#1PILOT ENERGY LIMITED ASX:PGY Pilot Energy Investor Presentation Uniquely Positioned to Begin the Transition Investor Presentation December 2020 Hydrogen H2 H, HYDROGEN POWER CLEAN ENERGY OF THE FUTURE#2Overview - Making the Transition Leveraging existing business and assets in Tier-1 locations to transition from a pure oil & gas company into a World-class renewable energy developer Existing Business Opportunities 2 Investor Presentation December 2020 Bunbury Perth Hydrogen H2 Western Australia H, HYDROGEN POWER CLEAN ENERGY OF THE FUTURE Pilot Energy#3Investment Highlights 3 Tier 1 assets - Owner/Developer of Mid-West Integrated Renewable & Hydrogen Project and South-West Blue Hydrogen & CCS Project Transformational growth opportunities - to ☐☐☐ leverage existing assets, location and infrastructure to deliver world-class renewable energy projects Ideally located - for identified exploration opportunities, for World-class renewable resources, for established infrastructure and to meet growing renewable energy market demand in WA Multiple commercialisation options - supported by existing infrastructure, local industry and Government energy policies Established infrastructure in the Mid-West region - supports existing production from Cliff Head Oil Field and potential generation of renewable energy through low-capex tie-ins Well credentialled, experienced and proven management team - with track records of delivering energy projects Investor Presentation December 2020 Pilot Energy#4Pilot at a Glance ASX Code: Capital Structure Issued shares (10 December 2020) 1, 2 1,2 • Market Capitalisation (10 December 2020) 1, 2 • Cash on hand (10 December 2020) PGY 218.4 million $7.2 million $2.0 million • Reserves & Resources Proved & Probable Reserves 2,3 • 2C Contingent Resources 2,3 Renewable Projects (Underdevelopment) • Wind/Solar Power (MW) - • Hydrogen (kg/day) • CCS/CCUS (tonnes per annum) 0.06 0.05 0.04 0.03 0.02 0.01 0 12/9/19 12/23/19 - 1/6/20 1/20/20 2/3/20 2/17/20 3/2/20 3/16/20 3/30/20 4/13/20 4/27/20 5/11/20 5/25/20 6/8/20 Share price Volume Close 6/22/20 7/6/20 7/20/20 8/3/20 ་།། །།། 8/17/20 8/31/20 9/14/20 9/28/20 10/12/20 10/26/20 11/9/20 11/23/20 12/7/20 ~1,000,000 BOE • 1,300+ Up to 250,000 Up to 2 million Mid-West Integrated Renewables and Hydrogen • Mid-West Offshore Wind/Onshore Wind + Solar Arrowsmith Blue/Green Hydrogen • Cliff Head CCUS Exmouth Carnavon 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 South-West Blue 1,000,000 Hydrogen + CCS Perth 0 Kwinana Blue Hydrogen Bunbury 1. Following approved share issuance based on $0.033/share equity raise price sought at EGM to be held on 10 December 2020 2. Subject to PGY shareholder approval, the Company is to acquire Royal Energy Pty. Ltd. With the consideration to be the issuance of an additional 136,363,636 PGY shares. Upon completion of the Royal Energy acquisition PGY will (1) on a pro forma basis have 365,900,904 shares on issue and (2) hold an indirect 21.25% interest in the Cliff Head Oil Field. 3. Approximately 300,000boe associated with the Cliff Head project remains under review and may be reclassified as reserves subject to the finalisation of new oil sales agreement to replace existing BP Kwinana arrangements 4 Investor Presentation December 2020 ⚫ Harvey CCS Port Hedland WA Pilot Energy SA NT#5Proven, Experienced Board and Management Team Brad Lingo Executive Chairman and Director 30+ years international senior executive experience Upstream/midstream energy, energy infrastructure, finance Proven track record of creating & growing shareholder value Tony Strasser¹ Managing Director Extensive oil & gas experience including corporate finance and M&A 25+ years Proven record in oil & gas with shareholder backing through multiple ventures Daniel Chen Non Executive Director 17+ years of international business, project management and leadership experience in large scale transport and logistics Corporate advisor to private Australian oil & gas companies since 2018 Drillsearch agl elpaso Bridgeport Denison Gas ENERGY RoyalEnergy A New Hope Group company Energy for Australian Communities MAERSK Bruce Gordon¹ Non Executive Director Corporate Finance and Corporate Audit Specialist in the Natural Resources Sector Over 25 years acting for, and advising, ASX and International oil and gas companies. Extensive public company