Ann: Pivotal Carbon Capture and Storage Approval for Cliff Head, page-42

"The Company notes the Sales and Purchase agreement (Sales and Purchase Agreement) entered into with Triangle Energy (Global) Limited (ASX: TEG) (Triangle) in relation to the consolidation of ownership arrangements for the Cliff Head oil project and the proposed Cliff Head Carbon Storage Project previously disclosed to the market.

Pilot and Triangle, are currently negotiating an extension to the completion sunset date and, although incomplete, Pilot and Triangle are negotiating additional amendments to the Sales and Purchase Agreement to manage the transition of operations prior to completion.

Recent natural decline of the oil well production rates in addition to annual well integrity testing required by National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has resulted in a number of production wells being taken offline and reduced production rates. The Company along with Triangle, is reviewing, the options for the oil project during its transition to the Cliff Head Carbon Storage Project. This period may involve continued production or an initial production shut-in while the Cliff Head operation transitions to the Cliff Head Carbon Storage Project."