PILOT ENERGY LIMITED — Capital/Financing Update 2014

Mar 6, 2014

ASX ANNOUNCEMENT

7 March, 2014

Big Bend 3D Seismic Survey Completion

Overview

Rampart Energy Ltd (‘Rampart’) is pleased to provide an operational update to its shareholders and stakeholders.

HIGHLIGHTS

• Acquisition of the Big Bend 3D seismic survey now complete

• Seismic processing will commence shortly

• Following completion of the program RTD will increase its interest in the Western Block to 35%

• First usage of US$50m ACES facility closed in February

The application of 3D seismic in the North Slope (of Alaska), is a very important de-risking tool in the assessment of drillable prospects. As in other mature basins of the world, the proper usage of 3D seismic in both exploitation and exploration has had very good results in the North Slope. Oil and Gas fields surrounding the area in which Rampart is earning an interest have a distinctive seismic signature which is a critical element in successful exploration. These signatures are both amplitude related and geometric, therefore the advanced processing techniques, geophysical interpretation and geologic integration are essential steps in producing high quality, defendable and de-risked prospects for drilling.

Managing Director and Chief Executive Officer of Rampart Energy, Mr Torey Marshall commented “Seismic contractor SAE Exploration has done an exceptional job on our 3D program, completing the ‘Big Bend’ survey on time and within budget. This marks a successful maiden arctic program for both Royale Energy Inc and Rampart Energy Ltd. Data processing will be a staged process over a 6 to 12 week period, with various deliverable datasets produced along the way. The Company will provide a further update once preliminary interpreted results become available.”

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Background

Rampart Energy is exploring two areas of the North Slope of Alaska for both conventional and unconventional oil. The company signed an agreement in May of 2013 to earn into leases owned by Royale Energy Inc. (NASDAQ:ROYL).

Rampart believes that there is a very large upside in the area, as illustrated by the Prospective Resource numbers published in August of 2013, and notes that exploration in the region is heavily supported by the State of Alaska’s incentive system which provides for exploration costs to be reimbursed. The work program currently consists of 3D seismic acquisition in 2014 and the drilling of 2 wells during 2015.