accounting, financial reporting and corporate governance knowledge IBDO PKF Accountants & business advisers epicenergy SUNSHINEGAS LIMITED Anzon Energy LIMITED International Container Terminal Services, Inc. Victoria International Container Terminal 1. Following completion of the Royal acquisition, Tony Strasser is to be appointed Managing Director and Bruce Gordon is to be appointed non executive Director. Michael Lonergan will retire from the Pilot Board prior to completion of the acquisition Investor Presentation December 2020 5 Pilot Energy#6Strategy and Opportunity Existing Assets 6 Investor Presentation December 2020 South-West Mid-West Offshore Petroleum Permits Convergence Cliff Head Oil Field Mid-West Renewables Arrowsmith Processing & Plant Hydrogen Onshore Petroleum Permits South-West Hydrogen CCS Wind Solar World-class Resources Pilot Energy#7The Case for Renewables Technology advances have dramatically reduced costs for solar & wind power in last decade below fossil fuel alternatives Global weighted average levelized cost of electricity from utility- scale renewable power generation technologies, 2010 and 2019 2019 USD/kWh Solar Photovoltaic Concentrating Solar Power Offshore Wind Onshore Wind 0.4 0.378 63 0.3 0.2 0.1 0 Fossil Fuel Cost Range 0.068 2010 2019 0.346 0.259* 0.161 0.182 0.115 0.086 0.053 2010 2019 2010 2019 2010 2019 8|| Competitive power generation costs make investment in renewables highly attractive Renewable power generation technologies are (4A) competing head-to-head with fossil fuel options without O FOR financial support Increasingly undercutting fossil fuel options, in many cases by a substantial margin Declining costs driven by improving technologies, higher capacity factors, scale economies, & competitive supply chains. 56% of capacity additions for utility-scale renewable power in 2019 achieved lower electricity costs than cheapest new coal Capital availability * Note for CSP, the dashed bar in 2019 shows the weighted average value including projects in Israel Source: IRENA - "Renewable Power Generation Costs in 2019", June 2020 Report 7 Investor Presentation December 2020 Pilot Energy#8The Case for Low Cost Hydrogen LCOH (USD/kg) 8 7 6 5 + 3 2 1 Costs of Producing Hydrogen from Renewables and Fossil Fuels Today (Levelized Cost of Hydrogen) 0 Average Cost Solar PV Average Cost Wind (85 USD/MWh) (55 USD/MWh) Low Cost Solar PV (17.5 USD/MWh) Low Cost Wind (23 USD/MWh) SMR Natural Gas with CSS (8 USD/MMBtu) https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Sep/IRENA_Hydrogen_2019.pdf 8 Investor Presentation December 2020 Coal Gassification with CCS (3.8 USD/Gj) Pilot focus Coal Gassification with CCS (1.5 USD/Gj) Best Case Wind (23 USD/MWh) With Low Cost Electrolyser (200 USD/kW) SMR Natural Gas with CCS (3 USD/MMBtu) Pilot Energy#9A Clear Pathway to Low Cost Hydrogen Mid-West Renewable & South-West Hydrogen Projects are uniquely positioned for both blue and green hydrogen Low-cost industrial scale renewable energy - wind & solar 2020 2030 Blue hydrogen Green hydrogen O Existing readily accessible, established CCS/CCUS sites 10 Readily available natural gas feedstock for blue hydrogen Existing Commonwealth regulatory framework allowing CCUS/CCS in offshore Commonwealth waters - Cliff Head Existing South-West Hub CCS Project under-appraisal for sequestration of 800,000+ tpa of CO2 within PGY petroleum tenures¹ 1. Dynamic Modelling of CO₂Sequestration in the Harvey Area. A report by ODIN Reservoir Consultants for DMIRS 2018/7 9 Investor Presentation December 2020 Natural gas Underground storage CO₂ Green electricity Hydrogen Water Source: Gasunie - "Indications of Hydrogen" 02 Hydrogen Pilot Energy#10Strategic Industrial Area Oakajee Proposed Gas Pipeline Iron Ore Exports Geraldton Mid-West Renewables & Hydrogen Premium Renewable Energy Resource anchoring development of transformational renewable energy projects Green Iron to Steel Offshore Wind Turbines 10 Investor Presentation December 2020 CCS/CCUS Dampier to Bunbury Gas Pipeline Parmelia Gas Pipeline Iron Ore Rail Network Solar Power Cliff Head Offshore facility Dongara Arrowsmith Separation Plant Blue-Green Hydrogen Plant CO2 Reformer & Carbon Capture Produced Oil Western Power Electricity Grid Onshore Wind Turbines Gas Fields Natural Gas#11Mid-West Region: World-class Wind & Solar Resources