Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2021investor presentation● Neutral
Chairman's Sydney Mining Club presentation updates the December EGM material: 218.5m shares, $1.55m cash at 31 December, and a $17.9m market cap at the $0.082 pre-suspension price. Positions Pilot as moving toward renewables and hydrogen. Text truncated.
1 Mar 2021other▼ Bad
Pilot says talks and due diligence on the potential acquisition continue, and it is consulting ASX on how it affects the Mid West feasibility study condition. Suspension extended to 15 March. The Royal Energy shareholder meeting is now estimated for April 2021.
22 Feb 2021other● Neutral
Pilot again extends its voluntary suspension, now to 1 March 2021, to respond to the ASX price query. No new information given.
19 Feb 2021director officer appointment● Neutral
Sally McDow replaces Lisa Dadswell as company secretary, effective immediately. The change is stated to be due to an internal role change at Boardroom, Pilot's secretarial provider.
17 Feb 2021other● Neutral
Pilot asks to extend its voluntary suspension to 22 February 2021, to respond to the ASX price query. No new information on the potential acquisition.
11 Feb 2021price query● NeutralMajor
Pilot's shares are suspended at its request pending a response to an ASX price query received 10 February. Pilot says it is negotiating a potential acquisition that may not become a binding agreement. Suspension expected to last until 17 February.
10 Feb 2021other● Neutral
ASX pauses trading in Pilot shares pending a further announcement. No reason is given in this notice.
18 Dec 2020asset acquisition disposition● Neutral
Key Petroleum confirms the sale of its 40% of WA-481-P to Pilot completed on 17 December 2020. Key receives 21m Pilot shares in total, the final 16,723,297 issued that day. Pilot now carries all risks and outgoings on the interest.
18 Dec 2020asset acquisition disposition▲ GoodMajor
Pilot confirms completion of the Key 40% WA-481-P purchase, after shareholders approved issuing 16,723,297 shares at the 10 December meeting. This lets Pilot proceed to sell 78.75% and operatorship of the permit to Triangle, as announced 9 November.
18 Dec 2020asset acquisition disposition▲ GoodMajor
Pilot buys Energy Resources' 40% of onshore South Perth Basin permits EP416 and EP480 for $1 each, taking its interest from 60% to 100%. The permits overlap the WA government's South West CCS hub area and underpin a planned blue hydrogen and CCS project.
14 Dec 2020annual report● Neutral
Annual report for the year to 30 September 2020. The Chairman describes the new energy-transition strategy: consolidating WA-481-P, the Royal Energy purchase (21.25% of Cliff Head), the Triangle WA-481-P sale and the wind and solar JV. Text truncated, so financials are not shown.
10 Dec 2020investor presentation● Neutral
December presentation pitches Pilot as moving from oil and gas toward renewables and hydrogen. It shows 218.4m shares, $2.0m cash and a $7.2m market cap. Post-Royal board changes are planned: Tony Strasser as Managing Director, Michael Lonergan to retire. Text truncated.
1 Dec 2020director officer appointment● Neutral
Non-executive directors Dr Walker Li and Dr Guoping Bai resign with immediate effect. No reasons are given. Board is now Chairman Brad Lingo, Michael Lonergan and Daniel Chen.
1 Dec 2020production update● Neutral
Pilot re-releases Triangle's Cliff Head update: CH-7 is back on production, taking the field to about 825 bopd. CH-6 is on hold until Q1 2021, short of the roughly 1,000 bopd hoped for in October.
1 Dec 2020production update● Neutral
Triangle reports CH-7 at Cliff Head back on production 28 November after a pump replacement, expected to stabilise at about 237 bopd, taking the field to about 825 bopd. CH-6 workover is suspended after the old pump could not be retrieved, with resumption targeted for Q1 2021.
25 Nov 2020capital raising announcement● Neutral
The share purchase plan raised only $115,500, with 3,500,000 shares at 3.3c and no scale back, against a $500,000 target. Underwriter Bridge Street is left to cover the remaining $384,500, subject to shareholder approval at the next meeting.
What it means for a shareholder
3.5m new shares at A$0.033 to raise about A$115,500. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held A$1,000 of shares (30,303 at the issue price), your slice goes from 0.024% to 0.0234% of the company. To keep it you'd need 841 more shares - about A$28 at the issue price.
