PresentationtoAnnualGeneralMeetingIainSmith,ManagingDirector

28February2017

Disclaimer

This presentation may contain certain statements and projections provided by or on behalf of Pilot Energy Ltd (PGY) withrespect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or onbehalf of PGY. Accordingly, these statements are subject to significant business, economic and competitive uncertaintiesand contingencies associated with exploration and/or mining which may be beyond the control of PGY which could causeactual results or trends to differ materially, including but not limited to price fluctuations, exploration results, ore reserveand resource estimation, environmental risks, physical risks, legislative and regulatory changes, political risks, project delayor advancement, ability to meet additional funding requirements, factors relating to title to properties, native title andaboriginal heritage issues, dependence on key personnel, share price volatility, approvals and cost estimates. Consequently,there can be no assurance that such statements and projections will be realised. Neither PGY, or any of its affiliates,advisers, consultants, agents or any of their respective officers or employees (Relevant Parties) make any representationsas to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved.

Additionally, PGY makes no representation or warranty, express or implied, in relation to, and to the fullest extent permittedby law, no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by PGY as toor 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 writtenor oral information or opinions provided now or in the future to any Recipient or its advisers. In furnishing this presentation,PGY undertakes no obligation to provide any additional or updated information whether as a result of new information,future events or results or otherwise. Nothing in this material should be construed as either an offer to sell or a solicitationof an offer to buy or sell securities.

Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of afuture development project(s) relate to undiscovered accumulations. These estimates have both an associated risk ofdiscovery (GCoS) and a risk of development (chance of a commercial development). Further exploration appraisal andevaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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Sincethe2016AGM…

ü Establishedaleadingprospectiveresourcepositionamongpeercompanies;combinedpotentialofupto4,415MillionBarrelsofOilEquivalent(MMBOE)

ü SecuredpositionaslargestnetacreageholderinPerthBasin

ü Maintainedmanageableworkcommitments

ü ApproveddrillingofWyeKnotoilprospect(EP437)in2017

ü AcquiredhighimpactWA-481-Pexplorationpermit,withassociatedcontingentoilandgasresources

ü FundedprimaryseismiclicensecommitmentsonWA-507-P

ü SecuredsignificantworkprogramvariationsinEP480,andrenewalofEP416

ü Introducedcornerstoneinvestorgroup,at100%premiumtothen-prevailingshareprice

ü Receivedfavourable independentvaluationofupto0.88centspershare(notaccountingfortherecentlyacquiredWA-481-Pproject)

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Strategy§ BuildaleadingjuniorE&Pcompany,bydevelopingadiverseportfolioofhighquality

upstreampetroleumassets

§ Counter-cyclicalinvestmentstrategy,developingprojectportfolioatlowcostaheadofcontinuedindustryturnaround

§ Addvaluethroughlowcoststudieswhilemaintainingmanageableworkcommitments

§ Farmout tofunddrilling

Conventional resourcesinprovenpetroleumprovinces

inAustralia

Assumeonlyachievable workcommitments

Increaseassetvaluethroughlowcostwork,beforefarmout

tothirdparties

Maintainalowcorporatecostbase,deferringprojectcosts

whereappropriate

PreferencetoactasOperator inordertocontrolprojecttiming

andexpenditure

Acquirelargeworkinginterests,providingsufficientprojectequitytofarm-out forfundingoffutureworkprograms

