Cliff Head CO2 Storage Project
Progress in converting a mature life offshore oilfield to permanent CO2 storage operation to deliver
low-cost clean ammonia through integrated CCS
GCCSI Japan CCS Forum
15 November 2023
PILOT ENERGY LIMITEDASX:PGY

Compliance 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 inaccordance 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
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This presentation contains “forward looking statements” concerning the financial condition, results of operations and business ofPilot. All statements other than statements of fact or aspirational statements, are or may be deemed to be “forward lookingstatements”. Often, but not always, forward looking statements can generally be identified by the use of forward looking words
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Statements in this presentation are made only as of the date of this presentation unless otherwise stated & the information inthis presentation remains subject to change without notice. Reliance should not be placed on information or opinions containedin this presentation. To the maximum extent permitted by law, Pilot disclaims any responsibility to inform any recipient of thispresentation on any matter that subsequently comes to its notice which may affect any of the information contained in thisdocument and presentation and undertakes no obligation to provide any additional or updated information whether as a result of
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2GCCSI Japan CCS Forum | 15 November 2023

Competent Persons Statement
This announcement contains information on conventional petroleum and CO2 Storage resources which is based on and fairly
represents information and supporting documentation 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 fromthe 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 andcontext to which it appears.
Authorisation
This presentation has been authorized by the Chairman and Managing Director on behalf of the Board of Directors of Pilot Energy
Limited
Mid West Renewable Energy Reporting Conditions
Pilot has agreed to certain conditions with the ASX in respect its renewable energy activities in relation to nature of activities andexpenditure limits. Proceeding beyond the conditions will constitute 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 and2 of the Listing Rules before it proceeds beyond the agreed limits.

Presentation Summary
The Mid West Clean Energy Project is an integrated CO2 storage to Clean Ammonia export project•

Pilot Energy Limited is an Australian oil and gas producing company and only one of a handful of offshore production operator
licensed to operate in Australian Commonwealth waters•

Pilot is transitioning to clean energy production and supply through the development of an integrated CO2 storage project
enabling the production of clean ammonia leveraging existing production infrastructure and renewable energy resources•

This case study presentation focuses on the CO2 storage aspect of the project. The project is currently in the Pre-FEED/FEED
stage and CO2 storage operations are anticipated to commence in 2026 followed by blue ammonia production from 2028•

Initial development of CO2 storage project will be capable of providing up to 67 million tonnes of permanent storage with an
initial injection rate of 2.5 mmtpa through 2050

•Significant potential to increase CO2 storage capacity to over 100 million tonnes with a CO2 injection rate of 5 mmtpa by
2030 through additional development•Pilot has encountered numerous technical, regulatory and commercial challenges which has shaped project development.

•This case study shares Pilot’s learnings to assist the efficient transition of hydrocarbon fields from production into CO2
storage facilities and operation

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GCCSI Japan CCS Forum | 15 November 2023

Strategy
Deliver low-cost clean energy by building off natural competitive advantages
Western Australia - a natural partner of production and supply of Clean Ammonia

Righttechnologies

Abundant
natural gas

Low-Cost
Clean
EnergyCarboncapture

WorldclassrenewableenergyThe Four Pillars - Building from a firm foundation

Australia

Natural gas

Western, South, Queensland, Tasmania etc.

Renewables
Mid West Clean
Energy Project

The Deliverables - Clean, Low-Cost and AchievableCliff Head CCS – Leveraging existing infrastructure
Cliff Head Oil Field – overview of current facilities & operation•Mature, end-of-life oil field located ~14km offshore in
Commonwealth Waters in 16m water depth•

Production commenced in May 2006 producing to date
~17.1 mmbls oil and ~133 mmbls water•

Proven injection history with 136.5 mmbbls water injected
into field to maintain reservoir pressure•Facilities include:

5•

Cliff Head A unmanned offshore platform (CHAP)•

Onshore Arrowsmith Stabilisation Plant (ASP)•

Twin 10” offshore/onshore production and waterinjection pipelines connecting CHAP to ASP•Power & control umbilical from ASP to CHAP•

