PILOT ENERGY LIMITED — AGM Information 2022

Feb 27, 2022

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Leading the Clean Energy Transition

AGM Presentation 28 February 2022

PILOT ENERGY LIMITED ASX:PGY

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Pilot – Leading the Clean Energy Transition

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Leveraging existing oil and gas assets along with established infrastructure to develop competitive clean energy projects

Existing oil and gas business Diversify and transition

Blue hydrogen & renewable projects

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Tier 1 renewable energy resources

Western Australia

Perth

Image credit for Oil Rig and Offshore Windfarms: Jan Arne Wold - Copyright - Equinor - Dudgeon Offshore Wind Farm 22 August 2017

Bunbury

AGM Presentation | 28 February 2022

2

Pilot at a Glance

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ASX Code: PGY	ASX Code: PGY
Capital Structure • Issued shares • PGY share price (14.02.22) • Market Capitalisation	504.4 million ~$0.056 ~$28 million
Oil & Gas Reserves & Resources (Existing) • Proved & Probable Reserves1 • 2C Contingent Resources,1,2	- ~3,800,000 BOE
Blue Hydrogen & Renewables Projects (Under feasibility evaluation) • Wind/Solar Power (MW) • Hydrogen (kg/day) • CCS/CCUS(tonnesper annum)	1,300+ Up to 250,000 Upto 1.3 million

• Western

• Renewables (feasibility) • Mid West Renewables Australia & Green Hydrogen

• Cliff Head Wind & Solar JV

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Blue Hydrogen
(feasibility)
• Mid West Blue
Geraldton Hydrogen & Cliff
Head CCS
Oil & Gas (operating) • South West Blue
• Cliff Head oil
• WA 481 –P Perth Hydrogen &
Harvey CCS
• EP 416/480
Bunbury
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Share price

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Volume Close
0.1 45,000,000
0.09 40,000,000
0.08 35,000,000
0.07
30,000,000
0.06 Pilot shares suspended from 25,000,000
0.05
11 Feb to 11 Aug 2021 20,000,000
0.04
0.03 15,000,000
0.02 10,000,000
0.01 5,000,000
0 0
2/11/21 2/25/21 3/11/21 3/25/21 4/8/21 4/22/21 5/6/21 5/20/21 6/3/21 6/17/21 7/1/21 7/15/21 7/29/21 8/12/21 8/26/21 9/9/21 9/23/21 10/7/21 10/21/21 11/4/21 11/18/21 12/2/21 12/16/21 12/30/21 1/13/22 1/27/22 2/10/22
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1. Approximately 300,000boe associated with the Cliff Head project remains under review and may be reclassified as reserves subject to the finalisation of new oil offtake arrangements

2. Refer to PGY ASX announcement 23 April 2021 titled “Resources Update” and refer to Independent Technical Specialist Report Pilot Energy Ltd – Australian Exploration Assets January 2021 (28 May 2021 General meeting Notice of Meeting: Independent Expert Report

3 AGM Presentation |28 February 2022

Proven, Experienced Board

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Tony Strasser

Brad Lingo

Executive Chairman

Managing Director

30+ years international senior executive experience

Extensive oil & gas experience including project and financial management, corporate finance and M&A 25+ years

Upstream/midstream energy, energy infrastructure, finance

Proven record in oil & gas with shareholder backing through multiple ventures

Proven track record of creating & growing shareholder value

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Daniel Chen

Non Executive Director

17+ years of international business, project management and leadership experience in large scale transport and logistics

Corporate advisor to private Australian oil & gas companies since 2018

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Bruce Gordon

Non Executive Director

Corporate Finance and Corporate Audit Specialist in the Natural Resources Sector

25+ years acting for, and advising, ASX and International oil and gas companies.

Extensive public company accounting, financial reporting and corporate governance knowledge

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4 AGM Presentation | 28 February 2022

The Senior Management Team

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Cate Friedlander

Nick Watson

Head of Renewables & Commercial

Company Secretary & General Counsel

Experienced corporate / commercial lawyer in upstream & midstream energy - ASX and international.

20 years energy industry experience

Corporate/strategic development and operational experience across hydrogen, energy and oil & gas

Chartered Governance Professional.

Member of Governance Institute of Australia.

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Mike Lonergan

Head of Upstream

Michael is a petroleum geophysicist with 35 years of domestic and international oil and gas experience across a wide range of E and P assets. He has held senior technical and project management roles during his career, having worked for Delhi Petroleum, Oil Company of Australia, Origin Energy, Rohol-Aufsuchungs Aktiengesellschaft, Mosaic Oil, AGL, Pangaea Resources and Denison Gas.

