Smith said the new investor group, of Chinese-linked businessmen introduced by Palladion Partners and Patersons Securities, has a mix of cash and technical skills, and are keen to build a diversified petroleum company from the ground up.

"This money takes the heat off and means we can meet our commitments, and hopefully it will see us through until the downturn ends," Smith said.

Pilot's biggest immediate outlay is its commitment to TGS-Nopec over seismic purchased over its high potential deepwater block WA-507-P, and it also has a seismic commitment with CGG on its shallow water block to meet.

"We got a good deal from CGG, they really want the work, and our commitment timing is all down to vessel availability, but it will get done," Smith said.

Pilot paid its account for WA-507-P last week, completing the primary term work commitment, and the company has until November 2019 before it needs to make a drill-or-drop decision about moving into the secondary term.

A well would not be required until 2020.

Because it paid for the seismic six month early Pilot was able to negotiate a US$71,000 ($A95,500) discount for the payment, resulting in $841,500 being paid for the work in the deepwater block.

The 6,368sq.km Gnaraloo/Cazadores multi-client dataset was licensed by Pilot when it picked up its 80% interest in WA-507-P, and the data had revealed the presence of three very large structures that have attracted some interest despite the depressed farm-out market.

Smith said the presence of open acreage in the immediate area, to be offered in the forthcoming Australian offshore licensing round, was also attracting attention.

The company says RISC has calculated its interest in the permit is valued at between $US3 million and $US29 million, with a midpoint value of $US14.5 million.

An independent review of block prepared by Gaffney, Cline & Associates estimated that the three leads defined by Pilot so far have the potential for up to 3.6 billion barrels or 10 trillion of cubic feet of gas on the Exmouth Plateau, north of the remote Thebe gas discovery.

The Dalia Updip, Beta and Gamma leads are more likely to be gas bearing, with a 30% probability of oil versus a 70% probability of gas.

If oil is found in Dalia Updip it could be anywhere between 250 million barrels and 1.7Bbbl with a best potential for 764MMbbl.

Beta could host between 151-931MMbbl with a best estimate of 381MMbbl and Gamma could host between 203-926MMbbl with a best 436MMbbl.

GCA previously estimated the Dalia Updip prospect as having potential for 4.7Tcf (best case).

A well, Dalia South-1, was drilled by Woodside Petroleum in 2010 using the Maersk Discoverer drillship, but was dry.

Pilot says it is clear the prospect was drilled some 300m off-structure.

Production

In terms of the production hunt, Smith said the company wants to bring some balance to its exploration heavy portfolio, with production or near-term appraisal opportunities.

"The strategy is Australia-focused, however we have international experience, and if there is something compelling it is something we would consider, but you need to have focus, and Australia is a big enough country and will be out primary focus," he told Energy News.

He said the company had looked at "everything" in the market, but the fact is that even with the capital injection Pilot's funding is limited, so Origin's Perth Basin assets are too big to take on, but the company still has plenty of scope for "sensible" options.

"The message from our investors if that if we can find the opportunities, and they make sense, then we shouldn't worry about the money, they will bring it in either at the asset or corporate level," he said.

While the timing is uncertain, Smith said the company wants production by 2018.

The new investors now own around 45% of Pilot, and management and the board control about 25-30%, so Smith said everyone was focused on making the company a success.

Plans

Smith said Pilot is well funded for its immediate commitments, with its next major outplay planned to be around $1 million for the 3D survey over the small WA-503-P in the shallow waters of the Carnarvon Basin.

That work needs to be completed by May 2017, and the company is waiting on a seismic vessel to become free.

Pilot then plans to take the block to the farm-out market, with data to support Gaffney Cline & Associates' contention that the area on the oil rich Legendre Trend has been overlooked.

Pilot isn't just saddled with two offshore blocks, it also has interests in the Perth Basin that are easier to digest.

In the southern Perth Basin has two permits with Empire Oil & Gas (40%) that contain the large and robust Leschenault prospect, mapped over a possible closure of up to 200sq.km.

The permit work commitment is for new seismic, but the company is keen to look at other methods of derisking the wildcat target, such as gravity surveys or geochemistry, Smith said.

"We'd like to drill sooner rather than later. It is a big structure, and it is risky, but it won't be too expensive to drill," he said.

The hope is that Alcoa or one of the big utilities might be willing to help fund the drilling, based on the potential of a big gas discovery sitting close to industrial users far from existing production.

"It is clear if we can prove up 300Bcf we would have no problem developing it, and the Dampier to Bunbury pipeline is right there as well. The block is in a good position," he said.

Smith said there was some interest from potential farminees, but the market is very quiet, but with drilling costs down he said it was possible the well could be drilled in 2017.

The company's last area, EP 437 in the northern Perth basin, will never be a company-maker, but it is a shallow oil play that makes sense for a company the size of Pilot.

Wells will cost less than $2 million, and while typically targets are smaller than 2MMbbl they could be profitable.

"If you can find one discovery it may derisk the play, and there are about 7-8 prospects in there to follow up," Smith said.

He explained that EP 437 would never be a company-maker, but could satisfy shareholders who want to see drilling, because while the offshore blocks are the company's jewel in the crown they are at least a few years away, from drilling.

"We need to have a variety of things going on and near term catalysts, so we need things in the funnel, rather than just talking about G&G studies."

A number of wells have been to date, the results of which confirm a working petroleum system within the permit: the Dunnart-1 and 2 wells recovered oil from the Lower Triassic Bookara sandstone, and the Wye-1 well tested gas from Bookara and Aranoo sands at 4.4MMcfpd and 2.5MMcfpd respectively.

The primary prospects identified by the Key Petroleum-operated joint venture are Wye Not, Becos and Conder South.

The Wye Not prospect was originally drilled on the crest of the structure by the Wye-1 well in 1996, and while the well flowed the reservoirs exhibited no evidence of water leg, and both had good, live oil shows during drilling; suggesting that they may have been previously oil-filled, with the oil being displaced to a down-dip oil rim by subsequent gas migration.

The Becos prospect lies down-dip from the Wye Not prospect, on the migration path from the hydrocarbon kitchen that lies to the south.

The seismic data across Wye Not and Becos is being reprocessed to better define the structures.

Drilling could also take place next year, subject to funding.