PILOT ENERGY LIMITED — AGM Information 2016

Feb 23, 2016

Presentation to AGMProject Update 24 February 2016

The Past 12Months

• Added three newassets to portfolio
• Change of name to Pilot Energy Ltd, to reflect new direction
• BolsteredBoard with appointment of Rory McGoldrick
• Appointed full time Managing Director
• ExitedAlaska with US$500,000 settlement to Pilot
• Paidoff Alaskan ACES debt; now debt free
• Relocated to lowcost, serviced office premises in Perth
• Significantly reduced corporate overheads
• Completed underwritten Rights Issue
• Personal investment by directors exceeds > $300,000
• Confirmedvery significant prospective resources in WA‐507‐P
• Gainedtransitional work program variation on WA‐503‐P
• Completed Falcon aero‐geophysical survey over EP416/480 (Empire Oil & Gas)
• Successfully deferred project costs
• Commencedfarmout process on offshore permits

Project Portfolio

Diverse portfolio with three potential company‐making projects

WA‐503‐P

• Independent assessment of prospective oil resources nearing completion
• Three prospects on establishedoil trend
• Low cost 3D seismic survey planned for 2016
• Farmout process underway

EP437

• Low cost, onshore oil/gas exploration
• 2016 work commitments fulfilled
• Joint Venture evaluating drilling opportunities
• Footholdin north Perth Basin

EP416/480

• Significant prospective gas resources
• Gravity survey confirms prospectivity

oil&

oilplay

• Forward work program to bring Leschenault prospect to drillablestatus
• Farmout process pending

WA‐507‐P

• Ontrend with major gas discoveries
• Three very large & robust prospects identified onexisting 3D seismic data
• Prospective resources independently assessed by Gaffney Cline & Associates (GCA)
• Up to 20 Tcf gas or 3.6 Billion Bbls oil
• Primary term work commitment fulfilled by licensing existing 3D seismic data
• Negotiated extended payment terms for seismic license fee withTGS Nopec
• Statoil's contingent well required to be drilled by late 2018
• Pilot Energy drill or drop decision by late 2019 provides important optionality
• Emerging oil play and adjacent open acreage attracting considerable industry interest
• Early stage farmout discussions underway

Very high impact deep water oil & gas exploration PGY 80% and Operator

WA‐507‐P: Oil &Gas Play

Welldefined, very large structural prospects

Seismicimages shown with permission of TGS

WA‐503‐P

• Prospective for oil, located on Legendre oil trend
• Three prospects identified on existing 3D seismicdata
• Nearby wells confirm working oil system on‐block
• GCA assessment of prospective resources expected to be completed shortly
• Primary term work commitment to acquire 80 km2 newbroadband 3D seismic data
• Low cost seismic contract in place with CGG
• Awaiting confirmation of vessel availability foracquisition in 2016
• No firmdrilling commitment
• Farmout process commenced High impact shallow water oil

exploration PGY 80% & Operator

EP416 &EP480

• Transfer of title and operatorship to PilotEnergy recently approved by DMP
• Permits locatedin southern Perth Basin
• Large Leschenault gas prospect present onexisting 2D seismic
• Up to 200km2 structural closure
• Nearby wells confirm presence of source, reservoir and sealing formations
• Up to 600 Bcf gas
• Preliminary interpretation of airborne geophysical survey complete
• JV considering future work program to progress prospect to drillable status, prior to initiating farmout process

High impact low cost onshore gas exploration PGY 60% & Operator

Falcon Airborne Gravity Gradiometry survey acquired by Empire Oil & Gas in mid2015

• Regional data confirms presence of major depocentres to NE and SE of Leschenault prospect
• Depocentres thought to be "source kitchens"for gas
• Leschenault prospect situated updip of depocentres on flank of regional gravity "high"
• Localised gravity data supports seismic interpretation of prospect structure
• Magnetic data provides high resolution faulting dataset, for incorporation in to seismicinterpretation

EP437

• Acquired ~13% interest in November 2015
• DMPapproval of title transfer pending
• Located in northern Perth Basin, on trend withmultiple oil & gas discoveries
• Prospective for both oil & gas
• Three prospects identified, all updip from Dunnart‐1 &2 wells
• Proximity to infrastructure enables even small discoveries tobe monetised
• Commitments for 2016 permit year already fulfilled
• JV incorporating data from Dunnart‐2 well test
• JVconsidering future drilling targets

Low cost onshore oil & gas exploration PGY 13.058%

Piterm	/OGilas	CLoasew	CBtesase	CHihgase
WA0P57--	Oil	60MMBbl4	181MMBbl5,	3600MMBbl,
WA0P57--	Gas	030Bf4sc,	100Bf47sc,	21099Bfsc,
WA503P--	Oil	25MMBbl	68MMBbl	180MMBbl
/EP168044	Gas	90Bfc	20Bf7c	600Bfc
EP347	Inprogress

Notes:

• 1. All quoted prospective resources are gross (100%) on-block
• 1. For WA-507-P the quoted prospective resources are the arithmetic sum of the three leads identified by Pilot Energy and individually assessed by GCA. The leads are prospective for oil or gas, or a combination of oil and gas. Refer to Company ASX announcements of 25 February 2015 and 20 October 2015.
• 1. For WA-503-P the quoted prospective resources are the arithmetic sum of the three leads identified by Pilot Energy, and are the current internal estimates of Pilot Energy. The prospective resources are being assessed by GCA and results will be released to the ASX shortly.
• 1. For EP416/480 the quoted prospective resources are the arithmetic sum of the two reservoirs within the Leschenault lead, and are an internal estimate by Pilot Energy. Refer to Company ASX announcement of 2 September 2015.
• 1. For EP437, Pilot Energy has not yet completed the necessary work to provide a valid internal estimate of the permit's prospective resources, having only recently acquired its interest in the permit.

• Asset portfolio provides exposure to three potential company‐making projects
• Diversity in asset base – onshore & offshore, oil & gas
• Presently focused on conventional reservoirs only
• Lowwork commitments
• Operatorship provides important degree of control
• Moving towards independently verified prospective resources for all assets, asbasis for farming out
• Successfully deferring project costs, where appropriate
• Pilot Energy very well positioned for industry recovery

Disclaimer

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.