Pantheon Resources Share Discussion Threads

[thebull8] 02/1/2023 17:56

Accepted by who? And since are forum "experts" more in the know? Since many oil and gas juniors with so called experts go bust. I remember the O&G experts on Bahamas petroleum for many, many years. I shorted that too

[rabito79] 02/1/2023 16:15

Bones perhaps the person commenting on the 50bpd had more of an understanding of upside from moving from vertical to horizontal wells? Perhaps this person also understood that most well tests would have been still returning a significant portion of frac fluid suggesting higher rates are achievable?

[bones698] 02/1/2023 15:24

Just reading the moderated thread and finally stopped laughing .
One poster saying 50bopd from wells is great result . Really does it cover all the costs of running and producing . Nope
Now I understand much better why so many have walked away from this and pantheon have taken it on hoping for a different outcome but now the reality is becoming very clear . Drilling is problematic to say the least ,wells will require constant cleaning and rework to keep flowing even at these levels .
Field geology looks fat more complicated than the company is making out . Compartmentalisation a very big possibility given the varying gas pressures etc

Note they are expecting to raise funds in h1 2023 . That eillmve very painful given this heading lower and mean big dillution . Warrants due for exercise at low prices also dillutive . Not much in the way of any good news here at all and given the rampers desperate attempts this is now in trouble and likely to see more falls given the huge mkt cap for a dog that's producing next to nothing .

Fund raise at 25p or less would be a disaster but is looking more and more likely imo depends how far it drips before they can get one organised .

[rabito79] 02/1/2023 15:09

Hpcg, can you explain why all other well tests produced only small amounts of gas?

[hpcg] 02/1/2023 15:08

echoridge - I don't think management and directors are dishonest, I think investors are unable to process the evidence put in front of their eyes. Rosenthal is the only commonality. Cheatham didn't join until Jan 2008, Hondris October 2008. It is the strategy that hasn't changed much. They go for prospects that have been discovered and have seemingly exciting quantities of HCs in place but the fields just aren't producible either technically, economically or both. Every setback is a step forward though:

"The well, Vision Rice University #1 well confirmed the existence of the main Austin Chalk target and also the petroleum system. Effectively it provided geological evidence that the Brookeland field, already established in adjacent acreage to the north, extended onto Pantheon's JV acreage. There is now the prospect of up to 50 wells being drilled to exploit these 30,000 acres. 

The reasons behind the mechanical difficulties encountered have been detailed previously, namely high reservoir pressures and the presence of a rubble zone. However these attributes have also led to increased management confidence in the project."

[bryproj] 02/1/2023 15:06

And yet Energyhobbs ( an accepted oil expert) writes this:Sorry not to have been on earlier. Just catching up after reading through RNS and all of the angst. Great shame about timing of the release and the interim nature of the operational report but when you strip away the extraneous stuff this is not bad news. As the well cleans up and the GOR stabilizes at a much lower rate than currently apparent, this would likely comfortably exceed expectations.

[hpcg] 02/1/2023 14:42

mike290 - that's fine, I wouldn't listen to me either if I had no intention of selling under any circumstances. I had plenty of discussions with Scot126 over VOBM last time I shorted Pantheon and it didn't make any difference then either. Apart from to my portfolio value, but that wasn't anything to do with what I or anyone else wrote on a message board.

Fundamentally it comes down to a realistic assessment of the well test and the implication for field economics. Investors weren't especially impressed by the presentations in the spring, hence the sell off into the spud before that drew in a new clutch of investors excited by the talk of billions of barrels of oil in place. That the reservoir seems to be wet gas and oil and not just oil is a headache. The more is veers to wet gas than oil the worse, and this as much as the overall production number will be what scared off investors. It will scare of any potential farminee too.

A reasonable analogue would perhaps be Apache's (now APA Corp) Alpine High play in the southern Delaware. The Barnett and Woodford there were in the wet gas window. Once fully appraised (19 wells) they spent half a yard a year on producers and infrastructure. Then it abandoned it in 2020. A summary of the story is here:
Original news release on development

So I would expect knowledgeable posters to be taking their chips home.

[kaos3] 02/1/2023 14:22

a very well managed share ....