Uniquely located in one of the world's best renewable energy jurisdictions Global Offshore Wind Speeds WS (m/s) > 10 9.5 9 8.5 8 NORTH AMERICA 7.5 7 6.5 6 Pacific Ocean 5.5 5 4.5 4 3.5 3 0 1000 2000 km 2.5 EUROPE ASIA Atlantic Ocean AFRICA SOUTH AMERICA Indian Ocean AUSTRALIA South Atlantic Ocean Pacific Ocean This wind resource map provides an estimate of mean annual wind speeds (m/s) extending 200 kilometers from shore at a hub height of 100 meters. It is provided under a World Bank Group (WBG) initiative on offshore wind that is funded and led by the Energy Sector Management Assistance Program (ESMAP). For more information please visit: https://esmap.org/offshore-wind. The wind resource data is from the Global Wind Atlas (version 3.0), a free, web-based application that provides data with a 100 m resolution based on the latest input datasets and modeling methodologies. For more information please visit: https://globalwindatlas.info. ESMAP WORLD BANK GROUP Published: May 2020 Copyright ©THE WORLD BANK THE WORLD BANK IFC International 1818 H Street, NW | Washington DC 20433 | USA Energy Sector Management Assistance Program The World Bank and ESMAP do not guarantee the accuracy of this data and accept no responsibility whatsoever for any consequences of their use. The boundaries, colors, denominations, and other information shown on any map in this series do not imply on the part of the World Bank any judgement on the legal status of any territory or the endorsement or acceptance of such boundaries. 11 Investor Presentation December 2020 Australia's Renewable Resources: Wind Average wind speed (m/sec) 10 PERT T 120° 130 140° 150° DARWIN ADELAIDE SYDNEY 10°- 750 km BRISBANE 20 Map of Australia showing the location of operating wind farms. The map indicates areas of wind speeds (m/second) as well as transmission lines. Some of the world's best wind resources are along the south- western, southern and south- eastern margins. Source: Geoscience Australia and ABARE (2010) Australian Energy Resource Assessment. Operating wind farm >10MW MELBOURNE о 10-30 MW 150-200 MW 30-60 MW 60-90 MW 200-300 MW 40° 90-120 MW 120-150 MW HOBART Transmission line Australian Government Australian Renewable Energy Agency AERA 9.1 www.arena.gov.au Pilot Energy#12Mid-West Renewable Resource Zone - All The Right Stuff Premium Renewable Resource Precinct Renewable resources - Coastal Mid-West is one of Australia's highest rated renewable energy resource regions for both wind & solar as assessed by Geoscience Australia Government strategic focus – WA Government committed to developing the Mid-West major industrial area and renewable resource zone into a global renewable energy and hydrogen hub - Renewable energy demand - Mid-West renewables resources and hydrogen resource potential attracting interest of major International and local companies pursuing renewable energy projects Established Infrastructure Grid connected – Served by Western Power's South-West Integrated System 330 kV transmission lines Pipeline connected - Access to DBNGP & Parmelia Gas Pipelines provide potential pathways to market for hydrogen Ports, road & rail - Mid-West Region endowed with established infrastructure Clear Hydrogen Development Pathway Blue hydrogen - Combination of existing Perth Basin gas supplies, low cost renewable energy and existing suitable CCS/CCUS assets can support first-mover, lowest cost blue hydrogen supply chain Green hydrogen - Abundant low cost renewable energy & abundant H₂O in combination with blue hydrogen provides foundation for development of lowest cost green and blue/green hydrogen supply chain. Green iron & steel – Combine low cost blue/green hydrogen supply with World-class Mid-West magnetite iron production provides opportunity for globally cost- competitive green iron & steel 12 Investor Presentation December 2020 Pilot Energy#13Multiple Commercialisation Pathways 13 Wind turbines and offshore substations in the ocean Generators create electricity from the wind that spins the turbines Offshore Substation Array Cables Diagram not to scale Mid-West Renewables Project Subsea Cables transport energy to the coast 20-40m deep Export Cables Investor Presentation December 2020 A transmission network transfers energy to the Western Power South West Integrated System Onshore Substation Solar Farm Electrons to