PILOT ENERGY LIMITED — Capital/Financing Update 2014

Feb 23, 2014

ASX ANNOUNCEMENT

24 February 2014

Oversubscribed Placement Raises $4.5 million

Rampart Energy Limited ( ASX: RTD) (“Company” or “Rampart”) is pleased to announce that it has successfully raised approximately $4.5 million (gross) through the placement of 90 million new shares (“ New Shares ”) to domestic/international institutions and sophisticated/professional investors (“ Placement ”). The Placement was undertaken by Joint Lead Managers Argonaut Securities Pty Limited and DJ Carmichael Pty Limited.

The Placement is priced at $0.05 per share, a 7% discount to the last close, and was supported by new and existing Rampart shareholders, closing oversubscribed.

The Placement comprises two tranches. The first tranche utilises the Company’s existing 15% placement capacity under ASX Listing Rule 7.1, and the remaining 30 million is in accordance with shareholder approval as granted at the AGM held on 29 January 2014. Placement of the first tranche of 70 million shares raises a gross total of $3.5 million. The second tranche, involving a placement of 20 million New Shares to raise a further $1.0 million, remains subject to shareholder approval. This will be sought at an Extraordinary General Meeting (“ EGM ”) to be scheduled as soon as practicable.

The New Shares will rank equally with existing shares from allotment. Settlement of the first tranche of the Placement is expected to take place on Thursday 27 February 2014, with allotment expected on Friday 28 February 2014.

The funds will be used towards the remaining payment for Rampart’s share of the Big Bend 3D seismic program (currently in progress) as well as for working capital purposes, including potential North Slope acreage acquisitions.

Commenting on the Placement, Rampart’s Managing Director, Torey Marshall, said:

“We are delighted with the strong support shown for the Placement, particularly as it includes a significant number of new retail and Australian based institutional investors. I believe that the oversubscription is a very positive market signal on our ability to deliver, given the recent confirmation of our ACES funding facility. We will now seek with these additional funds to further our ongoing efforts to deliver success and value from Rampart’s North Slope acreage”