangle's CH-6 workover at Cliff Head is complete and the well returned to production on 23 August. It is expected to stabilise near 120 bopd, lifting field output to about 850 bopd. This resolves the well shut-in noted earlier; Pilot holds 21.25%.
20 Aug 2021admin correction● Neutral
The offer under the 9 August cleansing prospectus closed, with Appendix 2As lodged for the related share issues. Administrative notice only, with no new substance.
16 Aug 2021regulatory community update▲ Good
WA regulator approved amended work programs for EP416 and EP480, extending near-term deadlines and the EP480 term to 2024. Pilot adds 60km of seismic reprocessing and allocated about $1.2m of the raise. The AET farm-in well will satisfy a well obligation.
12 Aug 2021contract award● Neutral
With trading reinstated, Pilot is starting the Mid West wind and solar feasibility study, with Genesis/Technip Energies, Lautec and Green Fuel Development engaged. Forecast cost is $0.9m through Q2 FY22. Pilot also holds an option on a solar project, with a fee only if it proceeds.
12 Aug 2021contract award● Neutral
Pilot is starting its blue hydrogen and carbon capture feasibility studies, using Genesis/Technip Energies, RISC and 8 Rivers Capital. Three studies total $2.1m forecast cash cost through Q2 FY22; the South West consultants are yet to be finalised.
11 Aug 2021listing compliance notice▲ GoodMajor
ASX will lift Pilot's suspension from the start of trading on 12 August 2021, after the capital raising and confirmation that reinstatement conditions were met. Shares had been suspended since February 2021.
11 Aug 2021admin correction● Neutral
Pilot corrected its records: the 7,575,757 SPP options expiring 18 December 2022 are exercisable at $0.033, not $0.066. The December 2020 ratification vote used the wrong price and is invalid, so the options count against the 15% placement capacity.
11 Aug 2021investor presentation● Neutral
Chairman Brad Lingo took part in a Blue Economy CRC offshore wind panel discussion, with a recording now online. No new company information is stated.
11 Aug 2021capital raising announcement▲ GoodMajor
The $8m placement is complete: 133.3m shares at $0.06, with tranche 2 (120.8m shares) issued 11 August after the 4 August vote. Pilot says ASX reinstatement conditions are met, and the Chapter 11 feasibility-study limits (including $1.2m wind and solar spend) are confirmed.
What it means for a shareholder
133m new shares at A$0.060 to raise about A$8.0m. That's 26% dilution: every existing holder's slice gets 26% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.0044% to 0.00326% of the company. To keep it you'd need 5,871 more shares - about A$352 at the issue price.
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9 Aug 2021capital raising announcement● Neutral
Pilot issued a cleansing prospectus offering 16,666 shares at $0.06 to raise $1,000. Its stated purpose is to lift trading restrictions on shares issued earlier, including the placement and shares issued during suspension. Administrative step toward reinstatement.
What it means for a shareholder
16,666 new shares at A$0.060 to raise about A$1,000. That's 0.0044% dilution: every existing holder's slice gets 0.0044% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.0044% to 0.0044% of the company. To keep it you'd need 1 more shares - about A$0 at the issue price.
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3 Aug 2021investor presentation● Neutral
Chairman Brad Lingo took part in a pre-recorded Stockhead video on the green energy transition, now online. No new company information is stated in the announcement.
14 July 2021farm in farm out agreement▲ GoodMajor
Indicative farm-in agreed: Advanced Energy Transition will fully fund one well on the Leschenault gas prospect in EP416/480 to earn 50%. Best-estimate prospective resource is 725 Bcf gross. Drilling is forecast within 12 months, subject to approvals.
2 July 2021price query● NeutralMajor
Pilot answers ASX's February price query: the undisclosed potential acquisition of a renewable energy project has been terminated. It accepts ASX's conditions, including Chapter 11 compliance if it goes beyond feasibility or spends over $1.2m on wind and solar.
29 June 2021production update▲ Good
Triangle will start the CH-6 workover and CH-11 water injector intervention on 30 June 2021. CH-6 is expected to add about 120 bopd by end July, resolving the long-running well shut-in since June 2020.
28 June 2021capital raising announcement● NeutralMajor
Pilot has firm commitments for an $8m placement of 133.3m shares at $0.06, a 26.8% discount to the $0.082 pre-suspension price. Tranche 2 needs shareholder approval. ASX has signalled intent to reinstate trading, indicatively 11 August.
What it means for a shareholder
133m new shares at A$0.060 to raise about A$8.0m. That's 27% dilution: every existing holder's slice gets 27% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00455% to 0.00334% of the company. To keep it you'd need 6,072 more shares - about A$364 at the issue price.
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11 June 2021half year report● Neutral
Half-year to 31 March 2021: loss of $1.99m and a working capital surplus of $307k, versus a $1.24m deficit at September 2020. Shares remain suspended, and the WA-481-P sale still awaits approvals.
1 June 2021asset acquisition disposition▲ GoodMajor
Royal Energy acquisition completed: Pilot issued 143.9m shares and now holds an indirect 21.25% of Cliff Head. Tony Strasser becomes Managing Director on $350k a year; Brad Lingo stays Executive Chairman; Michael Lonergan leaves the board and becomes Head of Upstream.
28 May 2021investor presentation● Neutral
General meeting presentation repeats known facts: pro forma 365.9m shares after Royal completion, $30.0m notional market cap at $0.082, Royal completion expected 31 May. Pilot has asked ASX to lift suspension on completion; feasibility studies await that.
11 May 2021joint venture update▲ GoodMajor
Triangle and Pilot signed the joint venture agreements for WA-481-P and the Cliff Head Wind & Solar JV (Pilot 80%, Triangle 20%). WA-481-P sale (78.75% to Triangle for $300k plus free carry) now awaits regulatory approvals, including transfer of Key's interest.
11 May 2021joint venture update● Neutral
Pilot's own release of the same WA-481-P and Cliff Head Wind & Solar update issued by Triangle: agreements signed, completion awaiting regulatory approvals. Re-release, no new substance.
23 Apr 2021resource reserve update▼ BadMajor
Independent report puts Cliff Head 2C contingent resources at 272,000 bbls net to Royal Energy, down from reserves booked in October 2020, because BP's Kwinana refinery closure puts the oil export route in doubt. They may return to reserves once new offtake is signed. Pilot holds 1.3 MMbbl oil and 8.8 Bcf gas in WA-481-P.
19 Apr 2021other● Neutral
Voluntary suspension extended to 27 April 2021, still to confer with ASX on the feasibility study condition. No new information.
12 Apr 2021other● Neutral
Voluntary suspension extended to 19 April 2021, still to confer with ASX on the feasibility study condition. No new information.
6 Apr 2021other● Neutral
Voluntary suspension extended to 12 April 2021, to confer with ASX on the feasibility study condition. No new information.
29 Mar 2021other● Neutral
Voluntary suspension extended to 6 April 2021 while Pilot confers with ASX on the Mid West feasibility study reporting condition. No new information.
22 Mar 2021other● Neutral
Suspension extended again, to 29 March 2021, while Pilot confers with ASX on the feasibility study condition. Cate Friedlander is also appointed an additional company secretary to handle secretarial work internally.
15 Mar 2021other● Neutral
Pilot extends its voluntary suspension to 22 March 2021, to confer with ASX on how the proposed transaction affects the Mid West feasibility study reporting condition.