Create a free account to see this worked out for your own holding.
19 Nov 2020capital raising announcement● Neutral
Bridge Street Capital Partners, already Pilot's corporate adviser, fully underwrites the $500,000 share purchase plan for a 6% fee. Shareholder approval is needed to issue any shortfall, and Bridge Street can terminate if approval is not obtained by 15 January 2021.
9 Nov 2020asset acquisition disposition● Neutral
Triangle Energy says it will buy 78.75% of WA-481-P and operatorship from Pilot, paying $300,000 and carrying Pilot's costs up to $1.22m. A wind and solar JV (Pilot 80%, Triangle 20%) is planned. Completion deadline is 15 March 2021. Triangle's version of Pilot's same-day news.
9 Nov 2020asset acquisition disposition● NeutralMajor
Pilot agrees to sell 78.75% of WA-481-P and operatorship to Triangle for $300,000 plus a free carry through the Year 3 work program. Pilot keeps 21.25%. This reverses the plan to hold 100% and also creates an 80/20 wind and solar JV.
27 Oct 2020capital raising announcement● Neutral
The share purchase plan closing date is extended from 2 November to 20 November 2020 to give holders more time. Price stays 3.3c. Funds are earmarked for the wind and solar feasibility study, Cliff Head production work and working capital.
26 Oct 2020production update▲ Good
Workovers on Cliff Head wells CH-6 and CH-7, shut in since June, began 25 October. Success would add about 400 bopd, lifting output to about 1,000 bopd, with restart by year end. Pilot only gains its interest if the Royal Energy deal completes.
7 Oct 2020capital raising announcement● NeutralMajor
Pilot's share purchase plan opens at 3.3c per share, targeting $500,000, not underwritten, with up to $30,000 per eligible holder. This is the retail offer foreshadowed alongside the September $2.5m placement.
6 Oct 2020asset acquisition disposition● Neutral
Pilot and Key sign final documents for Pilot to buy Key's 40% of WA-481-P for 21m shares: 4,276,703 now, 16,723,297 after shareholder approval at a November EGM. Completes the 8 September agreement, moving Pilot toward 100%.
6 Oct 2020asset acquisition disposition● Neutral
Key confirms the sale agreement for its 40% of WA-481-P is signed, for 21m Pilot shares in two tranches (4,276,703 now, 16,723,297 after Pilot shareholder approval). Pilot takes on permit risks and outgoings. Repeats Pilot's same-day news.
25 Sept 2020business combination▲ GoodMajor
Pilot agrees to buy Royal Energy for 143.9 million shares, giving a 21.25% economic interest in the Cliff Head oil field (about 800-900 bopd gross) and joint control of its operator. Needs shareholder approval. A $2.5m placement is committed and a share purchase plan is planned.
16 Sept 2020director officer appointment● Neutral
Daniel Chen, a logistics and project executive with 17 years' experience, joins the board. Bridge Street Capital Partners is appointed corporate adviser on financing and developing the Mid West Wind & Solar Project.
8 Sept 2020asset acquisition disposition▲ GoodMajor
Pilot agrees to buy Key's 40% of WA-481-P for 21 million shares, subject to shareholder approval, taking it to 100% and operator. Pilot frames it as supporting the Mid West wind and solar project. It replaces the abandoned Red Emperor farm-in route.
8 Sept 2020asset acquisition disposition● NeutralMajor
Key says it will sell its 40% of WA-481-P to Pilot for 21 million Pilot shares, 5m on signing and 16m after Pilot shareholder approval. The joint venture will be terminated. Key will focus on its other Perth and Cooper Eromanga assets.
4 Sept 2020material agreement▲ GoodMajor
Pilot starts a feasibility study for an offshore wind and onshore wind and solar project on the Mid West coast of WA, around WA-481-P. It intends to own 100% at feasibility stage, which turns the May strategy into a first concrete project.
17 Aug 2020admin correction● Neutral
Corrected re-release of the WA-481-P renewal news, fixing the permit number. Contingent resources are restated at 41.6 Bcf gas and 6.0 MMbbl oil, with Leander Reef prospective oil of 98 MMbbl. Pilot says it is considering non-binding corporate transactions.
