Hiding in plain sight -

The Kingia gas fairway offshore

PESA Deal Day

May, 2023

PILOT ENERGY LIMITED ASX:PGY

Compliance Statements

Disclaimer

This investor presentation has been prepared by Pilot Energy Limited ABN 86 115 229 984 (Pilot or the Company).

Any material used in this presentation is only an overview and summary of certain data selected by the management of Pilot. The presentation does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in Pilot nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act and should not be used in isolation as a basis to invest in Pilot. Recipients of this presentation must make their own independent investigations, consideration and evaluation of Pilot. Pilot recommends that potential investors consult their professional advisor/s as an investment in Pilot is considered to be speculative in nature.

This presentation contains "forward looking statements" concerning the financial condition, results of operations and business of Pilot. All statements other than statements of fact or aspirational statements, are or may be deemed to be "forward looking statements". Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", "outlook", and "guidance", or other similar words & may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement dates and expected costs, resources or reserves, exploration results or production outputs.

Assumptions and Forward Looking Statements

Forward looking statements are statements of future expectations that are based on management's current expectations and assumptions, known and unknown risks and uncertainties that could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialisation reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Statements in this presentation are made only as of the date of this presentation unless otherwise stated & the information in this presentation remains subject to change without notice. Reliance should not be placed on information or opinions contained in this presentation. To the maximum extent permitted by law, Pilot disclaims any responsibility to inform any recipient of this presentation on any matter that subsequently comes to its notice which may affect any of the information contained in this document and presentation and undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions 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 person. To the maximum extent permitted by law, neither Pilot nor, any affiliates, related bodies corporate and their respective officers, directors, employees, advisors and agents (Relevant Parties), nor any other person, accepts any liability 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 person

2

Competent Persons Statement

This announcement contains information on conventional petroleum resources which is based on and fairly represents information and supporting documentation reviewed by Dr Xingjin Wang, a Petroleum Engineer with over 30 years' experience and a Master in Petroleum Engineering from the University of New South Wales and a PhD in applied Geology from the University of New South Wales. Dr Wang is an active member of the SPE and PESA and is qualified in accordance with ASX listing rule 5.1. He is a former Director of Pilot Energy Ltd and has consented to the inclusion of this information in the form and context to which it appears.

Authorisation

This presentation has been authorized by the Chairman and Managing Director on behalf of the Board of Directors of Pilot Energy Limited

Mid West WSP Feasibility Study Reporting Conditions

Pilot has agreed the following conditions with the ASX in relation to the Mid West WSP feasibility study:

  1. The Company must continue to spend funds on its existing and proposed oil and gas projects.
  2. The Company must disclose in each quarterly activities report until September 2022, the proportion of expenditure incurred in relation to exploration and evaluation on the oil and gas projects and the Mid West Wind and Solar Project.
  3. The Company must disclose as separate line items in each quarterly activities report until September 2022, expenditure incurred in relation to exploration and evaluation on the oil and gas projects and the Mid West Wind and Solar Project.
  4. Proceeding beyond the feasibility study stage of the Project (or incurring expenditure in excess of the budgeted feasibility expenditure in relation to the Project) constitutes a change in the nature and scale of the Company's activities in terms of Listing Rule 11.1 and as such the Company will be required to comply with all of the requirements of Chapters 1 and 2 of the Listing Rules before it proceeds beyond the feasibility study or incurs expenditures in excess of the budgeted feasibility expenditure on the Project.

