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Pantheon Share Discussion Threads
Showing 21926 to 21949 of 21950 messages
Thanks for your post.
Let's hope that the gloom and doom merchants take a breather this week.|
|From latest Panmure,note
.. equipment delays continue to impede progress on flow testing of the VOBM#4 and VOBM#2H wells, although testing of both wells looks set to start imminently. Pantheon confirmed a growing suspicion that it is likely that the key centre basin test of the conventional Eagle Ford sandstone in Tyler County will require a new well given the problems encountered drilling the VOBM#4 well, although it remains hopeful that this will prove to be a commercial Wilcox discovery, following the current planned test. The JV is currently planning a further three well programme that would include one well in Polk County and two in Tyler, including a follow on Wilcox well and the centre basin test near the location of the existing VOBM#4 bore. Pantheon intends to commence production in Polk County from the three wells in the West AA field via third party provided processing equipment whose final sizing is to be determined following the results of the VOBM#2H test.
Net cash together with the drilling credit came in around £1m less than we were expecting, mainly reflecting lower translation gains... However, current net cash is more than enough to cover operations and progress the proposed new programme, provided production is established around mid-year we believe. In our view, the JV should re-drill the centre basin test as soon in the programme as it is able as this is likely to be the key proof of whether the formation found in the LP2 offset and VOS#1 wells is a single contiguous structure which would have truly transformative implications for the value of the company. Pantheon expressed frustration with the delays encountered in the drilling programme, notwithstanding the use of blue chip service names and this is evidently an issue for the reputation of the company. We understand further action is being taken to simplify future well design and planning. Despite the slow progress on testing, there is nothing to suggest that the resource story has been compromised, and decent test results would also help to calm nerves. We remain buyers of Pantheon with a 170p/share Target Price and expect that a successful centre basing test would justify a very materially higher value.|
|JC can shoot at anything he wants as long as I get to play with Elly May!|
|Yep it's been quite a while since we had any real news.
Testing on both wells was supposed to commence by the 27th of March so we are now four weeks into the testing regime, assuming no delays.
|I think JC would be more likely to use the 12 bore on the Vision Rig crew!|
|Let's hope we don't need to raise any more cash at all! But let's also hope there is enough in the kitty to stop us coming to an abrupt halt, after all, a Wilcox well should only be around $2m. That said, from what JC wrote at the interims, it seems the immediate focus will be on generating cash. I would think that if Wilcox is a success they will go for another cheap well until the cash is rolling in. They may be on a shoestring but... that comes with the territory in Oil & Gas exploration!
PS. I can't see why JC doesn't do a Jed Clampett by using a 12 bore instead of faffing around with a drill. They both have the same initials so who knows, he may get lucky.
|My greatest concern and has been for months. Cash flow.The biggest problem now being on top of the high likelihood of needing more cash, we are looking at a less favourable investment environment (towards panr)But let's see. Hope I am wrong.|
|Does all this mean the plan of having two rigs on the go is now unaffordable for the foreseeable future unless they pass the hat around once more which I somehow doubt? ss. Sorry to be a tad sceptical about cash flow being resolved in the next few days, I am just not that gullible. That comes with the territory in Oil & Gas exploration!|
|oil and gas
Thanks for that, i had read it when you posted it, a good post, but it is fair to day that the company is in state of flux. I do follow the maths but we are in a cycle of drilling that will itself have a very material effect on all the current mathematics of PANR.
At this point whichever way you look it comes back to the drill bit, and in the next few days we will have the answer to the cash flow, with drilling program and takeoff arrangements following. Shortly after that, say another month, we get another bite at the cherry with the other results. After that we can look at the new company position whatever it may be.|
|Or possibly they are being a little more objective than yourself squiresquire.|
A little something I posted a few weeks ago.. Panr need to deliver soon or cash flow will become an issue! These next 2 weeks are critical IMHO.
Production.. it would be great if Production would start in Q2.. my guess is end of Jun then a full first month of production in Jul and first payment in Aug17.. but the earlier the better.
Cash as st 28mar = 4.7m +0.7m (credit facility)
Potential revised costs for 2017
Please challenge my high level calc!
Test wells x2 = 0 (paid for already- assumed)
Gas processing = tbc 3rd party contracts no capital costs!
