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[pannikin] 06/3/2022 11:33

You are entitled to your interpretation forwood but your assumption that PANR only ever intended to use one set of testing kit is contradicted by the RNS which states "The current unavailability of alternate testing equipment" is the reason for the early end to SMD testing.I don't think that anyone was saying that there would be a set of equipment idling at TW until required.And for the avoidance of doubt, if Justin puts something in an email to you it doesn't make you apart of the nudge nudge wink wink insiders club so no need to keep it to yourself.The fact that you choose to post it now, claiming that it means something when it is clearly carefully composed, as everything Justin sends seems to be, to avoid misleading shareholders or sharing sensitive information just says it all.I do enjoy your TA though.

[officerdigby] 06/3/2022 08:41

It took it that was Scott saying he was wrong in his own special way!...

...I refer the gentleman to a comment I made somewhere else... Where I indicated that I would not entertain further discussion on this issue.
...In a further sub-clause the reader will find some speculation by me as to why real like situation may have differed from my stated, as true facts, comments earlier.

...with this post I expect a full closure on this issue and will not be commenting further.

[forwood] 06/3/2022 03:41

Scot the sideswiping evader tries to argue his original post on equipment availability was correct and that for some other reason - entirely unsupported by evidence - they lost access to said equipment. Several uptickers appear to swallow this hogwash! Why he can't simply acknowledge he got it wrong is beyond me.

I believe I can now reveal a paragraph from the email Justin sent which suggests there was only ever one bit of test equipment. I didn't post it at the time in order to support management's wish to reduce speculation on timing etc, but the inference I drew from it was, I suggest, reasonably clear. If you recall, my question was: 'is any of the equipment being used shared between Talitha and Theta West and if so, does this impact the likely respective time scale for reporting test results? '

"We’re balancing the requirements of two independent wells, with many variables that can impact the timing of either well, so it can be difficult to synchronise with any accuracy an orderly, sequential use of equipment, particularly when unforeseen events can occur which influence timing – such as the recently announced 3rd party contractor error at Theta West, which resulted has caused delays to the timetable as we have already reported."

Furthermore, in my reply to his email, I said I wasn't going to post that para because I thought it suggested there was only one testing kit. He didn't deny that insight.

[bought in] 05/3/2022 17:16

hxxps://twitter.com/PantheonResour1

Blizzard video

[scot126] 05/3/2022 16:43

FAO Prof Sir forwood the Unveiled, ngms27 and others wrestling with questions of equipment, locations and availability. I just posted the content within quotation marks on lse which has some fresh content together with a copy'n'paste of my post #23893.


"marmaris et al - I don't know if you keep up with content on the other place? Please find below a post which I trust will make sense to guys who have worked in the sector, and especially for those who have worked for juniors v's the majors. I'm not going to be debating it any further save to say the information I had posted on this site previously was correct *at the time of writing*. "Events, dear boy, events" took over and it is what it is.

I'm not going to debate this further because what's done is done. I suggest folk need to ponder what happens when the best laid plans of mice and men go off piste. A contractor from one of the Big 3 fooooks up royally on the cement job at Theta West. Then there are weather issues and before you know it your planned timelines mean that kit reserved for a specific task at a specific time is no longer available because the schedule has moved too far to the right. Perhaps a massive North Slope operator flexes their muscles and before you know it, where you thought you had 2 pieces of equipment, you only have one....through no fault of your own.

It is what it is. This BoD (especially since the GB merger) is very clear in its communications. They could have sat on this news over the weekend, post the Ukraine/nuclear story of Friday, but they didn't. When they informed us during the January webinar they'd announce news "as and when", they clearly meant exactly that.

The SMD hasn't disappeared. Rational and logical decision-making sees PANR flow testing the BFF Lower beginning next week. This is by a huuuge margin the largest potential jewel in PANR's crown - fact. If there was only one horizon to be tested all winter, I'd want it to be the BFF Lower.

