Pantheon Resources Share Discussion Threads

[forwood] 21/3/2023 13:50

who let that guttersnipe in here?

To counter the lie that our finds are 'too good to be true', I often refer to the fact that we lie just 20 miles to the south of Prudhoe Bay, the largest US find in history prior to Theta West!

This report of the early drilling there reminds us that 4 years of early drills were not successful!

"Starting in 1963, BP and Sinclair Oil Corp. teamed up and drilled six wells on federal land near the Brooks Range. All six were dry. After that, a series of other companies came up short, too. Eventually that included Jamison's company, ARCO.

The oil companies that had taken a risk on Alaska's North Slope started hemorrhaging money.

"It was extremely discouraging," Jamison said. "The whole industry was really down on the North Slope by that time."

After well after well came up dry, Marshall's Prudhoe Bay selection started to seem like a mistake. By 1967, Jamison said most oil companies had given up.

But then, ARCO and Humble Oil teamed up and moved the only drill rig left on the North Slope to Prudhoe Bay. It was the oil industry's last shot...."

The rest is history. Jay referred to it in his presentation last night as the reason he joined Atlantic Richfield. (2 mins 45 in).

Remind you of anything?

[forwood] 21/3/2023 13:30

Listening back to the webinar from about 2:45 in, Jay reminds us he joined Altlantic Richfield in 1969 because of their discovery at Prudhoe Bay,which was evaluated in the Wood Mackenzie IER with 10bn bbls oil in place and 3bn recoverable.

The same Wood Mackenzie that calls Theta West the largest on shore find in the world, 2022. Contrast that with Pantheon's 17.8bn bbls (currently before appraisal of the 40,000 new acres) and a conservative 10% recoverable. These figures are being evaluated independently by Netherland Sewell, and SLB who will refine recoverable estimates.

[truant2tb1] 21/3/2023 13:27

Forwood will buy this all the way down to 10p

That's what baggies do

[shanig] 21/3/2023 11:21

An important warning to those currently running a short....it's foolish to fall in love with your short, it might well cost you.

[pro_s2009] 21/3/2023 11:05

sirmark, nothing was ever said on an RNS as far as I know...which means no offers were made.

Any offer made has to be announced on an RNS. So no offer was made.



sandcrab2, market is bad for fund raising now, they can try to wait for good news from 88E and also Alkaid-SMD flow test......and then try to raise straight after.

Trouble is.....when everyone knows you need money, and everyone knows you have to pay back the next lump of your debt and interest in June.......its difficult to get a good price.

[sandcrab2] 21/3/2023 11:00

Pro. are you expecting the placing to take place before or after the next SMD drill?
I can see arguments both ways
And how much?

[sirmark] 21/3/2023 10:55

Nice try Pro, but seriously ... there was an extremely interested party who tried to change the terms at the last knocking as you well know, however we decided to go it alone and keep 100% of the assets.

We are not "reliant" on 88e to help our share-price, we are officially the largest on shore oil-find of 2022. Just a case of development, and our costs to develop are pittance when compared to the other players on the northern slope.

[neil9327b] 21/3/2023 10:48

you know I think you might be right forwood. Theta might well turn out to be as big as, or even bigger than Prudhoe bay. I'm still fully invested in the company, but am envious of new investors who have the chance to pick up for pennies what is increasingly looking like a most incredible investment.

[pro_s2009] 21/3/2023 10:42

sirmark, you sound desperate.

Farm in - no concrete interest before was there, no concrete offers made ? So now with further problems will things change ?

Markets are very weak. Oil price is going down. The story is getting old and stale - promise much - deliver more issues and problems. Alkaid-2 has proven to be another mess up with yet more problems. Some famous bears have now highlighted to the world their opinions on PANR.

Money leftover now will only do a simple vertical test of the SMD it seems. However risk wise thats the same SMD that stopped flowing at Talitha.

So Theta West requires funding..........

And a simple stock market lesson, you lose money if you buy high and the price then falls.

You lose nothing if you dont buy and the share price rises or falls.......because you are not holding. You also lose nothing if you sell and then the share price rises, as your not holding. The only way to lose money, is to buy and the share price then falls.........that is a real loss.

I think PANR are very reliant on 88E now........if 88E can pump up some oil discovery RNS from their ongoing well (which of course they have no intention to flow test until next year) that might help PANR lift the share price a little.

But of course, if 88E has a bad well, that will give more downside to PANR as well.


