Share Name Share Symbol Market Type Share ISIN Share Description
Pantheon Resources Plc LSE:PANR London Ordinary Share GB00B125SX82 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.67 -3.72% 17.32 74,983 11:24:23
Bid Price Offer Price High Price Low Price Open Price
17.32 18.00 17.50 17.32 17.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.01 -8.75 -3.72 87
Last Trade Time Trade Type Trade Size Trade Price Currency
10:41:20 O 3,328 18.025 GBX

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DateSubject
14/10/2019
09:20
Pantheon Resources Daily Update: Pantheon Resources Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PANR. The last closing price for Pantheon Resources was 17.99p.
Pantheon Resources Plc has a 4 week average price of 15.80p and a 12 week average price of 15.80p.
The 1 year high share price is 29.30p while the 1 year low share price is currently 15.22p.
There are currently 502,319,029 shares in issue and the average daily traded volume is 704,144 shares. The market capitalisation of Pantheon Resources Plc is £87,001,655.82.
28/9/2019
09:46
michaelsadvfn: Chuffer, Jay doesn’t control the share price. The shares hit almost 30p on the Alkaid discovery news & have since lost almost half their value. Jay is in no position to stop those responsible for the collapse in the share price...the sellers. Take a look at yesterday’s sell column and there you’ll find those responsible for the current share price.
06/8/2019
15:18
done deal: PANR share price 'feels like' its going to blow 50p being the obvious next level.
23/7/2019
09:49
compoundup: Some of you know that I was a shareholder before the rise to all time highs. Like many, I didn't take profits and gave a lot of it back. More recently I have traded in and out of PANR (not very successfully). I too think that the ANS and PANR's situation is completely misunderstood and the value is not reflected in the current share price. However, I want to draw attention to a macro factor that is looming over the industry. Please consider this lecture (from 2 years ago) on the subject of disruption. Tony Seba's thesis is that an oil price over $25 is unsustainable in competition with energy costs of under 4 cents per kWh from solar (- explained in the presentation). htTps://www.youtube.com/watch?v=2b3ttqYDwF0 If you want to cut to his analysis of the effect of disruptive change on the oil industry, go to 46:00 mins into the presentation but your time will not be wasted if you can spare the hour to watch the whole thing. Therefore, in the specific case for investing in PANR, even if the opex on ANS is very low and making allowance for the cost of delivery through the TAPS, the premium product that PANR is expecting to produce is profitable at $40 WTI, the market won't be there. I recall Jay Cheatham once telling us that the opex in East Texas was probably the lowest in the industry. If Tony Seba is anywhere close to the mark, the West AA fields could become the only viable part of the business in as little as 3 years from now. Disclosure: I do not currently hold shares. Frankly I am not sure I will invest in oil exploration again.
23/7/2019
06:48
senttothegallows: I think stale shareholders are missing a massive trick here with Pantheon. Ignore the current share price and cost price for a minute and just look at what they have done. 17th December 2018 acquisition of controlling interest in Vision 21st December 2018 Acquisition of Great Bear Companies 21st December 2018 raise approximately US$20.9 million 9 January 2019 approval of the Acquisition of the Great Bear Companies 25th March 2019 Alkaid Well - successful flow test 6th June Resource upgrade - Alkaid prospect The major geological parameters assessed in Alkaid all exceeded pre-drill analyses. 25th June The major geological parameters assessed in Alkaid all exceeded pre-drill analyses. 12th July Alaskan Update Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with up to 100% working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and 75% - 90% working interests in several projects onshore North Slope of Alaska, is pleased to provide the following update: Update on Alkaid discovery and Talitha appraisal Pre-application meetings with state and federal agencies for the Pilot Production Testing of the Alkaid discovery have now taken place, with positive and supportive feedback received. No permitting issues have been identified. Current planning could allow for the project coming on line as early as Summer 2020, subject to completion and timing of a successful farmout. The Alkaid discovery was successfully flow tested in March 2019 and is estimated to contain 900 million barrels oil in place and 90-135 million barrels of oil P50 technically recoverable resource. The nearby Talitha Appraisal is estimated to contain an additional 900 million barrels oil in place and 90-135 million barrels of oil P50 technically recoverable resource. Update on Farmout process 19th July Close of Capital Raising The Company also confirms that it has already commenced discussions with several industry and financial groups. I am truly amazed at suggestions that the company need to do more. In less than 8 months we have merged with Great Bear, confirmed a major oil discovery which is far bigger than anyone on here is getting. Currently we sit with confirmed farm out discussions in the hottest play in the world right now. If market chooses to ignore the above so be it a farm out to a significant oil company will change all that if you choose not to buy at current level more fool you. There is absolutely no way share price is staying down at these levels. I suspect at a point Pantheon will confirm farm out and share price will multiply several times pre open if your out of the stock at that time you will have missed a life changing event. GLA