The fundamentals are intact. Focus now on the BFF Lower at Theta West. GLA"

[scot126] 05/3/2022 16:21

Dear All - please find below WH Ireland's reaction to yesterday's news from Talitha and Theta West. Note is dated 4/3/22.


Pantheon Resources (PANR) – Corporate – Operational Update
Market Cap £1,008.1m Share Price 134.6p (last close)

Pantheon Resources announced that it has suspended testing of the SMD from the Talitha #A. A mechanical or chemical blockage in the well appears to have materialised. Operational difficulties have stemmed from extreme blizzard conditions in Alaska. Importantly, wire line and mud logs indicated that the SMD should have been one of the most productive zones of the well, underlining the company’s assessment that the well has had a mechanical issue or chemical blockage.

The company announced that remedial work allowing for the testing of the BFF at the Theta West well has been successful. Testing equipment is being moved there from the Talitha #A well.

WHI View: We are relieved that the remedial work at Theta West has been successful. We had probably underestimated the challenges associated with Arctic winter conditions. We believe that the company made the right decision given the potential scale of Theta West (1,401 million barrels of oil). We now focus our attention on the Theta West well testing knowing that the Alkaid #2 is lined up for drilling/testing into the summer months.

We believe that the intensification of the acute energy crisis provides an increasingly favourable backdrop for Pantheon’s projects.

[scot126] 05/3/2022 16:18

Dear All - please find below Canaccord's reaction to yesterday's news from Talitha and Theta West. Note is dated 4/3/22.

Pantheon Resources
Oil and Gas, Exploration and Production | Flash Update
Talitha testing ending, equipment to mobilise to Theta West

PANR-AIM | Price 135p | Market Cap £1,008.1M
SPECULATIVE BUY Unchanged
PRICE TARGET 220p Unchanged

Full focus turns to Theta West well testing

Talitha SMD reservoir test - disappointment as downhole blockage impacts result

After perforating and stimulating a 10ft interval of the SMD reservoir, and after a three day blizzard-related interruption, the SMD test produced only 45% of the fracture fluid, no formation water, and only small amounts of light oil (34 API) over a very short period. The well then stopped flowing entirely.

As no reservoir fluids were produced — apart from these very small amounts of oil — the company and external consultants consider this is due to a blockage in or around the well-bore. Pantheon believes that the SMD reservoir should have flowed at better rates than the two previous tests (Basin Floor Fan, BFF, 73 bopd; Slope Fan 45 bopd) and certainly in line with or better than the pre-drill anticipated 50-80 bopd.


Theta West - successful remedial work, now ready to test

Pantheon has successfully drilled out the cement plug in the well-bore and set a new liner. The well is now ready for perforation, stimulation, and flow-testing.

The coil tubing unit and ancillary equipment will mobilise imminently from Talitha to Theta West, as soon as the large drilling rig at Theta West demobilises.

We understand that the timetable should allow the testing phase of the BFF at Theta West to commence around mid March providing two, or perhaps three weeks to complete the testing programme before all equipment has to leave the site as temperatures warm.


Canaccord Genuity view:

Clearly, there is some disappointment that the final, and perhaps the best, test in Talitha on the original primary target reservoir has not been possible. A good result could have provided definitive support for potential commerciality of the SMD reservoir at the site.

However, we think the positive news regarding successful remedial work at Theta West and the decision to move testing equipment early to carry out the test is very sensible. The testing of the Theta West BFF reservoir was always a key part of this phase of Pantheon's 2022 operational programme and those results should be in by end of March.

Valuation and rating: We maintain our 220p target price and SPECULATIVE BUY rating.

[forwood] 05/3/2022 13:37

BTW Pro, I found your last post quite thought provoking. Although I moderated my loss by trading some of my holding, I'm still down several tens of £thousands, and while that's the risk I take here, it still hurts. I wouldn't have wanted to be in cash with the chance of losing out on the potential increase from a further successful result at Talitha, and as an optimist that's my main thought going into the Theta West test.