5 oil production wells with artificial lift•

3 water injection wells

GCCSI Japan CCS Forum | 15 November 2023

Cliff Head A Offshore Platform – Future CCS Injection
Facility

Arrowsmith Stabilisation Plant – Future CO2 Aggregation
Facility

CO2 Storage Facility
Cliff Head CO2 Storage Facility is a key enabler of low-cost Clean Ammonia production• Foundation for development of Clean Ammonia production• Brownfield re-development utilizing existing Cliff Head Oil Field facilities• Clear Commonwealth regulatory pathway with application lodged with NOPTA• Minimal risk and capex requirements through re-use of existing reservoir & facilities• Aiming to provide up to 5 million tpa of CO2 storage continuing through 2050
• Levelized cost of storage (LCOS) of less than A$20/tonne of CO2 (excluding transport)• Targeting first CO2 injection from onshore CO2 receiving facility 2026

See Pilot Energy website for CCS Project video at https://www.pilotenergy.com.au/videos-webcasts
6GCCSI Japan CCS Forum | 15 November 2023

Australian CO2 storage regulatory pathway
Pilot is first ever applicant for transitioning a petroleum production licence in Commonwealth waters to GHG storage under an existing & clear regulatory pathway

Commonwealth waters extend offshore Australia from
3 to 200 nautical miles off the Australian coastline

Offshore Petroleum & Greenhouse Gas Storage Act of 2006 (OPGGSA) applies to all petroleum & GHG activities in Commonwealth waters
Cliff Head Oil Field production license is located 6 nautical miles (~11kms) west off the Western Australian shoreline and governed by OPGGSA
7GCCSI Japan CCS Forum | 15 November 2023

Key regulatory challenges
Pilot Energy is the first applicant under existing Australia Commonwealth legislation•Australian Commonwealth legislation - Offshore Petroleum & Greenhouse Gas Storage Act (OPGGSA) - administered by NOPTA and NOPSEMA - has been inplace since 2006 with supporting regulations/guidelines since 2011

•Existing legislation provides for ability to conduct Greenhouse Gas (CO2) storage exploration, appraisal, development and operational activities in AustralianCommonwealth waters (offshore Australia from 3 to 200 nautical miles)•OPGGSA also provides for the ability to apply to declare a discovery of a suitable Greenhose Gas Storage Formation (DoSF)•Once a DoSF is approved a license holder can apply to convert an existing petroleum production license area into a CO2 storage operation throughlodgement of a GHG Injection License application covering the reservoirs covered by the DoSF•

To date only – GHG Assessment (exploration) licenses have been granted – all of which are in their first term•

Pilot Energy is the first ever applicant to seek approval for a DoSF and following approval of the DoSF will quickly lodge GHG Injection License application•Many of the concepts throughout the GHG regulatory framework - though familiar and similar to the existing tried and tested petroleum regulatory framework– are untried and in instances some regulatory terminology is undefined such as “engineering enhancements”•The CO2 Storage operation is also covered by the Sea Dumping Act (Australia’s legislation covering the London Protocol) which also requires Commonwealthlegislation to be passed approving the CO2 Storage amendments to the London Protocol (legislation before Parliament with passage pending)•Applicable environmental legislation covering a CO2 Storage operation exists but also is untested in this area

8GCCSI Japan CCS Forum | 15 November 2023

From Declaration of Storage Formation to Injection License
Following approval of GHG Storage Formation, an application for a GHG Injection Licence can be made• Injection plan/plume area must demonstrate that it will be limited to existing production license area
• At a minimum the Site Plan will require:• A facilities design specifying required remedial works to transition the field from oil production to carbon storage• Detailed well design for new or repurposed wells, as well as a decommissioning plan for redundant wells in thefield• A Monitoring, Measurement, and Verification (MMV) plan to ensure vertical and lateral containment of Stored CO2• In addition to the Site Plan, the following approvals are required to be eligible for a GHG Injection licence• Environmental Plan approved by Department of Climate Change, Energy, the Environment and Water (DCCEEW)
and NOPSEMA• Sea Dumping Permit approved by DCCEEW