16/7/2019
14:17
scot126: metalbee - I understand why you're posing these questions. I also accept fully some of these farm out deals take an extended period of time to negotiate and finalise. I do, however, disagree with your "feeling we are talking several months before anything is to occur." It's not an unreasonable feeling, it's just that I think it's incorrect in this particular case. How come? 1) Davidblack has outlined the motivation for Oil Search/ENI in particular to advance a deal swiftly. The Repsol/Oil Search land 45 miles to the west of Alkaid is almost certainly going to require they talk to PANR for right of way over PANR's acreage to access the Dalton Highway and TAPS. If a speedier path to cash inflow from Alaska becomes more important to OSH's shareholders/Board (who would otherwise have to wait until OSH's guidance of "late 2023" for first production from Alaska), then PANR's highway-adjacent operations may/will permit cash generation as early as next summer, 2020. In addition, the data supplied by any wells drilled in Alkaid/Phecda will be of great value to the Repsol/OSH partnership further to the west. 2) The PANR Board has flagged they'd like to drill at least one well in Talitha in the next tranche of wells, agreed? I am fairly certain, but happy to be corrected, that this activity will *have* to occur in the winter drilling season as Talitha is situated outside the 5 mile wide corridor surrounding the Dalton Highway, where all year round activity is generally permitted to occur. If this proposed Talitha well is to be drilled this coming winter season, I would submit the farm out negotiations will have to be concluded more swiftly than may be the norm in the sector. It can and does happen when there's an imperative on both sides of the negotiating table. I'm imagining contracts/deposits for equipment and support services crews will have to be finalised some time soon-ish if a winter well at Talitha is to go ahead? 3) I was looking at some figures on TAPS recently. When it was constructed in the 1970s, the throughput capacity was 2.1m bopd. Its current throughput is 500k-600k bopd. I recall posts on this bb where people have accessed articles about TAPS discussing the possible requirement for the construction of more pumping stations (I *think* there are 12 pumping stations now?) and to heat the crude at various points in the pipeline. We know as a fact that BP is a 48.4% shareholder of TAPS, Conoco 29.2% and Exxon 21%. We know Conoco has been active in the recent wave of discoveries and investments in Alaska (to the west and north of PANR). However BP and Exxon have not yet bought into any of the recent discoveries, as far as I'm aware? Is there an extra incentive for these two companies in particular to examine the PANR discovery? I would submit it's not unreasonable to expect they'd at least wish to examine PANR's Alkaid data on the Brookian? For the record, I still think Oil Search is my favoured pick (*speculation only*) but let's face it, if any of the companies mentioned in this post are announced as the preferred candidate for a jv or the jv is actually finalised and announced at 7am one morning, IMO the share price will be a multiple of its current level. How so? The attachment of an industry name will immediately validate PANR's guidance on the scale of the Alaskan discovery and it will more than answer any concerns about the ability to generate project finance when it comes to full field development. Yes, I do certainly follow the argument that there may be time to buy stock in the days ahead, of course I do. Personally, I'm not willing to take that timing risk and wish to be fully exposed to any such farm in announcement. I've read enough, and investigated enough, about the massive wave of investment currently going on in Alaska to believe that a new discovery of a minimum of 100m barrels of oil (remember the PANR Recovery Factor guidance is *exceedingly* conservative v's RFs for the same formation being 30-60% elsewhere in the region) WILL result in a successful farm out in short order. In addition, no other recent discovery has the Dalton Highway and TAPS intersecting their acreage with the implications on opex & capex per barrel in the development model. I'm in, and wish management all the best in their negotiations - they may already have started, who knows? Remember they've already told us officially via RNS that they've received unsolicited approaches *before* the data room is formally opened. GLA
21/5/2019
17:32
gorgeousgeorge01: From the dictators board, emphasis mine: "A couple of things are CERTAIN, however. If the P50 number for Alkaid/Phecda moves up to circa 100m barrels the PANR share price will be NO WHERE NEAR 20p *and* PANR will have no shortage of potential farm in partners with deep pockets looking to develop this play. Truly exciting times for us PANR shareholders *if* this scenario plays out. GLA" Certain? No where near 20p? Why not? We are still talking about P50 resources, not reserves. There is a long way to go yet. Mind you, as Scotty knows perfectly well, a thesis doesn't have to be true, merely widely believed. There is little evidence that it is widely believed currently - that may change. However, I want to see the company outline its strategy and a clear timetable for production and development. Then the story might stand up to serious scrutiny. That said, I am looking forward to the promotional activity and expect to profit from it, though perhaps not by as much as scotty's "nowhere near 20p" certainty would suggest.
