PILOT ENERGY LIMITED — Capital/Financing Update 2016

Mar 28, 2016

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MARKET RELEASE

29 March 2016

Pilot Energy Limited

TRADING HALT

The securities of Pilot Energy Limited (the “Company”) will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the earlier of the commencement of normal trading on Friday, 1 April 2016 or when the announcement is released to the market.

Security Code:

PGY

Jeremy Newman

Senior Adviser, Listings Compliance (Perth)

Level 40 Central Park 152-158 St Georges Terrace Perth WA 6000

www.asx.com.au Phone:08 9224 0000 Customer service 13 12 79

ASX Compliance Pty Limited ABN 26 087 780 489

Pilot Energy Ltd ABN 86 115229 984 Level 2, 55 Carrington Street Nedlands WA 6009 Australia T: +61 9423 3200

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29 March 2016

Jeremy Newman Senior Adviser‐Listings Compliance(Perth) ASX Compliance Pty Ltd Level 40, Central Park 152‐158 St Georges Terrace Perth, WA, 6000.

Dear Sir/Madam,

RE: REQUEST FOR TRADING HALT

Pilot Energy Limited (the "Company") requests a halt in trading of the Company’s securities be granted by the Australian Securities Exchange with respect to its ordinary shares in accordance with Listing Rule 17.1.

The Company seeks a trading halt pending an announcement of a capital raising from a new cornerstone investor which is expected to be made no later than the commencement of trading on 1 April 2016.

The Company is not aware of any reason why the trading halt should not be granted and is not aware of any other information required to be provided to the market or the ASX in relation to the trading halt.

Yours sincerely

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David McArthur Company Secretary