[echoridge] 02/1/2023 14:00

'.... He is merely pointing out the co-incidences between Pantheon in 2008 and Pnatheon today....' Seriously? You're really not joking? Really? Ok, I'll bite: since the 2 periods, asset mixes, geography, geology, personnel, project scope and investor base are entirely different - in fact, Jay is pretty much the only relevant commonality - and so any similarities he's cherry picking are objectively meaningless. [Have you actually ever heard of the difference between correlation and causation, by the way? Because its kind of an important concept if you want to pass for someone who knows what he's talking about on anonymous message boards so you don't come off like a complete pratt right away]. And so I ask you, Why post it in the first place if he's not trying - again - to impugn management's integrity?

[mike290] 02/1/2023 13:17

hpcg,

As every post that you've made has been refuted by knowledgeable, long term and trustworthy posters on Pantheon, I am filtering you now.

Unfortunately, reading your posts (your "righting"s) has proven to be a complete waste of time.

[thebull8] 02/1/2023 13:07

No that's not what he is saying. He is merely pointing out the co-incidences between Pantheon in 2008 and Pnatheon today

[thebull8] 02/1/2023 13:04

Lol many a fortune been lost waiting for the shorts to burn...go ask GameStop and AMC apes. Short squeezes are very rare

[astra1vision] 02/1/2023 12:29

Will take a stab at this tomorrow and buy around 50000. At this price who can blame me.

[chris0805] 02/1/2023 12:11

From 2008?? What exactly is your point in 2023?

[padamster] 02/1/2023 10:59

You must try harder

[hpcg] 02/1/2023 10:40

There's plenty more where that came from Padamster. Yes it doesn't directly relate to Alkaid but it is consistent with the prior Wilson, Dunn Deep - exciting find, commercial, production facilities in place, and then a year later and it is but a dribble. The lesson is to be cautious of all the language, and to be fair the company is adding a lot of warnings around #2, all the ancillary works, all the early sales, because it is only when the dust has settled that the truth will out. This would be the case even if the current situation was positive, but that is far from the case right now.

[padamster] 02/1/2023 10:22

Nice try HPCG. As you state it’s from 2008 and we are now in 2023 😂. The Great Bear team are also involved now which is another major point which you fail to mention. Good luck

[hpcg] 02/1/2023 10:16

From the archives

Press release


20 October 2008



Pantheon Resources plc - Bullseye Update


Pantheon Resources plc ('Pantheon') or ('the Company'), the AIM-quoted oil and gas exploration company active in the Gulf of Mexico, issues the following update for the Jumonville #1 well.

Permanent oil production facilities have now been completed. Output has stabilised at 700 barrels of oil a day with 350,000 cubic feet of natural gas and no water. This follows a slight increase in the choke size to 7/64'. Pressure drawdown remains minimal with the current flowing pressure only 3% below the wellhead shut-in pressure. 

Production still remains constrained by gas flaring. Once the gas sales line is completed, a further increase in the output rate will be considered. This line is scheduled for completion within the next two to three weeks.  It has a design capacity of 16 million cubic feet of gas per day.

Construction has commenced on an oil sales pipeline and tank farm, which includes up to 30,000 barrels of storage capacity. These facilities have been designed to permit an initial field development to reach 3,000 to 5,000 barrels per day. 

Since its discovery, cumulative production and sales from Jumonville #1 have exceeded 10,000 barrels of 40o API oil. Realised prices have been at a premium of US$2.55 to WTI. 

Pantheon is participating with an 11.25% working interest in the Bullseye prospect. 

Jay Cheatham CEO of Pantheon stated, 'I am pleased with the performance of Jumonville #1 and the progress on the permanent production facilities. I am especially satisfied with the strong reservoir performance exhibited by the small pressure drawdown, moderate gas production and no water.'

[padamster] 02/1/2023 10:06

Totally agree Greek. This was a sell off on progressive news from PANR.

[greekhovel] 02/1/2023 09:55

Shorts could burn here, this stock has a strong history of rebounding from falls - time to close folks.

[thebull8] 02/1/2023 09:52

I feel any rise is gonna get sold on this occasion. I for one will be using any rises to add to my short position