Pantheon Resources Share Discussion Threads

[attyg] 08/5/2024 18:31

Just as DH is aiming to get the market to value us at between $5 and $10 a barrel, I am hoping the market will value us above 50p / share if/when DH is able to communicate that funding the development is no longer an issue.

At the moment is appears to be a struggle to maintain 30p.

Hopefully before the end of July.

[probabilityofsuccess] 08/5/2024 17:13

Hi Responsible. Just to be clear (and sorry to sound like a broken record!) we are not expecting IERs (plural) by end of June. We are expecting a single IER from CGA to complete the expected set for Q2 😀

[responsible investor] 08/5/2024 17:02

Probabilityofsuccess - I fully recognise that shareholders have to wait till end June before we can expect any fair reaction. Based upon past experience with NSA I am not betting on getting the IERs and other info till end July!

[bodroll] 08/5/2024 15:31

Me too mlf. Except I will not be looking at it as a spend, more a money spinning investment!

[mlf51] 08/5/2024 14:19

Looks like I'll be spending some more of the kids inheritance soon.

[arcadian] 08/5/2024 08:14

Prob and Resp

In philosophy a fact is what a true statement states so here we are blessed with seekers after truth and I for one am grateful for that particularly as it is done in such polite terms.

[attyg] 08/5/2024 08:03

Thanks PoS

[probabilityofsuccess] 08/5/2024 07:16

Responsible investor I think you are confusing NSAI Kodiak and Ahpun IERs.

The NSAI report to which you refer above was subsequently released - that was the Kodiak IER. The SLB modelling report was also subsequently released. There will be no NSAI IER released for Ahpun by Q2 24 - the two IERs for Ahpun are LKA (released) and CGA (expected in the coming weeks).

The NSAI IER for Ahpun will aggregate the LKA, CGA IERs (and any other information gathered post appraisal drilling, which will NOT take place in Q2 24) and be produced and released for Ahpun FID


DH words from 28th March RNS:

"The updated Independent Expert Report from NSAI on our 100% owned Kodiak project and the two Independent Expert Reports from CGA and LKA have shortened the timeframe for potential partners to fast-track their technical and commercial due diligence to meet our target of concluding non-equity funding arrangements by the end of Q2 2024. These will be released, along with SLB's dynamic modelling results, when they are received in the next few weeks. We will delay completion of NSAI's assessment of Ahpun from its original timetable to incorporate the results of planned further drilling in the Topsets (previously referred to as SMD) and to support the FID for the overall Ahpun Development."

For clarity, could you confirm you’re not expecting an NSAI IER for Ahpun by end Q2 2024?

The great news is everything is on track for June:

NSAI Kodiak IER - tick
SLB model - tick
LKA Ahpun IER - tick
CGA Ahpun IER - coming weeks

[responsible investor] 08/5/2024 00:25

"....These will be released (i.e. NSA CGAand LKA reports) along with SLB's dynamic modelling results, when they are received in the next few weeks....." Surely any day now and during Q2 2024! I would guess that these IERs will be pretty conclusive.

[probabilityofsuccess] 07/5/2024 20:37

Agreed Arcadian, but we must also be absolutely clear on expectations, and if some have misinterpreted (what to me is difficult to misinterpret) then we have to make sure the facts are clearly stated and that misinterpretation clarified so those expectations are reset (like they were in the RNS over a month ago).

[arcadian] 07/5/2024 20:25

Thank you both for your attempts to clarify. We will see the results at some point and just need to be patient.

[probabilityofsuccess] 07/5/2024 20:25

EDIT: responsible investor - yes, sorry, the engagement of LKA and CGA will assure the delivery to PANR of 2 IERs for end of Q2 (LKA and CGA) but there should be zero expectation that there will be anything else from NSAI by end Q2 (nor is there a need for it, per the original Q2 timetable). NSAI is a red herring for anything for Q2 2024.

I’ll paste extracts of the RNS. There isn’t a lot to misinterpret:

“In order to mitigate delays to financing discussions that would have resulted from Netherland, Sewell & Associates, Inc.'s ("NSAI") Ahpun report only becoming available around the end of Q2 2024, Pantheon commissioned Independent Expert Reports ("IER") for (the shallower) Ahpun Topsets and (the deeper) Alkaid Zone from Cawley Gillespie & Associates ("CGA") and Lee Keeling & Associates (LKA) respectively. The full reports, expected shortly, are integral to financing discussions, and will be announced to the market and posted to Pantheon's website when completed.”