9GCCSI Japan CCS Forum | 15 November 2023

Conversion from oil production to CO2 storage operations

June 2025 commence conversion
Existing oil operations

Install newinjection wells

Convert existingwells to pressure
management
and monitoring

10GCCSI Japan CCS Forum | 15 November 2023

Convert existing oil pipeline to transport CO2Platform upgrades
CO2 aggregation at Arrowsmith

CO2 Storage development concept
Proposed WA-31L carbon storage development and resultant aerial CO2 plume extents

11GCCSI Japan CCS Forum | 15 November 2023•

Extensive 2D and full 3D seismic coverage overproject area•

Full regional geological reinterpretation looking
beyond the Cliff Head oil field•

New outward-looking CO2 storage purpose-built
static & dynamic reservoir modelling•Over 6 million grid cells covering the main
injection reservoir units•

Specific focus on main reservoirs associated withthe Cliff Head oil field with 3 main storage areas
identified•

2 main storage areas – Cliff Head & Mentelle –with extensive well control andproduction/injection history form basis
Contingent Resources•

Prospective Resources attributed to a third area
– Illawong – with extensive 3D seismic but
lacking well control & production/injection historyCliff Head CO2 storage resources
Well Plan – CO2 Injectors and Pressure Management & Monitoring
CO2 Storage plume stable post injection

Resource*

Storage Capacity(million tonnes)

1C

24.2

2C

45.6

3C

67.0

2U*

50.4

CO2 Injection rate (milliontonnes per annum
2.52.5*CO2 Storage Resource and injection rate estimates prepared in accordance with SPE SRMS by CO2Tech
12GCCSI Japan CCS Forum | 15 November 2023

CO2 Storage development concept - facilities
Proposed WA-31L carbon storage – development utilizing combination of existing and new facilities
CO2 CALM

CO2 PLEM

C02 Import

CO2 fromOnshore
CO2Storage

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GCCSI Japan CCS Forum | 15 November 2023

CO2 storage enables luse of low carbon H2 technologies
Unique integration of CCS, renewables and proprietary technology enables production of low-cost Clean Ammonia
8 Rivers 8RH2 technology• Proven technology

Renewables & Electrolysers
Liquid O2Storage(LOX)

H2Power

H2Ammonia
Synthesis

O28RH

O22 HydrogenProduction

CO2Cliff HeadCO2Storage

NG

Integration of CCS and low-cost renewables through 8 Rivers technology delivers
clean cost-competitive power, Hydrogen and Ammonia
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GCCSI Japan CCS Forum | 15 November 2023

• Minimal water consumption
A unique opportunity

N2

Air Separation
Unit (ASU)• High hydrogen production efficiency
while requiring minimal capital costs
compared to over conventionalpower cycles• Blue Hydrogen only possible withCCS• Integration of low-cost renewablesdelivers operational and capital costsynergies across both Blue andGreen Hydrogen• Compelling Low Carbon Hydrogento-Clean Ammonia solution withclear cost advantage

8 Rivers blue hydrogen - 8RH2 Gen 2 technology
CO2 Convective Reformer (CCR) – 99% capture with lower capital and operating cost

CO2ConvectiveReformer

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GCCSI Japan CCS Forum | 15 November 2023•

8RH2 Convective CO2 Reforming (“CCR”)
technology delivers improved natural gas-tohydrogen generation efficiency with 99% CO2capture•

Conventional SMR/ATR process limited to 95%CO2 capture•

8RH2 CCR innovative use of highpressure/temperature CO2 to drive
reformation results in two separate flow
streams like SMR at high pressure similar toATR.