WA grid WEM Electrons for Domestic Hydrogen Perth Mid-West Domestic Hydrogen/Electrons for Green Steel Mid-West Existing Infrastructure Existing Terminal Stations Domestic Hydrogen for Green Chemicals Perth Mid-West CO2 from Hydrogen to CCUS Cliff Head Cables and power transmission infrastructure Electrons for Export Hydrogen APEC Pilot Energy#14Integrating the Mid-West: Renewables & Cliff Head Cliff Head Oil Field/Infrastructure provides unique position • The only offshore oil and gas infrastructure along the Mid-West Region coast WA-481-P provides significant opportunity accessible from Cliff Head • Permit contains multiple identified exploration targets surrounding existing Cliff Head infrastructure Mid-West Region coast has multiple sites for offshore wind development • Cliff Head facilities provide potential anchor point for Mid-West WSP Opportunity to simplify/streamline feasibility/development of Mid-West WSP • Maximize use of existing infrastructure, easements, tenures, operations, studies & data Combining offshore wind & existing operations creates potential new value • Potential to share costs and defer existing infrastructure abandonment liabilities WELL HEAD PRODUCTION FACILITY Wellheads INJECTION WATER PIPELINE Power Fluid Pumps Launcher/Receiver Chemicals POWER CABLE PRODUCTION PIPELINE EXPORT TANKER ICON ROC EXPORT TO GERALDTON VIA ROAD RAIL OR PIPLEINE GERALDTON (PUMPING & STORAGE) EXPORT TO BP KWINANA ONSHORE FACILITY Separation/Stabilisation Water Treatment Gas Fired Heaters Power Generation Injection Water Pumps Oil & Water Storage Export Pumps Source Water Well • Reduced costs potentially result in a lower economic threshold for continued operations BP KWINANA VIA ROAD OR RAIL NOT TO SCALE Source: www.iconeng.com.au 14 Investor Presentation December 2020 Pilot Energy#15WA South West Hub Study Area Perth South-West Blue Hydrogen Project Focussed on delivering blue hydrogen combining advanced carbon capture with premium renewable energy resource EP 480 15 Investor Presentation December 2020 Bunbury ORMATION CATTAMARRA COAL MEASURES Jurassic Period ENEABBA FORMATION contaton UPPER LESUEUR Yalgorup Member Triassic Period H LESUEUR SANDSTONE FORMATION Pilot Energy LOWER LESUEUR Wonnerup Member potential CO reservoir SABINA SANDSTONE EP 496 ZOnshore Exploration Leases * Completed Plugged and Abondoned Harvey Area of Interest WA South West Hub Study Area 3D Seismic Dampier to Bunbury Pipeline Parmelia (Dongara to Pinjarra) 330 kV 220 kV 132 kV 66 kV#16South-West Blue Hydrogen & CCS Focus on development of blue hydrogen production project • Hydrogen produced using natural gas using low-cost conventional SMR/ATR technology with full CCS "Blue" hydrogen has compelling cost/economic advantage BLUE HYDROGEN GREEN HYDROGEN Platts Analytics estimates blue hydrogen can be produced at a cost of US$1.40/kg with full CCS versus "green" hydrogen production cost of US$4.42/kg* NATURAL GAS STEAM REFORMING RENEWABLE ELECTRICITY ELECTROLYSIS Pilot existing asset foot-print provides platform for CCS • EPS 416/480 cover the WA Govt sponsored SW Hub Carbon Capture & Storage (CCS) Project SW Western Australia footprint provides ready access to infrastructure and markets • Pilot's existing assets have ready access to gas, power, water, CCS and target hydrogen end market Existing date & knowledge base streamlining development Commonwealth and WA Government work on SW Hub CCS Project provides substantial data/knowledge base for dedicated blue hydrogen CCS site creating opportunity to streamline/accelerate project feasibility & approvals Feasibility to partnering . Once feasibility studies are completed, focus on securing large development partner Large range of potential partners . BP, Santos, Woodside - all pursuing blue hydrogen CO, MANAGEMENT H2 TRANSPORT & STORAGE TRANSPORTATION INDUSTRAL CHEMICALS POWER GENERATION & STORAGE *S&P Global Platts Article - Cost, logistics offer "blue hydrogen" market advantage over "green" alternative, 19 March 2020 - https://www.spglobal.com/platts/en/market-insights/latest-news/electric-power/031920-cost-logistics-offer-blue-hydrogen-market-advantages- over-green-alternative Source: https://blog.ballard.com/green-hydrogen-sources 16 Investor Presentation December 2020 LIQUEFACTION & EXPORT Pilot Energy#17Integrated Renewables Development Strategy Focus on