Pilot Energy Limited announced that it has secured a debt note for $1.5 million from a syndicate of private credit investors to provide additional cashflow ahead of the receipt of up to $4.5 million Cliff Head Oil Field Petroleum Resource Rent Tax (PRRT) tax refund claimed for the 2025 PRRT tax year. The $1.5 million debt note is an advance on the claimed $4.5 million PRRT tax refund due to the Cliff Head Joint Venture for the FYE 30 June 2025 and is expected to be received in Third Quarter this year. A summary of the terms of the facility is set out in Attachment 1 to this announcement. Under the PRRT regime, the owners of an offshore petroleum operation can claim 40% of abandonment, decommissioning and rehabilitation expenditures (ADRE) associated with the historic oil production and is capped at the total amount of PRRT paid during those production operations. The ADRE is distinct from and ahead of future redevelopment of the planned as part of the Mid West Clean Energy Project. The total amount of PRRT paid by the Cliff Head JV parties is approximately $66.8 million over the life- time of the asset against which ADRE can be claimed following the cessation of production at the Cliff Head Oil Field. The claimed PRRT refund amount is based on 40% of the total ADRE paid by the Cliff Head JV parties and funded by the Company pursuant to the purchase and sale agreement (PSA) between the
Company and Triangle Energy (Group) Limited (TEG).