Drilling in 2017 = 3 wells x (POLK vertical $4M + tyler 4m+Wilcox $2M)= 4+4+2= $10M (shared)
VOBM#2H well, Polk County, East Texas (58% working interest) = 2m
VOBM#4 well, Tyler County, East Texas (50% working interest) = 3.48m
Total = $6.48m + 3rd party gas processing costs
Potential FCF in 2017 from Jul17 (high level rough calc - i will refine)
VOBM#1 well produces at 1,500boepd => $700K pcm => $3.5M in 2017
Vos#1 well produces at 920boepd => $300k pcm
vos#2 (tyler)= ??
vobm#3 = 274 to 940boepd => $150K pcm low case
vobm#4 (wilcox, Tyler) = guess 1000-2000boepd?
vobm#2h (Polk)= guess 600 - 900boepd ?
Total probably at $1.2m pcm (+Vobm#4+Vobm#2h $1.5M pcm?) but not until at least Aug17 (IMHO) = $6M(+Vobm#4+Vobm#2h)FCF in 2017
Please feedback on FCF high level estimate|
|Well they know a lot about the company dont they? All Balls.|
|Investor's Chronicle latest update 21 April 2017:
When Pantheon Resources (PANR) debuted in this list a year ago, the Texan oil and gas driller was riding high. Although a repeat of 2015’s momentous share price rise (up more than 800 per cent) was never going to be easy, particularly given the further pain in the sector and the need to maintain a perfect drilling record, the last 12 months have been a lot more disappointing for investors.
In the second half of 2016, a series of operational issues caused delays to the drilling programme and indirectly hampered development at the snappily named VOBM#2H discovery well in Polk County. Flow testing in that important play is expected soon, after which the company headed by industry veteran Jay Cheatham will hope to connect the well into the planned production facility “at the earliest opportunity”. The hope is that first oil from the VOBM#1 could lead to free cash flow of $0.7m (£0.56m) a month at current prices, but we are a little nervous that a March-end cash and cash equivalents of $8.5m might fall short of the liquidity needed to see the group through to production. Sell. AN|
|Meanwhile Pantheon clings to a ledge just above the 70p mark.|
|@forwood - I agree and expect ( and hope) one well result nExt week finally!
The other will come in May.. the big question is how much the share price will jump and then how long to connecting it up to the gas processing capability and having gas production ( when then the share price will really move).
There is always a chance that the geology is too difficult to extract the gas ( let's hope not)!|
|Volume weighted average price (VWAP) is a reasonable 70.47, despite some fairly low ball sells. Next week feasibly we will hear the test result from one well, and I can see people buying into that.|
|Ok, to pacify the rampers....................I wouldn't like to be out for the weekend !|
|Hardly surprising I'm afraid, let's not that Pantheon could end up not being able to prove up the acreage which so many seem to be taking for granted. But that comes with the territory in Oil & Gas exploration!|
|100k sell just gone through. a rather big towel!
13:24:49 70.5000 100,000 O 70.7500 71.2500 Sell|
|Bought back in on that little flutter down.
Showing reluctance to retest the mid 60s lows and on the daily chart slow stochastics has turned up. MACD still pointing lower but we're now getting closer to news, so risk reward reasonably balanced.|
|More like frustration of about 5 or 6 impatient individuals that spend their lives on bb's I'd say.|
|Truly The "shorts" wouldn't even know where the project was or even how to get there..They have zero visibility I'm gunna judge PANR on the results...not the wild speculation that gets thrown around here...So it's taking longer...comes with the territory in Oil & Gas exploration!Good luck all...|
|I think BB is just frustrated at the lack of movement from Pantheon, particularly as so many stocks are doing well at the moment. I think most here feel the same.
I see the shorts haven't closed yet, I have a feeling they know a lot more than we do about what's happening over there.
Every day I hope to see a positive RNS but every day there is a pin drop silence. They now have an added problem and that is actually getting people to take anything they say regarding future planning with more than a pinch of salt as everything they have done so far has been fraught with long delays and long silences. Are they magically going to obtain two rigs and finish proving up the acreage? I suspect the future will hold even more delays and this is going to take twice as long as we had hoped for.|
|Marto I doubt it, he is probably a small shareholder who just enjoys constant moaning|