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5 AGM Presentation | 28 February 2022

Pilot’s Competitive Advantage

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Material holdings with recognised Ownership in key energy licenses & Leveraging existing oil & gas assets
world-class natural resources (oil & infrastructure into potential world-class competitive
gas, blue hydrogen and renewables) clean energy projects
Draft feasibility study results support Proven and experienced Board and
significant Mid West renewable energy Management team
and CCS opportunity
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AGM Presentation | 28 February 2022

Strategy and Opportunity

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Existing infrastructure, abundant renewable and gas resources and ability to provide carbon management are Pilot’s key enablers for the production of competitive clean energy and hydrogen

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Convergence
Wind
Offshore Petroleum
Permits
Cliff Head Oil and platform
Solar
Arrowsmith Processing Blue
Plant Hydrogen
Renewables Carbon Capture &
Onshore Petroleum Storage reservoirs
Permits
Natural Gas (Perth
Basin)
Mid West
Existing Assets
South West World-class Resources
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7 AGM Presentation | 28 February 2022

The Energy Transition is Accelerating − Recent Events

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8 AGM Presentation | 28 February 2022

The Case for Renewables

Technology has dramatically reduced solar & wind power costs in last decade below fossil fuel alternatives

The global weighted-average LCOE and PPA/auction prices for solar PV, onshore wind, offshore wind and CSP, 2010-2023

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Note : the thick lines are the global weighted average LCOE, or auction values, by year. The band that crosses the entire chart represents the fossil fuel-fired power generation cost range. Source: IRENA – “ Renewable Cost Database”

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Mid West Region - one of the world’s best renewable energy jurisdictions

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Global Offshore
Wind Speeds
Australia's
Renewable
Resources: Solar
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9 AGM Presentation | 28 February 2022

Energy Transition Development Strategy

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Project implementation from 2023 - Subject to feasibility and ASX Compliance

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Prior years CY2022 CY2023
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Utilizing Existing	Leverage Existing	Feasibility to	Permitting to	Large Range of
Pilot Footprint	Knowledge Base	Permitting	Partnering	Potential Partners
Progress project	Pilot database is the	Once preliminary	As bankable feasibility	Macquarie, Fortescue,
feasibility works/	foundation for	feasibility results	studies are completed	CIP, BP, Woodside,
studies to provide a	dedicated studies	established, pursue	and regulatory approval	Total, Equinor, Shell &
project for partnering	serving dual purpose	permitting & regulatory	process advances,	Eni – all are pursuing
	for upstream &	approvals in parallel	focus on securing large	renewables, hydrogen
	renewables to	with bankable feasibility	development partner	and/or carbon
	streamline project			management
	feasibility & approvals

10 AGM Presentation | 28 February 2022

Mid West Renewable Resource Zone – All the Right Stuff

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Premium Renewable Resource Precinct

Established Infrastructure

Clear Hydrogen Development Pathway

Renewable resources – Coastal Mid West is one of Australia’s highest rated renewable energy resource regions for both wind & solar as assessed by Geoscience Australia

Government strategic focus – WA Government committed to developing the Mid West major industrial area and renewable resource zone into a global renewable energy and hydrogen hub

Renewable energy demand – Mid West renewables resource and hydrogen resource potential attracting interest of major international and local companies pursuing renewable energy projects. Pilot uniquely placed with existing assets and infrastructure

Grid connected – Served by Western Power’s South West Integrated System 330 kV transmission lines

Pipeline connected – Access to DBNGP & Parmelia Gas Pipelines provide potential pathways to market for hydrogen

Ports, road & rail – Mid West region endowed with established infrastructure

Blue hydrogen – Combination of existing Perth Basin gas supplies, low cost renewable energy and existing suitable CCS/CCUS assets can support first-mover, lowest cost blue hydrogen supply chain

Green hydrogen – Abundant low cost renewable energy & abundant H2O in combination with blue hydrogen provides foundation for development of competitive & clean hydrogen supply chain

Green iron & steel – Combine low cost blue/green hydrogen supply with World-class Mid West magnetite iron production provides opportunity for globally cost-competitive green iron & steel

11 AGM Presentation | 28 February 2022

Integrating Infrastructure, Renewables and Carbon Management to Deliver Competitive Clean Energy

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Mid-West Region has multiple potential CCS and offshore wind development sites

