Pantheon Resources Share Discussion Threads

[dhb368] 19/4/2022 15:53

This time last year a 6% swing on PANR was 'meh' for my portfolio.

After a 500% increase in share price and significant additional investment, a 6% swing is much more stimulating.

Fingers crossed for a spellbinding end to April.

[parker2102] 19/4/2022 10:28

Thank you so much, Mr Darcon, for this extensive list.
Very much looking forward to the 26th!
I'm not sure whether this question would be suitable for the webinar, or that someone else of the very knowledgeable and expert posters here might answer this:
Re:
"A
4. Comparisons to Pikka. Pikka’s (vertical) flow rates were much more than Pantheon’s. Horizontals can presumably be drilled on Pikka too. Is the $3.1 per barrel Pikka benchmark appropriate for Pantheon’s assets? What adjustments are necessary to compare like with like?"
My question:
What price $/BBL should we expect to see for the Pikka deal IF this transaction were to take place NOW, given the significant change in prices for WTI and Brent. Any thoughts?
Apologies if this has been covered already earlier, but cannot remember having seen it.
Many thanks in advance

[chris0805] 19/4/2022 10:03

Arise Sir Darcon of Deadhorse. !!! Great efforts again in collating all of the questions Darcon. I am looking forward to the Webinar next Tuesday. ;-)

[westx] 19/4/2022 09:43

Thanks Dacron for all your hard work. One additional question I didn't see addressed and forgot to submit. Could you discuss porosity and perm comparison between BFF in Talitha and Theta West? Also gross/net pay interval in each well?

[adxwasere] 19/4/2022 09:33

Cheers Darcon.

[hiddendepths] 19/4/2022 09:26

Fantastic list of questions you guys! Many thanks Darcon for putting them all together so well!

[darcon] 19/4/2022 09:21

Many thanks to all of you who have contributed questions. Below is the current draft questions list which I've compiled to send to Pantheon for their forthcoming webinar. Comments and additional questions welcome.


Questions List for 26 April 2022 webinar (v1)


A. Theta West and Talitha #A drilling and testing operations this season

1. Cementing/remediation issue. Could you please expand on Theta West casing cement issue and remediation. In your 4th March RNS you mentioned a new liner set after your previous 21st February RNS mentioned a cement squeeze.

See:
• 4th March RNS: “The cement in the casing was drilled out and a new liner was set to Total Depth”
• 21st February RNS: “The Company will undertake work to remove cement from within the casing, prior to performing a remedial cement squeeze job”

2. Remediation issue recoupment. Do you expect to recoup any of Pantheon’s losses incurred in fixing the third party contractor’s huge mistake of placing the cement in the wrong place in the Theta West from the contractor who is responsible for the mistake? If so, will you need or intend to use legal means to effect this? Would potential recovery include claims for consequential curtailment of the drilling programme?

3. Low BOPD flow-rates in testing. Theta West lower basin floor fan averaged only 57 barrels of oil per day (“BOPD”). Slope Fan System only averaged 45 BOPD. Please explain the low BOPD and its significance.

4. Comparisons to Pikka. Pikka’s (vertical) flow rates were much more than Pantheon’s. Horizontals can presumably be drilled on Pikka too. Is the $3.1 per barrel Pikka benchmark appropriate for Pantheon’s assets? What adjustments are necessary to compare like with like?

B. Future Theta West & Talitha projects definition and development

1. Timing of long-term production tests. Assuming that all goes smoothly, when is the earliest that you can see long-term production tests for Theta West’s basin floor fans, Talitha’s slope fans and Talitha’s SMD zones?

2. Commercial chance of success. Much work done in Talitha / Theta West has established a significant presence of high-quality light movable oil in different formations at different depths. Each comes with its own advantages and disadvantages. When will management start having a clearer picture as to what probability or how possible it will be to extract this oil commercially now that we know it is there and it moves?

3. Next steps. What are the next steps that need to be taken in terms of lab work and in terms of drilling?

4. Individual zone vs combined zone commerciality. In a well like Talitha if one zone proves to be commercial does that have any implications for the other zones? Or should we always think of each zone separately?

5. Depth and breadth of Pantheon’s Alaskan supply chain. Your development plans envision many wells being drilled with some involving fracking. We already see the oil services industry struggling to ramp up in the Lower 48. How many drilling rigs would be needed and available in Alaska to support a program which in Talitha’s SMD modelling covers 91 producing wells and in Alkaid’s modelling covers 44 producing wells?

6. Number of drills necessary for development plans. The average number of drills operating in the 2022 winter was around eight. Would Pantheon need two or more of those to support a development program?

7. Timing of Alkaid #3. Why is Alkaid #3 to be drilled in February 2023 when its infrastructure (gravel driveway, drillpad) will be built in August 2022?

