PILOT ENERGY LIMITED — Capital/Financing Update 2011

May 15, 2011

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16 May 2011

LAPSE OF UNQUOTED OPTIONS

20,000,000 unquoted options issued pursuant to an employment agreement have lapsed in accordance with the terms of that agreement. The issued securities of the Company are now as follows:

Quoted Securities

• CHESS Depository Interests

566,218,676 EHR

Unquoted Securities

• Common Shares

3,313,967 EHRAI

• Options expiring 14/02/2016 ex 7.9c 12,658,228 EHRAK

• Options various expiry and ex 22,000,000 EHRAM

*** Ends***

For further information please contact:

Torey Marshall, Managing Director Mal Lucas-Smith, Company Secretary

+618 8212 0579 +61418 366 532