“NSAI will now prepare its IER on the entirety of the Ahpun Field, including any additional resources confirmed by successful appraisal of the eastern extension, prior to Final Investment Decision ("FID").”

“The Company is currently preparing drilling plans for a Megrez-1 well into eastern Ahpun Topsets from alongside Dalton Highway using either an ice pad for winter drilling or rig mats for summer drilling, again subject to funding.”

“The updated Independent Expert Report from NSAI on our 100% owned Kodiak project and the two Independent Expert Reports from CGA and LKA have shortened the timeframe for potential partners to fast-track their technical and commercial due diligence to meet our target of concluding non-equity funding arrangements by the end of Q2 2024. These will be released, along with SLB's dynamic modelling results, when they are received in the next few weeks. We will delay completion of NSAI's assessment of Ahpun from its original timetable to incorporate the results of planned further drilling in the Topsets (previously referred to as SMD) and to support the FID for the overall Ahpun Development."

It is absolutely, explicitly clear from the RNS that the NSAI report on Ahpun will be completed after “……;…….incorporating the results of planned further drilling in the top sets…….”

I don’t know how more explicit they could be and how it can be misinterpreted?

I’ll (re)repeat this extract:

“We will delay completion of NSAI's assessment of Ahpun from its original timetable to incorporate the results of planned further drilling in the Topsets (previously referred to as SMD) and to support the FID for the overall Ahpun Development."

[responsible investor] 07/5/2024 20:15

Surely the appointment of C&G was because NSA had indicated that the timetable was too tight for them and thus the Board decided to get additional help so as to meet the previously indicated timetable? I would like to think that the additional appointment does indeed result in the original timetable being met.

[probabilityofsuccess] 07/5/2024 19:42

No probs AttyG - I’m not seeing you being argumentative 😀. That said, do not expect the NSAI IER by end Jun (original timetable) - it will be produced to incorporate results of planned further drilling in the Topsets……;……

[attyg] 07/5/2024 19:26

PoS - you are probably correct, but my reading of the RNS suggests to me that we should expect an overview report from NSAI.
From the 28 March RNS
· In order to mitigate delays to financing discussions that would have resulted from Netherland, Sewell & Associates, Inc.'s ("NSAI") Ahpun report only becoming available around the end of Q2 2024, Pantheon commissioned Independent Expert Reports ("IER") for (the shallower) Ahpun Topsets and (the deeper) Alkaid Zone from Cawley Gillespie & Associates ("CGA") and Lee Keeling & Associates (LKA) respectively. The full reports, expected shortly, are integral to financing discussions, and will be announced to the market and posted to Pantheon's website when completed

the RNS went onto list the three IERs - the last being the NSAI overview on Ahpun.

Anyhow, not wanting to be argumentative, just my reading, though it would not surprise me if you ere correct.

[probabilityofsuccess] 07/5/2024 19:07

The end of the quarter refers to calendar quarter, yes

……but see my previous post; there isn’t and shouldn’t be an expectation of that for the NSAI IER.

[references] 07/5/2024 19:04

Thank you. By end of the quarter, does that mean the calendar quarter ie by June 30th?

[probabilityofsuccess] 07/5/2024 18:59

NSAI report won’t be completed this quarter, I think you missed this bit of the RNS (you referenced):

“We will delay completion of NSAI's assessment of Ahpun from its original timetable to incorporate the results of planned further drilling in the Topsets (previously referred to as SMD) and to support the FID for the overall Ahpun Development."

Just to be absolutely clear, before anyone jumps the gun - this was clearly stated in the RNS, and is not new news! The big item is the CGA topsets IER (not only because of the contingent resources it will underpin, but also because its independent nature appears to be required to assure potential financing).

[attyg] 07/5/2024 18:42

NSAI will now prepare its IER on the entirety of the Ahpun Field, including any additional resources confirmed by successful appraisal of the eastern extension, prior to Final Investment Decision ("FID").
From March RNS


So, first the C&G IER, then we can expect the NSAI report bringing everything together.
Let’s hope it does all come together by the end of the quarter as DH confidently stated.

[nigoil] 07/5/2024 18:40

forwood7 May '24 - 16:58 - 15518 of 15519

" Moron!"

I rest my case!....... LOL

Panr = STRONG SELL

88E = STRONG BUY

Simples!...... :-)

[seedoftongo] 07/5/2024 17:49

Firewood , time for you to go away until the winter fella .