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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 17.90p 17.00p 18.98p - - - 30,000 08:00:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.0 -8.8 -3.7 - 90

Pantheon Resources Share Discussion Threads

Showing 37176 to 37199 of 37200 messages
Chat Pages: 1488  1487  1486  1485  1484  1483  1482  1481  1480  1479  1478  1477  Older
DateSubjectAuthorDiscuss
21/10/2019
09:23
"It appears that Halliburton views the Pantheon acreage as having no value at all, in fact being more of a liability than an asset." I see the benefit to Pantheon shareholders in terms of the increased working interest. Simply because Haliburton has passed up the opportunity does not mean that the acreage will not be of some interest to another party and it is premature to infer otherwise. What really matters is the detail of any farm-out, then we will see whether or not the share price enjoys support. I believe that there is the potential for tremendous value realisation in Alaska. I say that it will take time and that it is too early to write the company off in this way. Folk are sometimes hung up over valuations. Certainly fundamental valuations are important but I have to say that they are but one factor of many. No one likes to overpay, indeed most prefer a bargain. However, market valuations are very often in error and there is usually a reflexive relationship between the share price and the fundamentals supposedly reflected by the share price. Then we have the participants biases to consider and the prevailing trend. I contend that any farm-out deal could mark an inflection point and my working assumption until that point is that the market valuation is indeed in error - to the downside.
gorgeousgeorge01
21/10/2019
08:08
33.33333333% to be precise 🙃
michaelsadvfn
21/10/2019
08:00
Great posts, Darcon. With the Halliburton issue now closed, I am optimistic of more positive news being delivered over the next month. People on this forum are well versed in dealing with the little troop of shorters that are once again here in force. If random posters of blogs want to throw out questions as to who and why people would invest in Pantheon, Alkaid well alone can give them 90-135 million reasons why.
metalbee
21/10/2019
07:55
The most interesting question is who supports the share price of this company – and why?
bit coin
21/10/2019
07:49
What is going on here? hxxps://www.share-talk.com/oil-man-jim-company-oil-gas-podcast-19th-october-2019/ Another company hoping to drill in Alaska either this winter or in spring next year is Pantheon Resources, who want to drill a minimum of two wells, subject to completion of a successful farm-out. Therefore, assuming they actually have valuable acreage attractive to a farm-in partner, it was rather surprising to see them announce that Halliburton will transfer their entire working interests in the leases to them in exchange for Pantheon accepting responsibility for future lease obligations. It appears that Halliburton views the Pantheon acreage as having no value at all, in fact being more of a liability than an asset. This isn’t really a surprise to those who follow this company, but how on earth does it continue to maintain a £90 million market cap? The most interesting question is who supports the share price of this company – and why?
2solaris
21/10/2019
07:28
We have just had a 25% increase in reserves this should be heading upwards imho
senttothegallows
21/10/2019
06:52
Db, be careful what you wish for...............still time for Malcy to comment and if its negative we could be in for a rocky ride this week!
bit coin
20/10/2019
20:58
Giving the working interest transfer some thought, given Halliburton probably doesn't have access to the geo data, How could it have persuaded someone to pay for an asset with a multi million dollar liability?
dodge meister
20/10/2019
16:25
One small thing I noticed or rather I noticed the lack of it was that Malcy didn’t even mention Pantheon in his Thursday or Friday missives. So much for objectivity. “The joys of paid for advertorial” there for Pantheon now that they don’t pay for his advertising or lunches!
davidblack
20/10/2019
15:17
Another argument perhaps against getting an independent resources report out is that it could give third parties the info to launch a takeover, take out the assets for an undervalue or grab lease acreage. At the Alaska presentation they mentioned that they are signing NDAs with potential farminees that include standstills and exclusivity provisions. From the Alaska D.O.G. site (see HTTP://dog.dnr.alaska.gov/Documents/Programs/NorthSlopeTaxCreditSeismicData.pdf ) we can see that much of Great Bear's geological and geophysical data remains confidential, but some of the data closest to the pipeline and Dalton highway will start to be eligible for release potentially from 2022 in the case of Great Bear 2012 Seismic 3D (Alcor), from 2023 in the case of Great Bear 2013 Seismic 3D (Dalton) 2023, etc At HTTP://dog.dnr.alaska.gov/Documents//Leasing/PeriodicReports/Lease_LeaseStatusByLeaseNumber.pdf we can also see that lease ADL 391706 will expire on 4/30/2021. Presumably PANR would apply to renew lease acreage if delays occurred in the farm-out process, but it would potentially create competitors for itself by divulging too much information in the public domain. A farm-out process with confidentiality and exclusivity restrictions seems a wise and prudent way to protect itself and build value.
