Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2025drilling progress report● NeutralMajor
Pilot says the WA-481-P farmout is well advanced, with farminee offers closing before end December. Seismic timing is dropped: no 2026 crews are available, so the Eureka 3D survey and Leander drilling timing will be set in farmout talks. Pilot calls Leander drill-ready.
23 July 2025farm in farm out agreement▲ GoodMajor
Pilot starts the formal farmout of WA-481-P (100%, 8,605 km2) to find a partner to drill the Leander gas prospect, 1,116 Bcf prospective (unproven). It reports strong interest in the teaser and expects a process of a few months.
1 Apr 2025resource reserve update▲ GoodMajor
Pilot lifts the Leander gas prospect in WA-481-P to 1,116 Bcf mean prospective resource, up from 450 Bcf, and oil prospects to 66 mmbbl from 40.6. These are unproven prospects, not discoveries. A farm-out to find partners is to start shortly.
28 Mar 2025farm in farm out agreement▲ GoodMajor
Pilot and Triangle agree revised Cliff Head terms, settling the unagreed restructure from February. The $5.563m for the onshore assets becomes a secured note due 30 September 2026, 10% interest from 30 June 2025, plus $167k on 31 August 2025. Offshore transfer still needs NOPTA approval.
24 Dec 2024resource reserve update▲ GoodMajor
Cliff Head's 2C contingent CO2 storage resource rose 58% to 72.2 Mt (100% basis) from 45.6 Mt, per consultant CO2Tech; 1C is 34.2 Mt and 3C 110.2 Mt. The 2024 Declaration must be amended before an injection licence application.
1 July 2024resource reserve update▲ GoodMajor
Cliff Head 2C contingent CO2 storage resource rises 370% from 9.7 Mt to 45.6 Mt (100% basis), now Development Pending. A new Illawong lead adds a 50.4 Mt prospective resource. Pilot will seek to amend the Declaration for the larger volumes.
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.
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.
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%.
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.
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.
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.
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.
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.
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.
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.
9 June 2020farm in farm out completion▼ BadMajor
Red Emperor (RMP) will not exercise its option over 70% of WA-481-P; it lapsed 5 June 2020. RMP says NOPTA advised the renewal was successful. The farm-in Pilot marketed since December 2019 falls away, leaving Pilot 60% and Key 40%.
24 Feb 2020resource reserve update▲ Good
Pilot forwards Key's announcement of the Dunsborough Southwest prospect on WA-481-P (Pilot 60%). Pilot says it has not yet done its own review of the inversion work and will update the market later.
24 Feb 2020resource reserve update▲ GoodMajor
Key reports early seismic inversion results on WA-481-P identify a new Dunsborough Southwest prospect, with prospective resource of 3.95/11.58/22.03 MMbbl (low/base/high) and 24-36% chance of success. Renewal was applied for; Key's stake falls to 12% if Red Emperor exercises.
3 Dec 2019farm in farm out agreement▲ GoodMajor
Red Emperor Resources signs a binding letter of intent with Pilot and Key for an option on a 70% operated interest in WA-481-P. It will fund up to A$150,000 of studies and pay A$500,000 collectively if it exercises after permit renewal. This is the farm-in partner Pilot had been marketing for.
13 June 2019drilling scheduled▲ Good
Key, operator of EP437 (Pilot 13.06%), says Wye Knot-1 land access terms are agreed in principle and on-ground work is targeted for Q4 2019. A second well, Parce-1, is under consideration for a similar total budget. This advances the thread on the November 2019 deadline.
31 Aug 2018resource reserve update▲ GoodMajor
Pilot completes stage 1 of an internal resource assessment of WA-481-P, citing Waitsia-style gas plays, oil near Cliff Head and Xanadu, and High Cliff Sandstone potential. It says a significant increase in prospective resources is expected, but gives no new volumes; these await reprocessed seismic.
30 Aug 2017farm in farm out completion▲ GoodMajor
Empire Oil & Gas elects to keep its 40% working interest in EP416/480 rather than convert to a royalty. Pilot's carry of Empire ends 31 August 2017, so Empire funds its share of costs from 1 September. Leschenault survey preparations continue; RISC prospective resources up to 1.6 Tcf gas gross.
21 June 2017drilling scheduled● Neutral
Pilot confirms Wye Knot-1 preparations at EP437 (13.058%): long-lead approvals done and contractor tendering started. Drilling is now scheduled for Q4 2017, slipping from the Q3 2017 timing, and the final location depends on a land access agreement. Best case is 1.4 MMbbl gross.
30 Jan 2017resource reserve update● Neutral
Key Petroleum's copy of the 30 January WA-481-P prospective resources release: 13 prospects, 138.4/247.8/435.9 MMBOE gross, with Pilot operating at 60%. Repeats Pilot's own announcement of the same day; no new figures.
30 Jan 2017resource reserve update▲ GoodMajor
Pilot announces WA-481-P prospective resources of 138-436 MMBOE gross (best case 248 MMBOE) across 13 prospects in four trends. The largest oil prospect has up to 78 MMbbl. Contingent resources lift to Frankland 42 Bcf gas and Dunsborough 6 MMbbl oil. This delivers the promised resource estimate.
20 Dec 2016resource reserve update● Neutral
Preliminary seismic interpretation of WA-481-P finds 14 prospects across three focus plays. Contingent resources are Frankland 39 Bcf gas and Dunsborough 5.4 MMbbl oil (2C). The prospective resource estimate, promised by year-end, is delayed to late January 2017.
19 Dec 2016drilling scheduled▲ GoodMajor
EP437 joint venture approves the work program and budget for the Wye Knot-1 oil well. Net cost is up to A$1.7m after a A$200k grant; Pilot holds 13.058%. Best case is 1.4 MMbbl gross, Operator-estimated chance of success 30%. Rig and timing are not yet set.
19 Dec 2016drilling scheduled● Neutral
Operator Key Petroleum announces EP437 joint venture approval of the year 3 budget including Wye Knot-1, a A$1.9m well before a A$200k grant. Rig tendering begins; no spud date yet. Duplicates Pilot's own notice of the same day.
