Pilot Energy : Corporate Presentation - 31 July 2017

Corporate Presentation

31 July 2017

This presentation may contain certain statements and projections provided by or on behalf of Pilot Energy Ltd (PGY) with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of PGY. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with exploration and/or mining which may be beyond the control of PGY which could cause actual results or trends to differ materially, including but not limited to price fluctuations, exploration results, ore reserve and resource estimation, environmental risks, physical risks, legislative and regulatory changes, political risks, project delay or advancement, ability to meet additional funding requirements, factors relating to title to properties, native title and aboriginal heritage issues, dependence on key personnel, share price volatility, approvals and cost estimates. Consequently, there can be no assurance that such statements and projections will be realised. Neither PGY, or any of its affiliates, advisers, consultants, agents or any of their respective officers or employees (Relevant Parties) make any representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved.

Additionally, PGY makes no representation or warranty, express or implied, in relation to, and to the fullest extent permitted by law, no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by PGY as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this Presentation or any omission from this Presentation or of any other written or oral information or opinions provided now or in the future to any Recipient or its advisers. In furnishing this presentation, PGY undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery (GCoS) and a risk of development (chance of a commercial development). Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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• Emerging oil & gas exploration company (ASX: PGY)

• Countercyclical strategy has resulted in acquisition of six permits within 2 years, for a total acquisition cost of only A$470,000

• Operator of five permits

• Largest net acreage holder in Perth Basin

• Leading prospective resource position among peer companies

• Portfolio offers prospective resources of up to 4,415 Million Barrels of Oil Equivalent (MMBOE)

• Participating in drilling of Wye Knot onshore oil prospect, Q4 2017

• Asset portfolio recently valued by RISC at A$23 million (high case A$29.6 million)

• Company recently valued at 30 cents per share by independent expert, BDO

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Source: BDO Independent Expert's Valuation Report, and associated Independent Technical Specialist Report by RISC (June 2016).

* Refer to RISC's full report within the Notice of Meeting released to ASX on 13 June 2017, for explanation

of valuation on a portfolio basis. 3