Independentverificationofprospectiveresourcesformingthebasisforattractingfarm-in

partners

Ensuresufficientlead-timeforfarmingoutaheadofanymajor

workcommitments3

ProjectPortfolio

WA-507-P§ Hugepotentialdeepwater

play§ Verysignificantprospective

oil&gasresources§ Increasingindustryinterest

inoilplay§ Nodrillingcommitmentuntil

2020§ Farmout processunderway

WA-503-P§ Threelargeprospectson

establishedoiltrend§ Lowcost3Dseismicsurvey

plannedfor2017

EP416/480§ Verylargeonshoregas

prospect§ Gravitysurveyconfirms

prospectivity§ Geochemicalsurveytobe

conductedH12017

EP437§ Lowcost,onshoreoil/gas

exploration§ WyeKnotoilprospecttobe

drilledin2017

Diverseportfoliowithfourpotentialcompany-makingprojects

WA-481-P§ Mostrecentacquisition§ Ontrendwithmajor

discoveries§ Significantprospective

resourcesidentifiedacross13prospects

§ Farmout processtocommenceshortly

WA-481-P:OffshoreNorthPerthBasin

High impact shallow water oil & gas exploration

§ Acquiredmid2016§ Operatorand60%workinginterest

§ Verylargepermitinshallowwater

§ Highlyprospectiveinboardplay,ontrendwithCliffHeadoilfield

§ Closetoexistingoil&gasinfrastructure

§ 13prospectsidentifiedonexistingseismicdata

§ Prospectiveresourcesofupto435MMBOE

§ Largestoilprospecthaspotentialforupto78MMbbls

§ ContingentoilandgasresourcesatDunsborough&Franklandrepresentpotentialtie-backopportunitiestonewdiscoveries

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Geraldton

Dongara

Oil field

Gas field

Leads

Pilot 0005.dgn

0 20km

115°00' E

29°00' S

29°30' S

114°30' E

LocationMap

WA-481-P

Dongara

Dunsboroughoildiscovery6 MMBbls

Franklandgasdiscovery42Bcf

Cliff Headoilfield

18MMBbls

Dongaragasfield450Bcf

Waitsiagasfield344Bcf

Hoveaoilfield

10MMBbls

Xanaduprospect(NWE)

EP416&EP480:SouthernPerthBasin

§ Operatorand60%interest

§ Conventionalonshoregasplay

§ Playconfirmedbyexistingseismicandwells

§ Leschenault prospect haspotentialforupto1.6TCFgas

§ Closetoinfrastructure;DBNGPpipelinecrossesLeschenault prospect

§ Positiveresultsfromrecentairbornegeophysicalsurveysupportprospectivity

§ Geochemicalsurveyplannedtode-riskprospectinmid2017

§ DrillingcommitmentbyMarch2019

High impact, low cost, onshore gas exploration 6

Bunbury

Mandurah

Main roads

Gas pipelines

2D seismic lines

5000

4500

4000

3500

50004500

4000

3500

3000

3500

5000

4500

4000

3500

00

540004

00

05

2500

0

W.A.

Map Location

25km

33°00' S

116°00' E

Pilot 0006.dgn

EP480

EP416

Pinjarra-1

GSWA Harvey-1

Preston-1 Lake Preston-1

DampiertoBunburyNatural GasPipeline

(DBNGP)

Leschenault prospect(TopPermianDepth

Map)

EP437:NorthernPerthBasin

§ 13%interest(OperatorKeyPetroleum)

§ Ontrendwithmultiplesignificantoil&gasdiscoveries

§ Multipleprospectsidentified

§ WyeKnotoilprospecttobedrilledin2017

§ Targetingdown-dipoillegfromWye-1gasdiscovery

§ WyeKnotprospectiveresourcesupto6.1MMbbls

§ Proximitytoinfrastructureenablesevensmalldiscoveriestobeprofitable

§ Lowcostexplorationwithaffordablenear-termcommitments

Low cost onshore oil & gas exploration7

Geraldton

Dongara

Prospect

Oil field

Gas field

Main roads

Gas pipeline

0 20km

115°00' E

29°00' S

114°30' E

Pilot 0012.dgn

W.A.

Map Location

AtticMt Hill

W3

SouthCondor Jago

NadaAllanooka West

Wye West

Wye Here

Central

Dunnart North

WyeKnot

DongaraGasField

MtHorneroilfield

Waitsia GasField

WA-507-P:NorthernCarnarvonBasin

Statoil: WA-506-P

Very high impact deep water oil & gas exploration

§ Operatorand80%interest

§ LargeblockwithinprolificNorthernCarnarvonBasingasprovince

§ Primarytermseismiclicensecommitmentfulfilled

§ Nosignificantcommitmentsuntil “DrillorDrop”decisionbyNovember2019

§ Threelargegas/oilprospectsidentifiedonexisting3Dseismicdata

§ Independentlyassessedprospectiveresources,byGaffneyCline&Associates

§ Bestcase1.5BillionBarrelsoil,or10Tcf gas

§ StatoilinvestingheavilyinexplorationofadjacentWA-506-P

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WA-503-P:InboardNorthWestShelf