21/5/2019
13:42
scot126: Dear All, Can't believe I'm typing this out (!) but Davidblack's post #2891 is well worth reading and factoring into the range of possible outcomes which we *may* be hearing about in the next RNS. How so? 1) There is a general consensus the RF at 10% in the current model is conservative, and for fair reasons. We know the RF for the Brookian formation runs as high as 40%-60% elsewhere in ANS but admittedly in long established fields closer to Prudhoe Bay which are using horizontal drilling and fracking techniques not available to the original operators back in the 70's, 80's and 90's. I agree with Davidblack in his interpretation that the inclusion of the description of the Brookian reservoir being "greatly superior" in yesterday's RNS was telling and it is decidedly not unreasonable to expect to see the RF number upgraded in the next RNS. Upgraded to 20%? Definitely a possibility IMHO. Higher than 20%? That would be awesome, no question. 2) Davidblack also highlighted in his post above (#2891) that the Board has now, *in the last two RNSs*, pointed shareholders towards the possible implications if the analysis of Alkaid suggests the adjacent Phecda sector is an extension of the same Brookian play discovered in Alkaid. The very fact the Board has alerted shareholders to this possibility in the last two RNSs, *published 6 weeks or so apart*, suggests to me that; this thesis is very much still alive, that they're testing this thesis by sending the data to external consultants and thus is in the range of possible outcomes we *may* be hearing about in the next RNS. Davidblack is quite wrong, however, when he states, "Though no doubt they (Halliburton) will have six months or so to decide on whether to take up their 25% once they get the full detailed reports". In practice, the decision period is far shorter (more like 30-60 days in such agreements) as these contracts are drawn up to permit the operator to move forward with alternative plans for future operations, seek alternative sources of funds, etc. should the holder of the back-in rights elect not to take up their option. A couple of things are certain, however. If the P50 number for Alkaid/Phecda moves up to circa 100m barrels the PANR share price will be no where near 20p *and* PANR will have no shortage of potential farm in partners with deep pockets looking to develop this play. Truly exciting times for us PANR shareholders *if* this scenario plays out. GLA
11/4/2019
18:24
scot126: Dear All - a few thoughts in no particular order. 1) Full disclosure: I completed another Bed & ISA exercise at 1.09pm today, circa 96k shares....both marked as sells but we know that cannot be the case, lol. I realise many others have warned readers to treat with caution the buys v's sells descriptions on the various trading platforms but I just thought a concrete example might be practically illuminating? 2) As part of my whole investment process throughout my career I would sometimes ask myself the following question: "If the company was to magically wind itself up overnight, what would shareholders be left with in pounds and pence?" I completely accept some may view this approach as a bit naive, perhaps whimsical, so feel free to read on or ignore as you see fit. I guess what has prompted me to put these thoughts in writing was when I reviewed the market's reaction to the hard data from the Alkaid well through the lens of the "efficient market hypothesis". I'm sure many of us have raised a metaphorical and/or physical eyebrow whenever takeovers are announced at "an 80% premium to last night's closing price" or some such eye-watering premium? Sometimes that eyebrow remains raised but more often than not, as the bid rationale is explained by the bidder and Board of the target company, I'm left thinking: why didn't I spot the disparity? What did the bidder spot that I didn't? What did the bidder understand about the asset or the company that stockmarket investors didn't, perhaps due to the technical inability to value the stock OR lack of knowledge OR lack of expertise OR lack of patience, etc, etc? To be crystal clear, I am not for one minute expecting PANR to be bid for in the short term, no way. Having said that, I'm going to have a stab at the "winding up" scenario to which I referred above. Confirmed fact: The Alkaid well is sited approx 2 miles from the Dalton Highway and the TAPS. The Horseshoe discovery is located 45 miles from the Dalton Highway and TAPS. Confirmed fact: When Oil Search made the announcement of its intention to invest in Alaska on 1/11/17, Brent was trading at c.$60 and today it is trading at c.$71. The Oil Search transaction which completed in February 2018 effectively valued each barrel in the ground at US$3.10 The results from the recent Alkaid flow test of the Brookian ZOI supported Great Bear's seismic and geophysics work leaving the company standing four square behind its 250mmbl Oil in Place estimate, its 10% Recovery Factor and thus 25mmbl recoverable estimate. PANR has a 75% W.I. in Alkaid (yes, this may move to 100% if Halliburton don't exercise their option for c.