However, I think it's wise to consider the possibilities going forward. A position where one retains some cash (the proportion is debatable) to buy into a successful TW outcome is worth thinking about in terms of potential loss v. gain. For example, lose out on some of the gain in the succcess case v lose far more on failure. Perhaps there's an objective consideration here in probability but that is difficult to determine. A pessimist might say: look at what's happened to date and assign a low probability of a successful outcome. An optimist might say: surely there won't be a 3rd mishap and be prepared to stay all in. After all, this is the big one and the most likely to move the price north of 180. And of course the assessment will be heavily influenced by how much one has invested.

While I don't share your belief that they won't return to the BFF at Talitha this season, it's certainly a possibility. On that, the equipment will have to pass Talitha and I don't think there's any certainty as to the cause of the blockage or the chance of remediation - the tech guys may be able to help us on that. If PANR can remediate this season, it would add several percentage points onto a successful TW test, say 10-15% if the loss to date is indicative. I'd certainly want them to try if there's time. And of course there is the Alkaid drill to look forward to.

[brian boru] 05/3/2022 10:14

If the plan is to start testing on Monday, I guess the test equipment will be moved this weekend after the last bits and pieces of the big rig are out of the way.

The weather forecast at Dead Horse is mild this weekend -11c but getting colder during the week to about -22c

Fingers xxxxxxxxx'd that we have a trouble free couple of weeks

[forwood] 05/3/2022 09:19

I was told several times that Scot said there were two so that must be right. Not everything the great man says is correct, though ngms did say that what Scot actually said did not exclude the possibility of there being only one. It pays to read carefully. Now, does this matter that much in the scheme of things? How long does it take to move said equipment up the road from Talitha to Theta West?

[probabilityofsuccess] 05/3/2022 08:48

Agreed ngms - you correctly stated that there was likely 1 unit and that you wouldn’t expect more, there should be plenty of time and it would be a waste of shareholders funds.

In this case, you were correct about a single unit and endorsed the management strategy for having 1 unit. You explicitly hadn’t identified that as a risk, because, based on what you wrote above, you didn’t think there was a risk. Not a criticism, just statement of fact.

Ironically, those disagreeing with you may have missed acting on the risk they themselves had identified, because perhaps, “ngms negativity confirmation bias” and an appetite to be “right” in the absence of hard data (nobody ‘knew’ how many units there were) resulted in the focus being on something you hadn’t actually said, rather than what they themselves had identified.

I always encourage posters to read what was actually written as opposed to inferring what they think has been written.

[pannikin] 05/3/2022 08:44

'The current unavailability of alternate testing equipment necessitates the movement of the Coil Tubing Unit and test equipment from Talitha to Theta West.'Nothing to do with cost NGMS, so no apology required. Unless you think being right for the wrong reason is something to crow about...

[unlikely2] 05/3/2022 08:23

ngms - read my 23881. The costs of not having 2 units on site have just been made very apparent. QED. Discussion closed.

[amaretto1] 05/3/2022 07:25

Lol .... oil and gas ramp brigade !!

[brinstocks1] 05/3/2022 06:00

Interesting interview discussing the Biden administration's potential ban on Russian Oil imports and where alternative supply sources might come from. Enter Alaska...https://twitter.com/bloombergtv/status/1499852753413279747?s=21

[inteligentia8] 05/3/2022 05:33

Worth noting...Elon Musk Says Russia’s War Means More Oil Production Needed Now

[gozo] 04/3/2022 23:10

hTTps://gov.alaska.gov/newsroom/2022/03/02/governor-dunleavys-reaction-to-president-bidens-state-of-the-union-address/Apologies if already posted

[total return] 04/3/2022 22:03

Alaric. Thank you. Good, prudent and highly logical thinking. Are you a lawyer by training perchance, like several on here that I know?

[bit coin] 04/3/2022 16:46

On balance we should be pleased that the news today was GOOD from Theta and just a hiccup from Talitha - obviously it would have been great if Talitha flowed as it did from the other zones. No doubt the bean counters on this thread will recalculate the resource values based upon what we have now and what we expect to have...........GLA

[sirmark] 04/3/2022 16:32

Large 1.4mln trade on the OTC earlier.

£120.60 close