§ Operatorand80%interest

§ LocatedinshallowwateronLegendreoiltrend

§ Threeprospectsidentifiedonexisting3Dseismicdata

§ ProspectiveresourcesindependentlyconfirmedbyGCA

§ Individualprospectprospectiveresourcesupto73MMbbls

§ 80km2 3Dseismiccommitmentremainsinprimaryterm

§ Lowcostseismiccontractinplace

§ Acquisitiontimingtobeconfirmed,subjecttovesselavailability

§ Drillingcommitmentinoptional,secondaryterm

High impact, shallow water oil exploration 9

ProspectiveResources

Permit Oil/Gas Low CaseMMBOE

Best CaseMMBOE

High CaseMMBOE

WA-507-P Oil/Gas 604 1,581 3,600

WA-481-P Oil (Gas) 138 248 436

WA-503-P Oil 16 46 107

EP416/480 Gas 45 121 266

EP437 (Wye Knot)

Oil 0.2 1.4 6.1

Total 803 1,997 4,415Notes:1. Allquotedprospectiveresourcesaregross(100%)on-blockandquotedinMillionBarrelsofOilEquivalent(MMBOE)

2. ForWA-507-PthequotedprospectiveresourcesarethearithmeticsumofthethreeleadsidentifiedbyPilotEnergyand.Theleadsareprospectiveforoilorgas,oracombinationofoilandgas.RefertoCompanyASXannouncementsof25February2015and20October2015.

3. ForWA-503-PthequotedprospectiveresourcesarethearithmeticsumofthethreeleadsidentifiedbyPilotEnergy,andindividuallyassessedbyGCA.RefertoCompanyASXannouncementof3March2016.

4. ForEP416/480thequotedprospectiveresourcesarethearithmeticsumofthetworeservoirswithinthesingleleadidentifiedbyPilotEnergy,andareindependentlyverifiedbyRISC..RefertoCompanyASXannouncementof7November2016.

5. ForWA-481-PthequotedprospectiveresourcesarethearithmeticsumofthethirteenprospectsidentifiedbyPilotEnergy.RefertoCompanyASXannouncementof30January2017.

6. ForEP437thequotedprospectiveresourcesarethearithmeticsumoftwoprospectivereservoirintervalsfortheWyeKnotprospectonly.RefertoCompanyASXannouncementof19December2016. 10

IndependentExpert’sValuation

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BDO Corporate Valuation Low ValueCents per

share

Preferred Value

Cents per share

High ValueCents per

share

Value of Pilot Energy following completion ofthe Transaction (cornerstone investment) on aminority basis

0.38 0.62 0.88

RISC Asset Valuation Low ValueUS$MM

Midpoint ValueUS$MM

High ValueUS$MM

WA-507-P 3.0 14.5 29.0WA-503-P 0.6 1.2 13.2EP416 & EP480 0.3 0.3 0.3EP437 0.0 0.1 0.2Total Exploration Permits Value 3.9 16.2 22.7Pilot Energy’s interest in exploration assets ona portfolio basis

9.7 16.2 22.7

Source:BDOIndependentExpert’sValuationReport,andassociatedIndependentTechnicalSpecialistReportbyRISC(May2016).

WA-481-Pnotincludedasacquiredsubsequenttocompletionofreport.

InSummary

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§ Leadingprospectiveresourcespositionamongpeers

§ Managingriskthroughportfoliodiversityandlowworkcommitments

§ Experiencedteamwithsolidtrackrecordandsignificantpersonalinvestmentincompany

§ Deliveringagainstaclear,counter-cyclicalgrowthstrategy

§ Demonstratedabilitytoconsistentlyacquirequalityassetsatminimalcost

§ Sufficientlyfundedtounlocksignificantvaluefromexistingprojects

§ Drillingactivityin2017

§ Maintainingcommercialdisciplineandcontrol,asOperator

§ Optimallypositionedforindustryturnaroundwithassociatedimprovementinfarmout market

www.pilotenergy.com.au

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