$6m but for the purposes of this exercise, I'm content to use 75%). Back of the envelope calculation, employing the price paid per barrel by Oil Search, leads to the following: 25m (barrels) x 75% x $3.10 = $58m / shares on issue (560m) = 8p per share. Variables a) Price per barrel in the ground. The oil price has appreciated by c.18% since the Oil Search transaction was announced. Let's be conservative and not grab that full appreciation and increase the the price per barrel by c.10% to give us $3.40 per barrel in the ground. Moves the implied value to 8.8p per share. b) Is the value of a barrel in the ground situated 2 miles away from the Dalton Highway and TAPS likely to be higher than the value ascribed to a barrel in the ground situated 45 miles away at Horseshoe? I would argue yes. Sure there will the the economies of scale argument for Horseshoe but I contend they would be more than matched by the opex + capex "savings" from Alkaid's proximity to infrastructure. I've been in communication with a couple of Alaskan veterans who together can justify a price per barrel in the ground of closer to $10 per barrel for Alkaid but, like Davidblack (!), I'm content (for now) to move it up to $5 for the purposes of this exercise, thus $3.40 in paragraph a) moves to $5, which moves the implied value per share calculation to 12.9p (to repeat, from the Alkaid sector alone). c) Potential upgrades to OIP, Recovery Factor and thus estimate of recoverable oil. It is in examining these variables where I firmly believe the market has not properly appreciated the positive implications of recent events. Regular readers will know that throughout my career I was involved in writing and interpreting hundreds, thousands of RNSs. The vast majority are written with real and genuine care and attention, I promise you. It is my contention the management of PANR are giving us shareholders as clear a signal of impending upgrades to these numbers as they possibly could. Have another read of the following excerpt from the RNS dated 2/4/19: "The Brookian ZOI Is estimated to have 400 feet of gross pay and 240 feet of net pay. Flow testing and data received exceeded expectations and have material positive implications for reserve and production potential for the Alkaid project..." and "The better than expected results in the zone of interest will also impact the pre drill P50 Technically Recoverable Resource estimates which will be assessed in the near future." I would contend the initial interpretation by Bob Rosenthal and the Great Bear team of the flow test results on the Brookian has given them sufficient confidence to inform Jay Cheatham and Justin Hondris that there is a high probability the OIP and/or RF numbers are going to increase following the completed analysis. It is my belief the language used in the RNS was specifically chosen to indicate to the market to expect, in all likelihood, an RNS upgrading the P50 Technically Recoverable Resource for the Alkaid project. I don't know when that analysis will be completed and announced to the market but I now believe the stock is pregnant with an upgrade to come to the recoverable number in the coming days/next few weeks. We shall see. Let's just plug in an increased RF of 15% to my calculations: 37.5m (barrels) x 0.75 x $5 = 19.3p per share. Hmmmmm. d) Another clear message from the RNS date 2/4/19 which hasn't, in my view, been properly digested by my fellow shareholders, nor the wider market, concerns Phecda. Have a re-read of the following excerpts: "....as well as for increasing probabilities of success of other Brookian targets on the acreage, most notably Phecda, the adjoining prospect" and, "In particular, the Alkaid result is believed to have MATERIALLY POSITIVE IMPLICATIONS for the ADJOINING Phecda prospect which is now UPGRADED and considered a step out APPRAISAL from the Alkaid location." Short of the directors hitting us all on the head with a hammer, I would argue this is another clear signal the data from the Brookian formation in the Alkaid sector has been sufficiently positive that the Great Bear team believe it has immediate implications on the OIP/RF/P50 recoverable resource estimates for Phecda. Let's therefore have a look at the existing published numbers for Phecda. OIP is 345 mmbl, RF is 10%, P50 recoverable is 34 mmbl and PANR has a 75% W.I. As we've been informed, "These two projects will now likely be part of a single development plan, favourably located adjacent to the Dalton highway and TAPS pipeline". I'm happy, therefore, to stick with my $5 per barrel in the ground valuation for Phecda also. Using the same formula as above to examine