How does it feel that PANR are now imo reliant on 88E for some good news ??? LOL

[forwood] 21/3/2023 10:35

Theta west initial estimates 17.8 BNBBLS OIP v Prudhoe Bay initial estimates 9.6Bn. Now tbh I don't if that 9.6 was in place or recoverable, and clearly Prudhoe Bay has grown over time. But it has to be acknowledged that many finds grow over time and we are just beginning to explore Theta West. The 40,000 acres in new leases to the North are an extension and believed to hold similarly very large reservoirs, so its still v early days.

The point is that if you'd evaluated Prudhoe Bay from initial drills, you'd be saying even more strongly 'nothing to see here' But in fact we know there is something to see here - a lot really. We've had the bears witter on about non-commercial, can't get it out of the ground, but they will. It is just a matter of time.

EDIT the 9.6bn was an in place figure, 3n recoverable (Wood Mackenzie IER)

[kemche] 21/3/2023 10:28

PANR sitting on another Prudhoe Bay as the shorts close and big funds start buying having spotted yet another bottom.

GLA LTHers!

[forwood] 21/3/2023 10:21

Perhaps you didn't get it the first time canthelpit, so here's a closer look:



This is a daily chart which is about to go up. I've said there's a bit of resistance around 29 but then it's clear back to the low 40s.

A lot of people are asking where's the catalyst?

Last night's webinar gave a few pointers. I'll mention just two, Theta West, the largest find on land in 2022. At 26p, with >2bn barrels recoverable our oil is priced at US$0.11 / bbl v Oil Search paying US$3.10 / bbl on North slope Nov 2017.

Time to close......

[neil9327b] 21/3/2023 10:19

"Until Theta West........" You think is bigger than Prudhoe Bay?

[sirmark] 21/3/2023 10:07

Desperate Pro!!!, what if they sell now, the stock rallies 50p and a placing at 45p (oversubscribed as they normally are) ..then those selling now are going to buy back in the fundraiser have lost a fortune... this is why many long term holders (myself included) will hold or buy more and reap the rewards and if a farm-in partner is chosen as apposed to finance well as you can see by these two examples your theory is blown.

[forwood] 21/3/2023 10:05

Pro, do you know the history of Prudhoe bay? From

Starting in 1963, BP and Sinclair Oil Corp. teamed up and drilled six wells on federal land near the Brooks Range. All six were dry. After that, a series of other companies came up short, too. Eventually that included Jamison's company, ARCO.

The oil companies that had taken a risk on Alaska's North Slope started hemorrhaging money.

"It was extremely discouraging," Jamison said. "The whole industry was really down on the North Slope by that time."

After well after well came up dry, Marshall's Prudhoe Bay selection started to seem like a mistake. By 1967, Jamison said most oil companies had given up.

But then, ARCO and Humble Oil teamed up and moved the only drill rig left on the North Slope to Prudhoe Bay. It was the oil industry's last shot.

On a flight to check out the Prudhoe Bay well just before Christmas 1967, Jamison remembers looking out the window of the plane.

"You don't see anything. I mean, it's absolutely black," Jamison said. "And it's not just remote and dark and cold, but it's downright dangerous."

Far in the distance, Jamison spied a single light. It was the lonely rig: Prudhoe Bay State Well No. 1.

Gil Mull, a young geologist working at the well at the time, said for weeks, drilling the well wasn't all that exciting.

"Almost like watching grass grow," he said.

Then one day, they tested the well's pressure. When the crew opened the valve, Mull said there was a powerful burst of gas.

"It sounded like a jet plane overhead. It's shaking the rig. It's a rumble. It's a roar," he said.

The crews ignited the gas rushing from the pipe. It sparked a 50-foot flare that burned in the darkness of the North Slope sky for more than eight hours.

A few months later, the companies drilled a second well to confirm the size of the oil field and discovered it was huge. Initial estimates were that Prudhoe Bay held 9.6 billion barrels of oil – at the time, it was the biggest oil discovery in North America. It's still the biggest ever found in the U.S.

===========

Until Theta West........

[helpfull] 21/3/2023 10:05

Cor blimey,guv!

"I’ve had to filter helpfool it’s the same tripe every time"

It's the same tripe that has seen the share price fall by 50% two times now.

80p to 40p.

54p to 27p.

Ignore at your peril.

"Canthelpit can't stop going on about ascending flags. There isn't one here"

But there is a bearish, ascending flag forming. Don't you like to be informed in advance? Keep your money in your pocket. The traders need it. Look for youself:


free stock charts from uk.advfn.com


Be careful.