8. 2023 winter drilling. Are you planning 2023 winter season works at Talitha #A and Theta West in addition to planned horizontal well production from the two Alkaid horizontal wells? Does it mean by the winter of 2023 you’ll be working on at least three sites simultaneously?

9. 88E’s claims re Icewine. Assuming the truth of 88E’s claims for Icewine, its potential share of Pantheon’s asset, and the “one pint – two straws” analogy, what would be the position if Icewine claims were correct? How would the “rule of capture” impact the value of Pantheon’s discovery?


C. Alkaid #2 and #3 horizontal wells

1. Lateral well-designs for Alkaid and Theta West wells. Will the Alkaid well(s) be designed as a diagonal or a mix of diagonals and horizontals to contact as much of the net payzone depth as possible? How will you ensure precision as to where you frack the diagonal wells so as to maximise the contact with sands and minimise the contact with shales to prevent potential swelling and blockages in the diagonal?


2. Sloughing risk. Given the issues with sloughing in the vertical test well at Theta West how are you going to ensure this is not an issue when drilling the laterals which I would assume to be more at risk of sloughing than a vertical well?

3. Fracking techniques for clays. Have you identified an optimum fracking technique / fluid for this geology given the issues encountered at Talitha with the SMD blockage which was possibly due to the fracking fluid causing swelling in the clays?

4. Frac fluid compatibility with formation clays. Have any studies been done on Alkaid or Talitha cores regarding frac fluid compatibility with SMD formation clays?

5. Potential issues. After tight hole and lost circulation issues encountered on Alkaid #1 do you anticipate any issues on your upcoming horizontal drill?

6. Improving the efficiency of hydraulic fracturing. Will PANR use micro-proppants to improve the efficiency of its hydraulic fracturing treatments in this summer’s Alkaid horizontal drills? If yes, please describe. If not, please discuss why not necessary.

For example, by way of background the following article (see: discusses the applications of micro-proppants in the enhancement of oil and gas production and its review concludes that using micro-proppants can improve the efficiency of hydraulic fracturing treatment, leading to enhanced oil and gas production. Is this something that the technical team has considered / would consider for its summer Alkaid drills?

7. Paybacks. What are the projected paybacks for the Alkaid wells?

8. Understanding of SMD-B. To what extent will Alkaid #2 and Alkaid #3 move forward the understanding of the SMD-B? Will either or both of the Alkaid wells target production from the SMD-B reservoir?

9. Alkaid deep drilling and testing. We know that the intention with Alkaid #2 is first to drill deeper to see what lies below where the original well had to be halted due to flooding. Is there any intention to carry out well testing in the deeper part of the Alkaid well before kicking off the lateral (assuming of course that a zone of sufficient interest is encountered in Alkaid deep)?

D. Corporate deal-making

1. Status. What is the status regarding farm-out / JVs / buy-out?

2. Data-room. Will you again provide all data in your data room?

3. Interest. Have you seen increased interest in the past months? Are you continuing to keep in touch with interested partners?

4. Farm-in. Are there are still parties interested in farm-in for further development?

5. Timing. Do you have a time-line for when a partnership could materialise?

6. Pricing. What would the board call a fair price per contingent barrel of oil in a buy out situation, bearing in mind all the positive geographical, logistical factors involved with this project and of course current ANS/Brent price.

E. Promoting to higher quality listing venues

1. North American exchange. Is Pantheon’s board still considering a direct listing on a North American stock market in the near future? If so, have Pantheon instructed their lawyers or investment bankers to commence work on this yet?

2. Main market LSE. Is Pantheon’s board considering a move from the AIM market to the premium segment of the main market of the London Stock Exchange? If so, have Pantheon instructed their lawyers or investment bankers to commence work on this yet?


F. Media coverage

1. Having been so reserved in previous estimates is now the time to be more proactive with Pantheon’s expected results?

2. What are your plans to improve further Pantheon’s media coverage?

[brian boru] 19/4/2022 09:09

A lively start to the week...........with webinar due in 5 trading days I expect to see plenty of buying interest in next few days, Gla.

[responsible investor] 19/4/2022 03:19

Dav37 IMHO there is no chance of any farm-in agreement until, at earliest, after oil flow from Alkaid/SMD in October/November

[responsible investor] 19/4/2022 03:19

Dav37 IMHO there is no chance of any farm-in agreement until, at earliest, after oil flow from Alkaid/SMD in October/November

[metalbee] 19/4/2022 01:30

Thank you to the many people who have shared their support and generous donations towards the fundraiser I shared. We are now 65% of the way to our target, and the first refugee has landed safely in Melbourne and reunited with his family. More people set to arrive over the next week or so.

