Announcement to ASX 26 July, 2017
JUNE 2017 QUARTERLY ACTIVITIES REPORT & APPENDIX 5B
g Completion of $720,000 capital raising at 15 cents per share (post-consolidation)
g Independent expert valuation of 30 cents per share (post-consolidation)
g Removal of WA-481-P year 5 and 6 commitment wells approved by NOPA
g 12 month suspension/extension granted by NOPTA on WA-503-P
g Joint venture approved long lead items AFE for drilling Wye Knot-1 exploration well
g Completion of 1 for 50 share consolidation, and less than marketable parcel share sale facility
WA-481-P (OPERATOR, 60%)
As announced on 3 July 2017, the Company received approval from the National Offshore Petroleum Titles Administrator (NOPTA) to replace the WA-481-P year 5 and year 6 commitment wells with an alternative work program, designed to de-risk high-graded prospects for future drilling.
WA-481-P is currently in permit year 4, expiring 19 August 2017. Previously,
each of permit years 5 and 6 incorporated a commitment to drill an exploration well. Pilot Energy applied to NOPTA to remove the commitment wells, on the basis that further technical studies are required before further drilling can take place within the permit. As such, a revised work program is now in place for years 5 and 6, comprised of seismic data reprocessing and geological/geophysical studies. These studies are designed to address the primary geological risk associated with the various prospects located within WA-481-P, such that an inventory of drill- ready prospects can be finalised for drilling.