darcon
20/10/2019
14:47
At the Alaska presentation I asked BR whether PANR had any plans to get an independent resources report. BR's answer was that they're not prepared to say. To say any more on the subject would likely lead to unnecessary speculation (eg, why isn't the report out yet etc). But he did say they're "thinking about it". In my view if they are still actively working on the data and are actively in discussions with parties to a farm-out then it could indeed be a distraction to start working on an independent resources report. Better to focus on the farm-out. The parties with whom they're in discussions presumably have their own technical expertise to assess the data in the data-room and don't require the reassurance that such an independent report may provide to technically inexperienced financial investors.
darcon
20/10/2019
14:32
The Shareprophets bear case (or at least the part which michaelmcandrew has copy pasted) refers to Halliburton being a "25% equity holding JV partner". That appears to be incorrect. Pantheon and Halliburton are holding a "Working Interest" in the lease. A Working Interest was defined in PANR's RNS of 21st Dec 2019 as "A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property." That Halliburton held a WI in Alaska's North Slope can be verified on the Acreage by Lessee section of the Alaska Division of Oil & Gas site. On the Acreage by Lessee - Detail Report of 10/4/2019(see HTTP://dog.dnr.alaska.gov/Documents//Leasing/PeriodicReports/Lease_AcreageByLesseeDetail.pdf) Halliburton is listed as holding 25.0% of ADL 391706 and Great Bear Petroleum Ventures as holding 75% of that same lease. In the Alaska presentation (page 9) it described Halliburton as having a "back-in right". So what does the above mean and what was the choice facing Halliburton management? In my view (in the absence of other verifiable info) it was as follows: the lease arrangement is pay to play meaning that if you wish to retain your working interest you need to contribute on a pro rata basis along with the the other lease holders and you can't freeride unless the others agree to it. If you choose not to invest pro rata then you lose your working interest and likely the remedy is to give up your interest. In PANR's case Halliburton had previously negotiated a sweet deal because they effectively were granted an option to buy back their lease WI some months after the announcement of the results of the drill. But what would buying back the right mean for Halliburton? It would mean paying $5mln now to purchase an option to pay a further 25% towards the costs of developing the lease in due course or losing its rights to that lease (or facing a claim for breach of its contractual obligations if it was subsequently obliged to fund but didn't). Given what was said in last month's Alaska presentation about the cost of developing the lease the cost for Halliburton would likely be a further $5mln-10mln but could be considerably more if say a major were to acquire. As far as Halliburton is concerned "appraisal" is likely still to be considered a medium to high risk exercise. So assuming Halliburton had exercised their back-in right they would have acquired a further investment decision at the time of an announced farm-out as to whether they would wish to pay 25% towards the development. If at that stage they would say "no" then they would have wasted $5mln. If the appraisal doesn't deliver then they would be perceived as having wasted much more. For an organization that is now being tight on costs and presumably there is active internal competition for resources that is not an easy decision for something that is non-core. In the circumstances, it seems to me that Halliburton dragged out the process for as long as possible to see if they could milk some additional benefit for themselves (eg, if there was a quick farm-out agreement of offer for the acreage that would establish greater certainty on the investment cost required or realize a profit for them). It was my impression at the Alaska presentation that the period for Halliburton buying back their right had lapsed and PANR were being fair to Halliburton to reach an amicable outcome. So I think Halliburton's non-participation was already in the price. If Halliburton had an equity interest (ie, a shareholder stake in a JVCo) there would potentially be greater scope to free-ride or continue to participate on a diluted basis in that entity. So I think Shareprophets bear case is made in error based on a fundamental misunderstanding of the difference between a working interest and an equity interest.
darcon
20/10/2019
14:27
In the PANR presentation last month the question of Haliburton's 25% came up. Basically when the intention to drill Alkaid was confirmed, Haliburton were asked for confirmation that they would pay their 25% contribution and they declined. It was suggested that often large companies set their budgets and once confirmed it is difficult to add to them, especially at short notice. BR said that JC made a very brave decision at that time to commit PANR to pay this amount. I don't see Haliburton's decision not to proceed as being particularly negative to the asset. Large corporates make business decisions all the time that with hindsight might seem perverse. Getting involved with oil exploration was presumably no longer in their long term plans. With regards the 25%, I would imagine that there are plenty of legal safe guards written into the farmout agreement that protect the other owners of the asset e.g PANR in the event of a sale to a third party. Most likely, PANR would have the first option to buy this 25% back. The shareprophets article in my view was very poor. I don't think the author had any idea about the quality and size of the assets or their worth. He used Haliburton's decision to relinquish its 25% holding of the Alkaid project (which represents less than 10% of the Alaskan assets) to render Alaska worthless and then pointed to the poor history in Texas to render this asset useless too. Interestingly, he did a similar hatchet job to Reabold resources a few weeks ago too. In both cases I think he will be proved very wrong.
