Pilot Energy at WA-507-P

Pilot Energy Ltd says that an independent audit of prospective oil resources for its WA-507-P exploration permit is complete, and confirms the potential for multi-million barrel oil discoveries. This is further to the Company's announcement of 25 February 2015, which confirmed the potential for multi-Tcf gas discoveries within the permit.

Gaffney, Cline & Associates (GCA) has estimated prospective oil resources cases for the three exploration leads identified by Pilot Energy (and previously assessed for the gas case). GCA determine that the leads are more likely to be gas bearing, with a 30% probability of oil versus a 70% probability of gas (subject to the quoted Geological Chance of Success), consistent with the established nature of the gas play versus the emerging oil play.

Tags: Pilot Energy Ltd