PILOT ENERGY LIMITED — Capital/Financing Update 2023

Sep 10, 2023

Pilot Energy Limited ABN 86 115 229 984 Suite 301, 35 Spring Street, Bondi Junction, NSW

==> picture [167 x 56] intentionally omitted <==

Announcement to ASX ASX: PGY

11 September 2023

Cleansing Notice – Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)

This notice is given by Pilot Energy Limited ( ASX: PGY ) ( Pilot or Company ) under section 708A(5)(e) of the Corporation Act 2001 (Cth) ( Corporations Act ).

On 11 September 2023, Pilot issued 12,690,355 fully paid ordinary shares without disclosure to investors under Part 6D.2 of the Corporation Act to Zero Degrees International, Inc., the nominee of 8 Rivers Capital, LLC ( 8 Rivers ) as part payment of the consideration due to 8RC for the provision of Cliff Head CCS Project development services to the Company pursuant to the Support Agreement entered into between the Company and 8RC and announced on ASX on 28 March 2022 and 7 June 2022.

Notice under Section 708A(5)(e) of the Corporations Act.

The Company hereby gives notice that:

1. the Company issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act;

2. this notice is being given under section 708A(5)(e) of the Act;

3. as at the date of this notice the Company has complied with:

   • a. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • b. section 674 of the Corporations Act; and

4. as at the date of this notice, there is no information that is “excluded information” within the meaning of sections 708A(7) and 708A(8) of the Corporations Act.

This notice and its release on the ASX has been authorised by Tony Strasser, the Managing Director of the Company.

Yours faithfully

Cate Friedlander Company Secretary Pilot Energy Limited