Pilot also issued 10,000,000 Options to Whairo Capital Pty Ltd,...

Pilot also issued 10,000,000 Options to Whairo Capital Pty Ltd, placement Lead Manager, under
the terms of its engagement (Broker Options) without disclosure to investors under Part 6D.2 of
the Corporations Act. The Broker Options will be listed under the ASX code ‘PGYO’, will expire on
25 August 2025 and have an exercise price of $0.033.

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

MWCEP partner due diligence reviews are expected to rely on the pre-FEED reports. Pilot
is actively reviewing options to accelerate partnering options to provide significant funding
support to the continued development of the MWCEP

The Company and the MWCEP Pre-FEED contractor Genesis are finalising the Pre-FEED
workstreams. Underlying technical assessments are largely complete with the project cost
estimation the main outstanding activity. Pilot expects to receive all the material reports and
cost estimates by the end of June 2024. On receipt of the final reports a Pre-FEED report
will be finalised and key results released to the market. Completion of these Pre-FEED
reports also forms the basis for the on-going due diligence activities for a number of
prospective Korean parties seeking to secure direct partner equity interest in the MWCEP
and significant commercial clean ammonia off-take for the project.

Sounds like some deal will get done in July/August.. many expected this, the wells decrease was interesting.