Pantheon Resources Share Discussion Threads

[markliddiard] 21/5/2023 00:59

Madd_RIP - x5 bags of Haribo!? That seems rather extortionate!I've only just topped up (500k now), so waiting for my latest cheque to clear![Strictly FYI Only - I could easily triple / quadruple it, but my trustee is a hard person to convince / please!]Do you think that I might be able to negotiate? Perhaps start off with x2 bags, and finally settle on x3 bags of Haribo and a pot noodle!?

[helpfull] 20/5/2023 14:50

Cor blimey, guv!

You're having a giraffe!

"Incorporating the equity raise and dilution in our risked NPV10 valuation has only a small impact on our target price, which we trim to 155p (from 165p). We maintain our Speculative BUY rating"

It's a downgrade. There has been a recent cash raise.

More importantly Pantheon have used up the previous $96 million cash raise and it hasn't made a blip on the target price.

The company has supposedly increased reserves and it hasn't made a blip on the target price.

The company had enough cash on 30 Mar 2023 to carry out what they propose to do with the new cash raise.

Slow,slow and slower. Nothing material happening in the near future and a possible black eye if the SMD doesn't live up to hype.

The target is 10p. The momentum target. Shareholders are sitting up in the road. It only needs the headlights for a wipe out.

Be careful.

[forwood] 20/5/2023 12:58

Canaccord Genuity view (courtesy 'George')

Pantheon is now fully funded via a significantly upscaled fundraise to embark on a range of important near-term activities: testing of the SMD reservoir at Alkaid #2, completion of third-party experts' evaluations including resource determinations, acquire some potentially valuable adjacent acreage, and to consider a range of winter operational activities. Each of these events could provide a significant share price catalyst but, in our view, it is the external reports being assembled by SLB and NSAI that are likely to carry the most market weight.

In addition, the improved balance sheet puts the company in a much stronger position in future farm-out discussions, and the more than doubled size of the initial planned raise gives the company the financial strength to consider additional operational activities during winter 23/24. As a result, the extended period of financial security due to the upscaled raise provides the wherewithal to continue progress beyond the near-term plans.

For incoming investors, we think this is an attractive moment to participate in Pantheon with still plenty of upside potential and a varied collection of high-impact news catalysts over the remainder of the year and into 2024. The previous Alkaid #2 well test was not the success the company hoped for and since then oil prices have softened further, but we think the risk/reward profile is now much more appealing ahead of the independent experts' evaluations.

Raise details: Pantheon has raised $22m at 17p, issuing 104.2m new shares (11.7% of the post-raise issued share capital). Admission to trading on AIM is expected on 24 May.

Third party projects

Competent Person's Reports (CPR): Netherland Sewell & Associates (NSAI) is preparing two separate CPRs covering the Theta West area (expected completion mid summer '23) and the Alkaid project (expected completion autumn '23).

Reservoir modelling: SLB (formerly Schlumberger) is working on updating its static and dynamic reservoir model over four key reservoirs - Alkaid, Slope Fan System (SFS), Shelf Margin Deltaic (SMD), and Basin Floor Fan (BFF). The initial model estimated net oil-in-place (OIP) over Pantheon's licences (then, 153,000 acres) of 17.8 billion barrels.

We expect these reports will be important documents in any future farm-out discussions and will provide much-needed independent technical evaluations.

Licence expansion and operations

Lease purchases: Pantheon expects to be able to complete the acquisition (in the coming weeks) of 40,000 acres adjacent to its current acreage (announced November '22) to increase total licensed area to 193,000 acres, with a potential uplift in resources.

Pantheon believes it will then have secured all the primary areas of its various plays, which should allow it to present more openly to potential partners without concerns about possible competitive licensing.

Operations: Pantheon plans to test the SMD reservoir at Alkaid #2 (summer 23). This test, in a vertical part of the wellbore, will be designed to improve understanding of hydrocarbon properties and reservoir behaviour in this potentially significant reservoir.

Target price and rating

Incorporating the equity raise and dilution in our risked NPV10 valuation has only a small impact on our target price, which we trim to 155p (from 165p). We maintain our Speculative BUY rating.

[forwood] 20/5/2023 12:57

ohdreary - eff off!

That short enough?

[ohdearohdearohdear] 20/5/2023 11:01

"You, ohdear, are utterly foolish to cling to the idea that this is going to fail and the price fall to 10p. That's mad, and flies in the face of the evidence."

What evidence is that forwood? Your >95% probability of commercial success? Oh dear.

10p. Nailed on.

Oh and please keep your posts a little shorter and punchier in future forwood. Some of us are very busy.

[madd_rip] 20/5/2023 04:48

£5 and bag of haribos

[pro_s2009] 20/5/2023 00:45

michaelsadvfn, the directors sold multiple millions of pounds of shares at 125p before Alkaid 2 flow test...

How many did they just buy?

[michaelsadvfn] 19/5/2023 17:01

As all of the directors have bought shares i’m sure you’re right and they will opt for the highly dilutive route.

It makes perfect sense doesn’t it? 🤔

[pro_s2009] 19/5/2023 16:30

michaelsadvfn......truth hurts, I know. They need to be reminded given their utter disgusting behavious over the past many months.

What they are "going for" and what they end up accepting - are likely two very very different things. They are short of cash and they will be under pressure to accept whatever they can get, imo. You seem to think there is a massive waiting list of companies looking to buy in.......perhaps there is not ??!!

[madd_rip] 19/5/2023 16:17

Is that the story you got sucked into when you were singing from the rafters how amazing the company were?Or were you lying AGAIN like you always have done.