large scale wind & solar leveraging existing assets and facilities - Cliff Head, Arrowsmith & SW tenures 際 Leverage Existing Data Feasibility to Permitting Utilizing Existing Asset Footprint Progress project feasibility works/ studies to provide a project for partnering & Knowledge Base Foundation for dedicated studies serving dual purpose for upstream & renewables to streamline project feasibility & approvals Once preliminary feasibility established pursue permitting & regulatory approvals in parallel with full feasibility Permitting to Partnering STZ Once feasibility studies are completed and regulatory approval process advanced focus on securing large development partner Large Range of Potential Partners CIP, China Resource Fund, Equinor, Siemens, GE, BP Lightsource, Eni – all of which are pursuing renewables – offshore wind or solar 17 Investor Presentation December 2020 Pilot Energy#18Key Milestones Corporate Mid-West Integrated Renewables • & South-West Blue Hydrogen & CCS • - CY2020 May New strategy announced September Transactions deliver and enhance foundation assets • September Secure corporate funding through equity capital raising July - Complete pre- feasibility September - Commence project feasibility studies December Engage feasibility specialist energy transition renewables project advisors • • CY2021 Develop partnering strategy for Mid-West WSP Formulate overall corporate and project funding strategy & plan Complete project feasibility studies Commence project development & environmental approvals Commence project FEED & energy marketing • . • CY2022 Implement corporate and project funding strategy Implement Mid-West WSP partnering strategy Raise corporate and project equity finance including funding for Mid-West WSP Complete project development & environmental approvals Complete project FEED & energy marketing CY2023 Potential FID on initial phase of Mid-West WSP development Cliff Head + • April Cliff Head renewal WA 481 - P 18 project completed October CH6/7 Production workover Investor Presentation December 2020 . Maintain production Detailed well planning for • Possible drilling campaign for Cliff Head Renewal Project • Oil sales • Cliff Head Renewal Project (3 wells) • Oil sales WA 481 -P free carry work program • WA 481 -P free carry work . Oil sale program . WA 481 -P free carry work program Pilot Energy#19Summary Leveraging existing assets and experience to move from pure oil & gas explorer into an energy transition company developing oil & gas production and World-class renewable energy projects A ED Material holdings in both Mid-West & South-West Regions of Western Australia, recognised as World-class wind and solar resources - existing assets located in the heart of the Mid-West Renewable Resource Zone Ownership in key energy licenses & infrastructure - secured ownership in key oil & gas tenures and infrastructure through Royal Energy & Key Petroleum acquisitions Potential World-class renewable energy projects - strategy to leverage existing oil & gas infrastructure and tenures with World-class renewable wind and solar resources to deliver offshore wind and onshore wind and solar project for domestic and export green energy, hydrogen and mineral beneficiation. Proven, experienced Team – Board and Management have strong track records of building and delivering energy and resource projects Well capitalised to start the transition - Pilot well funded to pursue feasibility World-class offshore wind and onshore wind and solar projects supplying the Mid-West and South-West Regions with underlying sustaining cashflow from the Royal Energy acquisition 19 Investor Presentation December 2020 Pilot Energy#20Compliance Statements Disclaimer This investor presentation has been prepared by Pilot Energy Limited ABN 86 115 229 984 (Pilot or the Company). Any material used in this presentation is only an overview and summary of certain data selected by the management of Pilot. The presentation does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in Pilot nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act and should not be used in isolation as a basis to invest in Pilot. Recipients of this presentation must make their own independent investigations, consideration and evaluation of Pilot. Pilot recommends that potential investors consult their professional advisor/s as an investment in Pilot is considered to be speculative in nature. This presentation contains "forward looking statements" concerning the financial condition, results of operations and business of Pilot. All statements other than statements of fact or aspirational statements, are or may be deemed to be "forward looking statements". Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", "outlook", and "guidance", or other similar words & may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement dates and expected costs, resources or reserves, exploration results or production outputs. Assumptions Forward looking statements are statements of future expectations that are based on management's current expectations and assumptions, known and unknown risks and uncertainties that could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialisation reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Statements in this presentation are made only as of the date of this presentation unless otherwise stated & the information in this presentation remains subject to change without notice. Reliance should not be placed on information or opinions contained in this presentation. To the maximum extent permitted by law, Pilot disclaims any responsibility to inform any recipient of this presentation on any matter that subsequently comes to its notice which may affect any of the information contained in this document and presentation and undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any person. To the maximum extent permitted by law, neither Pilot nor, any affiliates, related bodies corporate and their respective officers, directors, employees, advisors and agents (Relevant Parties), nor any other person, accepts any liability as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any person Competent Persons Statement This presentation contains information on conventional petroleum reserves and resources which is based on and fairly represents information and supporting documentation (including Reserves and Contingent Resources as of 30 June 2020 reported in Triangle public disclosures (ASX: TEG) as operator of Cliff Head. Prospective resources relate to undiscovered accumulations requiring further exploration, appraisal and evaluation) reviewed by Dr Xingjin Wang, a Petroleum Engineer with over 30 years' experience and a Master in petroleum engineering from the University of New South Wales and a PhD in applied Geology from the University of New South Wales. Dr Wang is an active member of the SPE and PESA and is qualified in accordance with ASX listing rule 5.1. He is a former Director of Pilot Energy Ltd and has consented to the inclusion of this information in the form and context to which it appears.Authorisation This presentation and announcement has been authorized by the Board of Directors of Pilot Energy Limited. MW WSP Feasibility Study Reporting Conditions Pilot has agreed the following conditions with the ASX in relation to the MW WSP feasibility study: 1. The Company must continue to spend funds on its existing and proposed oil and gas projects. 2. The Company must disclose in each quarterly activities report until September 2022, the proportion of expenditure incurred in relation to exploration and evaluation on the oil and gas projects and the Mid-West Wind and Solar Project. 3. The Company must disclose as separate line items in each quarterly activities report until September 2022, expenditure incurred in relation to exploration and evaluation on the oil and gas projects and the Mid-West Wind and Solar Project. 4. Proceeding beyond the feasibility study stage of the Project (or incurring expenditure in excess of the budgeted feasibility expenditure in relation to the Project) constitutes a change in the nature and scale of the Company's activities in terms of Listing Rule 11.1 and as such the Company will be required to comply with all of the requirements of Chapters 1 and 2 of the Listing Rules before it proceeds beyond the feasibility study or incurs expenditures in excess of the budgeted feasibility expenditure on the Project. 20 20 Investor Presentation December 2020 Pilot Energy#21Contact Pilot Energy Limited Level 12 225 George Street Sydney NSW 2000 www.pilotenergy.com.au Phone: +61-2-8016-2819 Email: [email protected] 21 21 Investor Presentation December 2020