PILOT ENERGY LIMITED — Capital/Financing Update 2012

Jul 31, 2012

ASX : EHR

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1 August 2012

ASX Market Announcements, Australian Securities Exchange Limited, 20 Bridge Street, Sydney NSW 2000

Attention: Shannon Hong

RE: Earth Heat Resources Ltd – EHR Extension of Voluntary Suspension

In accordance with Listing Rule 17.2 the Company requests that the current voluntary suspension of its securities be extended for a further period of 72 hours, pending finalisation of the material share placement the subject of the original voluntary suspension which expires at 10:00am today. The reasons are:

• The Company is in the final stages of collecting paperwork and funds for the substantial placement of up to 101m securities (shares and options combined), representing 15% of the current issued capital at a significant discount to market price. Material investors have requested additional time to allow for collection of their funds and lodgement of their Placement Subscription Forms.

• The funds raised are for the purpose of working capital pending completion of other major fund raising initiatives for the Copahue project as previously announced.

• The Company requests that trading in the Company's shares remain suspended until after the expected announcement is made or 10:00am on Monday, 6 August 2012, whichever is the earlier.

• The Company is not aware of any reason why its securities should not continue to be temporarily suspended.

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ME Lucas-Smith Company Secretary

Ends

FOR FURTHER INFORMATION PLEASE CONTACT:

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

+618 8212 0579 0418 366 532