PILOT ENERGY LIMITED — Capital/Financing Update 2022

Jan 31, 2022

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

PILOT ENERGY LIMITED

Date of this announcement

Tuesday February 01, 2022

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unlisted options over issued shares in PGY	10,000,000	01/02/2022
to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

PILOT ENERGY LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

86115229984

1.3 ASX issuer code

PGY

1.4 The announcement is

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New announcement

1.5 Date of this announcement

1/2/2022

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Refer to Appendix 3B lodged on 19 January 2022

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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----- Start of picture text ----- New +securitiesASX +security code +Security descriptionNew class - code to be confirmed Unlisted options over issued shares in PGY+Security type ISIN codeOptionsDate the +securities the subject of this notification were issued1/2/2022Will all the +securities issued in this class rank equally in all respects from their issue date?YesHave you received confirmation from ASX that the terms of the +securities are appropriate and equitable underlisting rule 6.1?NoPlease provide a URL link for a document lodged with ASX setting out the material terms of the +securities beingissued.https://www.asx.com.au/asxpdf/20220119/pdf/45546cyfbjbtv0.pdfOptions Details+Security currency Exercise price Expiry dateAUD - Australian Dollar AUD 0.10000000 1/2/2024Details of the existing class of +security that will be issued upon exercise or conversion of this new class ofcompany optionOtherDescriptionFully Paid Ordinary Share (ASX:PGY)Any other information the entity wishes to provide about the +securities the subject of this notification----- End of picture text -----

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

The issue of the securities has previously been announced to ASX in an Appendix 3B released on 19/1/2022

Issue details Number of +securities 10,000,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities In consideration of the grantee providing equity capital markets advisory and support services to PGY. Purpose of the issue To pay for services rendered Additional Details

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
PGY : ORDINARY FULLY PAID	504,390,312
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not	quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
PGYAB : OPTION EXPIRING 18-DEC-2022 EX $0.033	6,636,365
PGYAC : OPTION EXPIRING 13-JAN-2023 EX $0.066	10,000,000
PGYAD : OPTION EXPIRING 04-NOV-2025 EX $0.07	10,000,000
PGYAF : OPTION EXPIRING 02-NOV-2024 EX $0.08	13,333,334
PGYAE : OPTION EXPIRING 18-DEC-2022 EX $0.066	37,575,727
New class - code to be confirmed : Unlisted options over issued shares in PGY	10,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

10,000,000 Unlisted Options

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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