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High impact gas opportunity - WA-481-P

Opportunity

  • Offshore area is larger than onshore, same geology, very lightly explored

Geraldton

WA-481-P

Pilot Energy

  • WA-31-L, Cliff Head Oil Field (21.5%) initially 18 mmbbls EUR
    • CCS; application #1 for storage submitted to NOPTA
  • Mid-WestClean Energy Project
  • WA-481-P,(100%)
    • Dunsborough oil discovery, 6 mmbbls 2C
    • Frankland gas discovery, 42 Bcf 2C
    • Failure elsewhere pursuing the Dongara sst, not widespread offshore
    • Kingia sst was not previously recognised or targeted offshore
    • 8,605 km2 licence area is lightly explored

Dunsborough Oil Discovery

Frankland Gas Discovery

Abrolhos

Sub-basin

Cliff Head

Oil Field

Jingemia,

Eremia, Hovea

WA-31-L

Mt Horner

Dongara

Lockyer Deep

Waitsia

West Erregulla

Beharra Springs

Dandaragan

Trough

Woodada

Perth Basin Resources*

OFFSHORE

WA-481-P

ONSHORE

  • Produced ≈32 mmbbls, ≈3 mmbbls remaining
  • Produced ≈766 Bcf, primarily from Dongara sst
  • Exploration success onshore in the Dandaragan Trough since 2014
  • Kingia sandstone dominates increase of 2P+2C to ≈2,124 Bcf
    • Source of resource quantities; Geoscience Australia 2021 converted from PJ

Base Kockatea Shale

3

Two petroleum systems

Regional Structure map, Base Kockatea

1)

Hovea Shale member, Type II oil source top-loads into;

50 km

Dongara sandstone at Jingemia, Hovea, and Eremia Fields

KOCKATEA SHALE

HOVEA MBR

Mt Horner

IRCM and Kingia sands at Cliff Head Field, Dunsborough

DONGARA SST

  1. Irwin River Coal Measures (IRCM) Type III kerogen

charges gas into underlying Kingia and High Cliff sands

CARYNGINIA FM

Dandaragan

Waitsia 2 (2014) opened the Kingia gas play onshore in the

IRWIN RIVER COALS

Beagle

Trough

Frankland 1

KINGIA SST

Ridge

Dandaragan Trough

HIGH CLIFF SST

Estimated 2P+2C ≈2.1 Tcf dominated by Kingia sandstone

≈2.1 Tcf

HOLMWOOD SHALE

2P+2C

Kingia

NANGETTY FM

sandstone

gas fairway.

Kingia

Missed opportunity in WA-481-P

sandstone

Oil Fields

Leander

gas fairway

Kingia sst is present in offshore wells, not recognized

Reef

complex

Leander Reef 1 (1984) didn't drill deep enough

Meters SS

Hobby

Prospective gas resource estimate of the Leander Reef

3D seismic

In 2024

complex is 450 Bcf*.

Oil targets;

SW

Cliff Head

•

Cliff Head

SW

•

Babbler

* Probabilistic estimate of 2U, announced to ASX 9th March 2023

•

Brahminy

Hawk

Babbler

Gas pipelines

Brahminy

Oil pipelines

Coastline

Harrier

4

Kingia gas play - previously unrecognised potential

Munia 1

Leander Reef 1

Frankland 1

Dunsborough 1

Twin Lions 1

Cliff Head 1

Vindara 1

Red Hill South 1

Hovea 2

Waitsia 2

Dunsborough

Well section location

Leander Reef to Waitsia Gas Field

Hovea

LPU

Dongara

Datum

Late Permian

unconformity

IRCM

Frankland

Waitsia

Leander Reef

"K-sand"

IRCM

Kingia

Beharra

Springs

Cliff Head

Kingia

Not crestal

Frankland-1 (2003)

Kingia

Kingia

HCSS

Gas in Dongara and IRCM sandstones

HCSS

Kingia

IRCM coals are the source of gas

HCSS

Kingia sandstone is present but water-

wet,

Kingia

penetrated downdip of the faulted crest

Oil pay

Gas pay

Leander Reef 1 (1984)

Wet

Didn't drill deep enough

to

penetrate the Kingia sst.*

A substantial high trend

remains un-tested

* Dr Gary Powis, geological adviser to ROC, reviewed the palynology of Waitsia 2 and offshore

5

wells for Pilot and confirms the Kingia is present offshore, not penetrated at Leander Reef 1

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Disclaimer

Pilot Energy Limited published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2023 07:59:11 UTC.