•CCR use of CO2 as its working fluid enables
inherent capture of 99% of produced CO2•

CO2 generated in Blue Hydrogen production isin supercritical form ready for storage without
expense of SMR/ATR post combustion capture•Pilot and 8 Rivers completing Pre-FEED basisof design study detailing use of CCR at MWCEP

Clean: The carbon intensity comparison
Mid West Clean Energy Project exceeds current Clean H2 Carbon Intensity standards for EU, Japan, Korean & USCurrent Clean H2 Carbon Intensity Standards Comparison*
4.50
4.00
3.50

3.38

3.40

EUJapan

4.00

4.00

KoreaUSkg CO2e / kg H2

3.00
2.50
2.00
1.50
1.00
0.50
0.00

0.02
MWCEP

Combination of breakthrough 8RH2 Gen 2 technology with integrated CCS and behind-the-meter renewables delivers low Carbon intensity
16GCCSI Japan CCS Forum | 15 November 2023

*Sources: Argus Media article 18 April 2023 – South Korea outlines clean hydrogen certification system and PilotFeasibility Study ASX release 28 March 2022, 8 Rivers Gen2 8RH2 Design BasisGlobally Cost Competitive*

MWCEP Clean H2 cost (real)
USD 1.20/kg – USD 1.38/kg**
Makes MWCEP competitive with projects
from the cheapest 5 regions, Brazil, China,Chile, Sweden and Spain*Source: Bloomberg New Energy Finance Report 2023 Hydrogen Levelized Cost Update: Cost of Capital and inflation take hold, July 10, 2023** Source: Refer to Feasibility Results per ASX release on 28 March 2022, 7 June 2022 and 23 September 2022. 65 cent exchange rate applied to feasibility study results that delivered AUD 1.85 to 2.13/kg Blue H2 LCOH
17GCCSI Japan CCS Forum | 15 November 2023

Mid West Clean Energy Project execution

A Clean Ammonia export project with full carbon capture through integrated CCSCarbon Storage

Clean Ammonia Production

Timing: ~2026

Timing: ~2028• Conversion of Cliff Head Offshore oil field to CCS• Permanent CO2 storage in depleted offshore oil field• Offshore facilities to include direct offshore LCO2 receipt capability

18• Targeting Clean Ammonia production of over 1.2 million tpa

CleanHydrogen• Clean Ammonia produced fromCleancombined Blue & Green Hydrogen Plant• Blue H2 with full carbon Ammonia
capture through integrated Cliff Head CCS• Over 1 million tpa CO2 injection from 2026

• Green H2 from self-sourced industrial water supply + low-cost, behind-the-meter renewables• Targeting continuous CO2 injection through to 2050•

GCCSI Japan CCS Forum | 15 November 2023

Estimated levelized cost of ammonia (LCOA) of A$400/tonne

Achievable: Bringing it all togetherAmmonia production• Targeting ammonia production of up to 1 million tpaof cost competitive clean ammonia for export

C02 HubBlue Hydrogen
Facility

C02 to Storage• Blue Hydrogen production utilising 8 Rivers 8RH2technology integrated with Cliff Head CO2 Storage• Abundant nearby low-cost conventional gas supplyfor Blue Hydrogen production

Ammonia
Facility
Ammonia
ExportGreen Hydrogen
Facility• Green Hydrogen electrolysis system fully integrated
with 8RH2 Blue Hydrogen technology.
• CO2 Storage project provides long-term self-sourced
industrial water for Blue and Green Hydrogenproduction• Oxygen produced from Green Hydrogen electrolysis
used for Blue Hydrogen production• Low-cost, behind-the-meter renewables provides
power for CO2 Storage through to Clean Ammonia
production

Integrated production system maximises use of all production streams – Power, Heat, Water, Hydrogen, Oxygen & Nitrogen– No waste
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GCCSI Japan CCS Forum | 15 November 2023

Mid West Clean Energy Project video

20

See Pilot Energy website for CCS Project video at https://www.pilotenergy.com.au/videos-webcasts

Contact Details
Pilot Energy Limited
Suite 301, 35 Spring Street
Bondi Junction, NSW 2022
www.pilotenergy.com.au

Brad Lingo
Chairmanblingo@pilotenergy.com.au

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GCCSI Japan CCS Forum | 15 November 2023

Tony Strasser
Managing Director
tstrasser@pilotenergy.com.au

Nick Watson
GM Corporate Development
nwatson@pilotenergy.com.au