Phecda with an RF of 10% and an RF of 15% gets me to a range of implied value for Phecda ALONE of between 17.8p - 26.6p. Phecda hasn't been flow tested so what Chance of Success (CoS) ought I to attach to an upgraded STEP OUT APPRAISAL of the the selfsame Brookian formation in a contiguous acreage? Shall we say 50%? Is that fair? That gives an implied current valuation for Phecda ALONE of 9p - 13p. e) Putting all the above together, 19.3p + 9p = 28.3p Meaningless number? Perhaps so. But go through all the variables and see if you disagree? $5 per barrel in the ground.....not unreasonable IMHO. RF factors increasing from 10% to 15%? Not unreasonable when re-examining the language in the 2/4/19 RNS and with the added knowledge this formation has produced RFs in excess of 40% elsewhere in the Alaska North Slope, again IMHO. Is it fair to add Phecda's numbers into this exercise, which remember is to imagine the company shutting up shop overnight and doing a quick sale of the readily defined asset base? I'd say so, bearing in mind the language used in the RNS which pointed out, "These two projects will now likely be part of a single development plan, favourably located adjacent to the Dalton highway and TAPS pipeline." 3) So am I arguing the share price should be trading at 28.3p? You're damn right I am, at a minimum. Look what shareholders are getting "for free" if you accept the logic of my calculations above? Answer: ALL of the East Texas assets in Polk and Tyler (and remember there's some production there, not much admittedly for now, but still.....), CASH on the balance sheet including the possibility of Halliburton writing PANR a cheque for c.$6m, AND $80m of 3D seismic across 1000 sq miles AND between 12 and 40 identified prospective targets on the 250k acres of leased acreage in ANS. 4) What are the short term catalysts which would see the above scenario playing out via share price appreciation? Well, we've been told to expect, "The better than expected results in the zone of interest will also impact the pre drill P50 Technically Recoverable Resource estimates which will be assessed in the NEAR FUTURE" and "The Company will immediately set about reworking and analysing all key data from our Alaskan programme which will include reviewing the pre-drill conceptual development plans on Alkaid as well formulating plans for future FARM OUT discussions. ......The Company will update shareholders as to timing expectations once analysis has been completed." I therefore anticipate an incoming RNS detailing the advanced analysis on the successful flow test of the Brookian in the Alkaid sector and to hear of the implications to the Alkaid and Phecda P50 recoverable resource estimate. We're also been told to expect guidance on the potential sidetrack or re-drill of VOBM#1. Putting my broker hat on once again, it would seem to me highly likely the management will seek to engage with the market over the coming weeks to explain the recent results from Alkaid, to outline why the Alkaid results alone underpin the current valuation of the company and to describe their plans for operations in Texas over the summer AND farm out plans to advance their Alaskan project. Yes, some may very well wish to wait for definitive guidance to be published via an RNS, for news of a farm out, etc, etc but I believe the company has already released sufficient signals indicating the direction of travel to permit shareholders to discern, in advance of the wider market, if the stock is cheap today, or not. GLA
04/3/2019
17:05
scot126: Dear All - I'm clearly labelling the following as my best guesstimate. Having asked around a few people who have operational experience, the consensus is that we will *likely* be hearing from 88E about the progress (or not) of wire line logs in Winx-1 towards the end of this week or early next week. I post this merely to provide a small amount of guidance on likely timing, no more than that. Totally agree with other posters above and must admit to being somewhat baffled by the PANR share price performance today v's others in the Winx-1 consortium. Like Davidblack, legacy sentiment is the best explanation I can come up with. GLA
15/2/2019
11:18