Pilot has interests in existing permits in the Mid West and is assessing

feasibility of renewable energy , CCS and clean hydrogen projects at these locations

Cliff Head opportunity

• Facilities provide potential anchor point for offshore wind farm and an accelerated path for regional CCS project. Potential to share/reduce costs and defer abandonment liabilities

• Only offshore oil & gas infrastructure along the Mid West Region coastline

• Maximize use of existing infrastructure, easements, operations, studies & data

WA 481P Opportunity

• Oil and Gas work program can be optimised to develop understanding of offshore wind and CCS opportunity

• Potential conjunctive development of existing gas discoveries with CCS

• Entire Mid West offshore region highly rated for Offshore wind

Both WA-481P and Cliff Head have the characteristics to support the production of cost competitive clean energy

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Source: www.iconeng.com.au

12 AGM Presentation | 28 February 2022

Pilot Energy’s Development Plan

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Pilot has feasibility studies underway with global expertise

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Based on feasibility results, Pilot will leverage existing assets to develop world
class clean energy projects in Mid West and South West regions. Feasibility
studies considering first to market, mid scale and large scale development
strategies
Key commercial and financial partners will be introduced over time to maximise
value for Pilot shareholders
Partner in the Cliff Head Oil Field and infrastructure
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Note: map depicts Pilot’s projects and facilities together with infrastructure that Pilot proposes to develop subject to the results of the feasibility studies may include, as shown above, a CO2 pipeline and injection facility, blue hydrogen plants, CCS sites, offshore and onshore wind, solar, renewable hydrogen plant, substation, transmission lines and hydrogen pipelines

AGM Presentation | 28 February 2022

13

Mid West Wind and Solar Feasibility Study

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Preliminary feasibility study objective: Genesis and Technip Energies, Lautec and Green Fuel Development engaged to assess the feasibility of developing and commercialising the Mid West region’s world class renewable energy resources and the associated production and sale of green hydrogen

Offshore Wind survey: Fixed LiDAR[1] survey to provide initial data on the wind resource adjacent to the Cliff Head platform and adds significant value to the planning process of future metocean survey campaigns

Objective: Assess commercial feasibility, markets and identify project development concepts to progress into FEED stakeholder engagement and partnering.

“The early results of the study continue to support prestudy expectations that the region’s renewable energy resource is sufficient to support large scale onshore and offshore projects”

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1. Light detection and ranging (LiDAR) technology is alternative option to a Met mast for surveying wind resources. https://www.windpowerengineering.com/unlocking-the-potential-of-offshore-wind-with-lidar-technology/.

14 Investor Presentation | February 2022

Blue Hydrogen and CCS Feasibility Study Consortium formed to progress feasibility study with key consultants

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Blue Hydrogen projects: require expertise and collaboration from across the energy industry with the following consortium established to represent the key components for the project.

Objective: Consortium members provide sector expertise and will participate and jointly fund the feasibility study to assess potential Blue Hydrogen and CCS projects that can integrate with existing upstream, midstream and downstream assets to deliver competitive clean energy. Feasibility study to be complete H1 CY22.

be complete H1 CY22.
Key components	Consortium
Infrastructure
Natural Gas Supply
Carbon Management

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Note: map depicts Pilot’s projects and facilities together with infrastructure that Pilot proposes to develop subject to the results of the feasibility studies may include, as shown above, a CO2 pipeline and injection facility, blue hydrogen plants, CCS sites, offshore and onshore wind, solar, renewable hydrogen plant, substation, transmission lines and hydrogen pipelines

15 IAGM Presentation | 28 February 2022

Offshore Wind “Demonstrator” Project

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Following completion of feasibility studies initial development concept may involve a demonstrator wind farm project in WA State Waters

• Conceptual mid west offshore wind farm development

• Based on successful Beatrice Demonstrator Wind Farm development

• Connect 3-6 wind turbines generating up to 60 MW

• Wind turbines installation in WA State Waters

• Utilize patented gravity base structures development by Perth-based marine design & construction firm

• Potential deployment by 2025

• Conceptual development is subject to:

• Feasibility study completion,

• Joint venture and regulatory approvals and

• ASX re-compliance[*]

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Conceptual Development at Cliff Head – Subject to Feasibility Study Completion, JV and Regulatory
Approvals and ASX Re-compliance
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• For further details see Compliance slide 21

16 AGM Presentation | 28 February 2022

The Beatrice Offshore Wind Farm

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A case study for an Offshore Wind Project

From offshore wind farm demonstrator project to Scotland’s largest operational wind farm