dlm2602
20/10/2019
13:30
Why Pantheon got lucky on the Halliburton 25%. Halliburton have no spare cash to spend on non core activities. Their focus is to maintain their 3.8% dividend payments which are propping up the stock. The Dow index average is 2.8%. Here are the results from Schlumberger. Halliburton are in exactly the same boat as far as trading and haven’t produced surplus cashflows for three years. HTTPS://oilprice.com/Latest-Energy-News/World-News/Drilling-Giant-Posts-11-Billion-Loss.html
davidblack
20/10/2019
11:13
I think Pantheon will be one of the best performing shares of 2020. Once the farmout is completed we will see all year round drilling in Alaska and Texas will spring back in to life. We have major discoveries to come in Alaska and Texas will add some decent revenue and the underlying scale in Texas is very significant Imho Roll on the farmout very exciting times ahead Gla btg
btgman
20/10/2019
07:51
One could argue that the KM gas plant in Texas was positive but it turned out to be another failure when production was off a cliff. Do we know when they will default to an effective 100% working interest in the East Texas prospects? It will be interesting to see where we go from here. There was talk of us seeing all time highs when the Alaska deal was announced but, as we approach the end of 2019, what do we have to show for it other than Jay telling us that he’s excited? Market had totally ignored their claims that Alkaid is great success. Let’s hope that a deal can be made to prove the market wrong.
polar bear1
20/10/2019
07:18
Let’s hope they are wrong. Pantheon just need to make a positive announcement. Not really had one of those since early 2016.
polar bear1
20/10/2019
01:33
"even 10% of the current mc looks generous to me"... Well, I think we have established how credible that opinion is; utter dribble.
metalbee
19/10/2019
19:26
I remember such a well researched piece by them on MKA saying they didn't like or trust management and it was a sell at just below 4p. Several weeks later it was 10p. Bravo sharprophets.
soulsauce
19/10/2019
19:20
Just a taste of the ShareProphets bear case: Regardless, these are decent worthwhile numbers and one would have thought that such positive progress would have delighted the 25% equity JV partner in Alkaid and the Phecda prospect. Yet Haliburton, the 25% equity holding JV partner walked away yesterday and handed its 25% back to the company, for no consideration. To me that says Haliburton saw no value in these prospects worthy of investment. One would have thought that Haliburton would have sold this stake if there was value to others. If one of the world’s leading oil services company sees nothing of value meriting investment in these Alaskan assets, why should I or anyone else. Several matters are very material to me – most important is the valuations put on the assets in Texas and Alaska by the JV partners seem to be dramatically lower than Pantheon’s market cap is pricing the assets at. I also note that no independent resource assessment has been undertaken on any of the assets and I fail to see how the rules detailed in the AIM Note for Mining, Oil and Gas Companies which forms part of the more general AIM company rules are being followed. There is no statement that either CIM (Canadian Institute of Mining, Metallurgy and Petroleum) or SPE (The Society of Petroleum Engineers) evaluation methodologies are being followed. Regardless of this lack of clarity, I do not trust any resource estimates provided by the management The clear low valuations provided by the 3rd party asset transactions and the ability of the company to drill holes to achieve not a lot, leads me to conclude there is no justification what’s so ever for the current £89 million market cap. Even 10% of that looks generous to me. The shares, at 18.3p, are a slam dunk SELL.
michaelmcandrew
19/10/2019
17:30
Good point soulsource!
astralvision
19/10/2019
15:58
Shareprophets lol a contrarian flag if I ever saw one.
soulsauce
19/10/2019
15:38
Halliburton didn’t give Alkaid away, at a minimum they had to write a $5m cheque to earn back into the asset. As to them being able to piggyback on to Pantheon’s JV discussions? Why would Pantheon inform them of the status of those?
davidblack
19/10/2019
11:29
KAV By all accounts Mikes Moles is now at the drill site on the northern part of the KSZ with Hillary Gumbo and the whole local KAV team. A live from drill site interview with Mike Moles is planned for early next week. Very exciting times!
cpap man
Chat Pages: 1488  1487  1486  1485  1484  1483  1482  1481  1480  1479  1478  1477  Older
Your Recent History
LSE
PANR
Pantheon R..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20191021 08:47:51