scot126: Dear All - I think it's worth analysing the potential newsflow over the coming weeks as I'm seeing a strain of thought which appears to be gaining orthodoxy without much merit or pushback, IMHO. Winx-1 spuds in the next 24 hours, drills for 3-4 weeks or so and we know there are three formations which the operator will be seeking to flow test. I think it's reasonable to assume our RNS-happy fellow consortium members will likely keep the market posted on the result of each separate flow test for each formation, agreed?! Thus from mid-March through to mid-to-late April there are likely to be at least three RNSs related to Winx-1 which could have a meaningful impact on the PANR share price. I don't think this is too contentious a description of what we're likely to be hearing from progress on Winx-1 - fair? And yes, happy to note the approx 70:30, failure:success CoS as published by the operator and other consortium partners. Moving to the flow test of the completed Alkaid well. During January's AGM, Bob Rosenthal guided flow testing operations to begin "at the start of March". We haven't received formal confirmation of a workover rig being contracted (PANR directors - if you're reading this, formal confirmation on this and updated guidance on the work schedule for Alkaid would be appreciated) but for the purposes of this post, let's assume the guidance remains intact. We know from Bob that the Alkaid also has three formations to flow test and he stated that ideally they would flow test each formation for c. 2 weeks. Another unknown is PANR's attitude to RNSs over the 6 week testing programme on the Alkaid well. Will PANR adopt the strategy of RNS-ing the results of each flow test in turn or will it wait for all activities to be completed before informing the market? Personally, I would argue that PANR ought to inform the market by publishing distinct RNSs after flow testing each formation as each result could be interpreted as being of a material nature. We're not Repsol or Oil Search or Conoco (quite yet!) so waiting until all testing on a well has been completed, as large cap oilies can do, is not appropriate for an AIM listed small cap E&P stock, IMHO. Again, for the purposes of this post, let's say PANR adopts the "RNS per formation flow test" model. In that case, there will be six different RNSs published between mid-March and late April, each of which could have a meaningful impact on PANR's share price. We know the CoS ratio for Winx-1 (c.30% CoS). I would contend the CoS for the Alkaid is far higher than for Winx-1 as we know Great Bear side-cored the ZOI and this is the asset Great Bear *didn't* farm out during its cash-strapped last 3 years or so. Unfortunately we don't yet have Arden's initiation note to refer to for risked/unrisked values per share, thus setting a fundamental value based on accepted sector-wide valuation techniques. We do, however, have Cantor Fitzgerald's note on 88E which, to my eyes, followed traditional O&G analyst valuation techniques. I fully accept the following may be a leap too far for some readers, perhaps even two or three leaps too far? In the same way Rabito79 has attempted to describe traders' current mentality, I'm going to have a stab at reaching a valuation per share based on fundamental analysis techniques *plus* external data points from parties whom, by their experience and long term success in the sector, deserve weight attached to their assessments and opinions. 1) Riverstone/Great Bear valued PANR *pre-deal* at c.$250-300m, which now equates to an "as is" value for the Texas assets in a "post-deal" PANR of between 44.6p - 53.5p per share. 2) Readacross from Cantor Fitzgerald's note values PANR's *20%* of Winx-1 at 15.4p risked and 66.8p unrisked. 3) I am using an aggregate figure of 65% CoS for the three intervals in the Alkaid well. I haven't plucked this number out of thin air but have arrived at this figure having communicated with two sources who have vast experience in Alaska and who are aware of locally available data from the initial operations on the Alkaid in 2015. The well is targeting 549m barrels of oil and PANR owns 75% of this lease acreage. Thus PANR's risked/unrisked target for the well is 268m barrels of oil/412m barrels of oil. Using Cantor's macro assumptions, this would equate to an NAV valuation of 57.4p risked, 220p unrisked. So the base valuation "as is" using external data points and industry standard valuation techniques is 117.4p per share and the top end "as is" valuation is 340p per share. To be clear, this is not my blue sky valuation for PANR 2.0, nowhere near it. I would have greater sympathy for Rabito79 and others' interpretation of the way traders may be approaching the coming 6-8 week period of newsflow if the share prices of the consortium members, and more specifically PANR's share price, had exhibited the historical pattern of trading in the run up to significant operational newsflow. These historical patterns would normally see traders recognising, at least in part, the risked NAV value per share published formally by stockmarket analysts. I 100% accept the operational history of PANR in Texas; the relative lack of knowledge on the part of UK investors of recent discoveries and subsequent massive investment in Alaska; the paucity of published research on PANR will be factors in the apparent departure from traditional trading patterns. This post is merely an attempt to outline the potential upside available to PANR shareholders over the coming 6-8 weeks. GLA
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