Ann: PGY: WA-481-P Update - 31 August 2018, page-2

PILOT COMPLETES STAGE 1 OF WA‐481‐P INTERNAL RESOURCE ASSESSMENT
 Assessment focussed on Waitsia Gas Field analogues, oil prospects close to Cliff Head and
Xanadu Oil Fields
 Also identified significant opportunities across the Permit in the Dongara, Wagina & High Cliff
Sandstones
 Precursor to receipt of reprocessed 2D and 3D seismic
 Significant increase in prospective resources will be quantified based on reprocessed seismic
Pilot Energy Limited (ASX: PGY) (“Pilot Energy”, or the “Company”) wishes to announce that it has
completed stage 1 of an internal resource assessment of offshore exploration permit WA‐481‐P
(the “Permit”.
The resource assessment is the first completed across the entire Permit which considers recent
industry learnings in the Perth Basin. The Waitsia and Xanadu oil discoveries coupled with the
resource extensions recently announced by Triangle Energy (Global) Ltd (ASX:TEG) in the vicinity
of the Cliff Head Oil Field have been incorporated in the assessment.
The review also identified significant potential in the Early Permian High Cliff Sandstone which
directly underlies the Irwin River Coal Measures. This sandstone has exhibited excellent reservoir
qualities where intersected but, to date, has not yielded significant hydrocarbons because wells
drilled to this depth in the Permit have been outside mapped closure.
Stage 2, which comprises preparing geological mapping to incorporate results of the 2D and 3D
seismic reprocessing has now commenced. This stage will allow more accurate quantification of
the assessed resources and independent resource assessment and certification.
Additional information is included in the attached Permit Datasheet.
Spokesman and CEO for Pilot Energy, Robert Gard, commented on the announcement:
“We continue to be excited by the prospectivity of WA‐481‐P. Translating the Waitsia play
into the Permit is a game changer which has the potential to generate sizeable
prospectivity in shallow water close to shore. In addition to this, existing discoveries, which
on a standalone basis have previously been assessed as sub‐economic, have the potential to
combine both with nearby equivalent accumulations and deeper, High Cliff Sandstone
prospects to justify cluster developments. Incorporating the reprocessed seismic into this
assessment to quantify the discovered and prospective resources will now be our key focus
in order to unlock the value of the Permit. ”
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