• 1980 - Beatrice Oil Field started production, producing about 8,000 BOPD Located 13 km offshore in ~45 metre water depth

• 2007 - to assess feasibility of building commercial scale wind farm two 5MW “demonstrator” wind turbines installed linked back to Beatrice Alpha Platform

• Wind turbines provided all power requirements for the oil field and also connected to onshore grid via subsea power cable providing for power export

• 2009 - deployment and operation of demonstrator wind turbines was successful and development began on new commercial scale Beatrice wind farm

• 2012 - applications for development approval submitted for full scale wind farm development submitted

• 2014 - UK Government development approvals received

• 2016 - financial close achieved and construction begins for installation of 84 Siemens Gamesa wind turbines

• 2018 – first power exported to National Grid

• 2019 – 588 MW wind farm construction completed

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Completed development of Beatrice Wind Farm
Offshore Transformer Module
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www.beatricewind.com

17 AGM Presentation | 28 February 2022

Mid West Solar Project –complementary solar & wind resources

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Onshore operational footprint also provides opportunity for integrated wind and solar development

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Conceptual Development – Subject to Feasibility Study
Completion, JV and Regulatory Approvals and ASX Re-compliance
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Onshore solar as a key component of the Mid West Integrated Renewables Project

• Mid West Region also has rich World-class solar resource

• PV solar is now becoming one of the lowest cost renewable energy sources

• Complementary diurnal nature of offshore wind and onshore solar

• Combining both renewable resources aims to deliver lowest cost clean energy

• Subject to feasibility study results, onshore solar could be executed in next 24-36 months

• Conceptual solar development project is subject to:

  • Feasibility study completion

  • Joint venture and regulatory approvals and

  • ASX re-compliance[*]

• For further details see Compliance slide 21

18 AGM Presentation | 28 February 2022

Multiple Commercialisation Pathways

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The Cliff Head infrastructure may enable the fast-track development and commercialisation pathway for the development of the Mid West Integrated Renewables Project

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Electricity to WA grid WEM [1]
Electricity for Domestic Perth
Hydrogen Mid West
Domestic Hydrogen/Electricity
Mid West
for Green Steel
Domestic Hydrogen for Perth
Green Chemicals Mid West
CO2 from Hydrogen to CCUS Cliff Head
Electrons for Export Hydrogen APEC
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1.https://aemo.com.au/en/energy-systems/electricity/wholesale-electricity-market-wem: The Wholesale Electricity Market ( WEM ) supplies electricity to the south-west of Western Australia via the South West Interconnected System (SWIS)

1. Pilot owns (via its 100% subsidiary Royal Energy P/L) a 50% interest in Triangle Energy (Operations) Pty Ltd, which is the operator of the Cliff Head joint venture. Triangle Energy (Operations) Pty Ltd holds a 42.5% registered interest in the Cliff Head project tenements and infrastructure, therefore providing Pilot with an effective 21.25% interest.

19

AGM Presentation | 28 February 2022

Key Next Steps

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Corporate

• Complete and analyse feasibility studies

• Funding strategies

• Partnering arrangements

Project implementation (subject to feasibility and ASX compliance)

• Offshore CCS (with conjunctive repurpose of Cliff Head and or WA 481 P gas developments) leading blue hydrogen

• Renewable energy developments into existing market opportunities leading green hydrogen production

• Activities include FEED, environmental studies, stakeholder engagement and regulatory approvals leading into FID

To make the transition to focussing on clean energy Pilot has specific ASX undertakings*. In relation to the Mid West Wind & Solar Project, while undertaking the feasibility study Pilot is required to:

• Continue to spend funds on its existing and proposed oil and gas projects;

• Report Quarterly separate line items and proportion of expenditure incurred in Oil and Gas and the Mid West Wind and Solar Projects; and

• Re-comply with Chapters 1 and 2 of the ASX Listing Rules before it proceeds beyond the feasibility study.

Undertakings do not apply to Pilot’s blue hydrogen or carbon management projects.

• For further details see Compliance slide 21

20 AGM Presentation | 28 February 2022

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

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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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21 AGM Presentation | 28 February 2022

Contact Details

Pilot Energy Limited Level 1, 85 Elizabeth Street Paddington, NSW 2021 www.pilotenergy.com.au

Brad Lingo Chairman blingo@pilotenergy.com.au

Tony Strasser Managing Director tstrasser@pilotenergy.com.au

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Nick Watson Head of Renewables & Commercial nwatson@pilotenergy.com.au

22 Investor Presentation | February 2022