Updates are provided on the fundme page, including some video.

In order to not clog up the thread with discussion around this, please contact me directly if you have any questions.

[energyhobbs] 17/4/2022 17:23

hTTps://www.reddit.com/r/PantheonResourcesPANR/comments/neal2f/how_do_contingent_resources_relate_to_proved/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

[pharmawotsit] 17/4/2022 14:50

 Antique - amazing what you find on a re-read isn't it ?

 Thanks and well done for alerting us to that gem from the October 2020 webinar...

 ...{edit} and of course, to Telemachus' (EnergyHobbs') grand post on the reddit forum.

 Using a bit of clickology, I've transposed the figures from p18 of that webinar for a better fit.

 Happy Easter to all.

 

[dav37] 17/4/2022 10:46

I know if I was trying to farm into panr assets I would want have any deal signed before the webinar as the price could go up substantially after it and potentially more companies would be bidding

[antique7879] 16/4/2022 10:17

Happy Easter all. I found an excellent post by Telemachus on reddit, which I tried to share yesterday. Unfortunately, the link does not work. The post is entitled ‘How do contingent resources relate to proved reserves’.
Although the post is 12-months old it is very pertinent and is excellent background information leading up to the forthcoming webinar. It discusses the three step process to oil reserves recognition.
The post also mentions the Modular Arctic Production System (MAPS), a system of leased units that can be scaled in increments of 5,000 bopd which further reduce the capital sink ahead of first production for 30,000 bopd development case. See the figure below taken from page 18 of hxxp://pantheonresources.com/investors/presentations/653-pantheon-oct-2020-webinar-1/file.

[bit coin] 15/4/2022 17:48

Listening again to the interview with Jay and Bob last week Jay mentioned that the up coming webinar would discuss the value of our assets - I think he said words like you will all like to know how much it's worth etc etc.It will be interesting to hear from the horses mouth having heard various commentary on these boards with some incredible valuations - I think Connor Maguire was recently talking about over £10 per share if all goes to plan...............Gla and happy Easter to one and all.

[antique7879] 15/4/2022 14:16

H/t AlaskaGeophiz, who posted this blog 12-months ago under the heading ‘Horizontal Multi-Stage Fracture Stimulation and Alkaid 2 Plans’ on reddit, that I found excellent background information leading up to the forthcoming webinar.

The presentation linked below describes hydraulic fracturing (stimulation), which is especially beneficial for improving well productivity. Horizontal multi-staged fracture stimulation has been transformational in thin bedded reservoirs and/or low poro-perm plays (e.g., shale oil). Slide 6 shows a frac’d vertical well can have 100,000 square ft reservoir contact in a 50 ft reservoir example. The author says this is 1,000 times more than an unstimulated vertical completion. Slide 7 shows a horizontal 20 stage multi-staged fracture stimulation (same 50 ft thick reservoir) with reservoir contact of 2,000,000 square feet. That’s 20 times more than the frac’d vertical well example. The author says horizontal multi-stage frac is 1,000 times more than unstimulated vertical well.

[rideacockhorse] 14/4/2022 18:48

Ah thank you ringsing. I was nearly right!

[mlf51] 14/4/2022 18:28

I will now take my greedy hat off for the long weekend and put on my reflective hat and feel very pleased with the progress made by our brilliant BOD and their team. The greedy hat will stay within reach for Tuesday onwards. GLA and have a great Easter break.

[ringsing1] 14/4/2022 18:25

last year, the Talitha-update RNS came on the morning of 19th April, and the webinar was after close on 20th, so effectively 2 trading days apart…

[rideacockhorse] 14/4/2022 16:07

Agree. Resource update RNS before the webinar looks a good possibility. Forgive my ageing brain but didn't that happen last year as well, i.e. resource update RNS on day of the evening webinar? Or was it the year before? Or have I gone nuts?

[senttothegallows] 14/4/2022 15:45

Come next week this is going to heat up quite nicely. We have the webinar on 26th but I do wonder if we get updates beforehand reserves etc IMHO

[the count of monte_cristo] 14/4/2022 14:50

Worth researching EST over your Easter weekend breaks. I have set up a bb and have added some good links to the header. Enjoy your holidays everyone.

[k1ngkonggb] 14/4/2022 13:47

Fifth element, so says the person who was making predictions on this board (4th April).

Happy Easter!

[fred buckle] 14/4/2022 13:35

Phsar perhaps for some a welcome segment of time to avert their gaze from filthy lucre. (P.S. Ask any professional investor and they will tell you that Easter and Christmas are the only times in the year wehn markets are normally shut for more than a couple of days which gives a real opportunity to switch off.)

Happy Easter everyone.