PILOT ENERGY LIMITED — Capital/Financing Update 2021

Jun 28, 2021

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CLIFF HEAD OPERATIONS UPDATE CH-6 WORKOVER AND CH-11 SLICKLINE INTERVENTION

Cliff Head Joint Venture: Effectively held by the following group entities: Triangle Energy (Global) Limited (ASX: TEG): 78.75% Pilot Energy Limited (ASX: PGY): 21.25%

Highlights:

• CH-6 Workover and CH-11WI Slickline Intervention to commence on 30 June 2021

• Production restart on CH-6 and production enhanced from CH-11WI expected by end July 2021

Experienced Perth Basin oil producer, Triangle Energy (Global) Limited ( Triangle , the Company ) (ASX: TEG ) is pleased to provide the following update on its Cliff Head Operations ( Cliff Head ) in respect of the commencement of the Cliff Head 6 ( CH-6 ) workover and Cliff Head 11 Water Injector ( CH-11WI ) slickline intervention campaigns.

On Wednesday, 30 June 2021 activities will begin on the CH-6 Workover and CH-11WI Slickline Intervention. Over the coming month the Company will undertake the two campaigns with the aim to increase production at Cliff Head.

As previously announced the CH-6 well was shut in, in June 2020, due to Electrical Submersible Pump ( ESP ) failure. In October 2020, the Company attempted to replace the ESP but was unable to retrieve the failed ESP. The Company will be re-entering the well with a swathe of new equipment and enhanced capabilities and expects to bring approximately 120 barrels of oil per day online form CH-6.

In conjunction with the CH-6 Workover, the Company will undertake a Slickline Intervention on CH-11WI. The Company has completed studies that indicate reconfiguration of the injection zone of CH-11WI can contribute to increased oil recovery and further enhance daily oil production.

ENDS

Approved for Release by:

Robert E T Towner Managing Director

triangleenergy.com.au

Triangle Energy (Global) Limited ABN 52 110 411 428 Suite 2, 100 Havelock St, West Perth WA 6005 PO Box 51 West Perth WA 6872 Australia T +61 8 9219 7111

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Further Enquiries

Mr Robert E T Towner Managing Director P: +61 8 9219 7111 E: rtowner@triangleenergy.com.au

General Shareholder Enquiries info@triangleenergy.com.au

About Triangle Energy (Global) Ltd

Triangle Energy (Global) Ltd is an ASX listed (ASX:TEG) oil producer and explorer based in Perth, Western Australia. The Company has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant. Triangle also has a 50% share of the Mt Horner L7 production licence and a 45% share of the Xanadu-1 Joint Venture, both located in the Perth Basin. Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has an 100% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.

triangleenergy.com.au

Triangle Energy (Global) Limited ABN 52 110 411 428 Suite 2, 100 Havelock St, West Perth WA 6005 PO Box 51 West Perth WA 6872 Australia T +61 8 9219 7111