Pantheon Resources Share Discussion Threads

[scot126] 26/11/2024 13:36

Ha! Not often I find myself back on the old Darcon thread.

"Just when I thought I was out, they pulled me back in."

Now then, I see there's more than a bit of revisionism going on here which must be addressed in order to prevent folk from being misinformed.

1) Remember the farm in deal which would have seen $1bn of external capital invested in the project in stages, leading to the external party holding 30% of the asset? Well, we all know contracts were drawn up ready to be signed in Oct/Nov '21 and then the deal was pulled at the very last minute. By which time plans for the drilling of Talitha #A and Theta West-1 had been made, permits applied for and received, deposits paid, etc. The BoD were looking at the wrong end of a $50m hole in their budget with a short period of maybe 2-3 weeks to fill it.

2) The demand for an $80-90m straight equity fundraise was non-existent. I know this to be the case because, together with a couple of "my" institutions, I was directly involved in that process. This is what's called a fact. I think the final *equity* capital raise was c.$30m from memory.

3) Rather than lose one of the planned wells entirely, the BoD set about finding another source of capital. Of course I don't know the answer, however from reading the revisionists' posts I strongly suspect not one of them has had to run around the City looking for $50m of capital for a UK small cap - with an unplanned 2-3 week deadline to work towards. I have. It sucks. Massively. This is also what's called a fact.

4) If the BoD had not secured the Heights investment of $50-55m then it is beholden on each revisionist poster to state clearly which of the two wells, Talitha #A or Theta West-1, they would have cancelled. Perhaps the equity fundraise would have failed to reach $30m had the $50m of CB investment not been brought aboard to fund that winter's operations at two locations? Perhaps the company would not now have the data collected at Talitha? Or perhaps the company would not now have the data collected at Theta West? Perhaps the company would not have subsequently secured the leases at the northwest extremity of Kodiak, the properly high value, updip portion of the BFF Lower? Perhaps the company wouldn't have had the confidence to bid for the Ahpun East leases if they didn't have the Talitha #A dataset? Revisionists must accept the decision tree *could have* resulted in the company being in a far worse situation than it currently finds itself.

5) But here's the most important thing, and it is the crucial point which the revisionists NEVER mention but which sees them self-flagellate their brains to mush. For a full 12 months after the CB + equity fundraise at approx 65p in Dec '21, each existing shareholder had the opportunity to sell their shares at a higher price than the fundraise price. It is this fact, more than anything, which serves to sink the revisionist nonsense that, once burdened by a CB in the capital structure, the company was forever doomed. Utter revisionist nonsense. And that's a fact.

[arcadian] 26/11/2024 11:26

The future is what matters and we can hope that any so called errors along the way will be forgotten and forgiven if the drill bit goes our way as a successful drill will dwarf most other considerations.

[michaelsadvfn] 26/11/2024 10:57

Arcadian, I've acquired a substantial holding here and plan to sit it out until the end so perhaps that answers your question. I'm delighted with what I have but disappointed they had to take the CB route.

[nigoil] 26/11/2024 10:46

I wouldn't want to be in this pile when they announce the results!

The big question is, will the Bod fundraise before or after the duster?

10p Party Coming Sooooooooooooon!

TICK TOCK

Simples!....... :-)

[helpfull] 26/11/2024 09:47

Cor blimey,guv!

I'm scared!

Are you?

Be careful.

[arcadian] 26/11/2024 09:44

But maybe it might change your priorities and help you look at the bigger picture.

[michaelsadvfn] 26/11/2024 09:04

Financing O&G companies is not my business swendab.

I don't view a 3 year share price decline from 65p to 23p a roaring success but it has allowed me to multiply my holding by selling high and buying low. No skill on my part, I just got lucky. It doesn't change my view of convertible bonds.

[mlf51] 26/11/2024 09:01

It appears to have helped you with your " bought in at...." "Sold at...." On a daily basis So I don't know what you're complaining about, as a LTH it's just games with my eyes on the prize.

[michaelsadvfn] 26/11/2024 08:48

'Without the CB we wouldn’t be where we are now....'

You can say that again !!!

[swendab1] 26/11/2024 08:48

The CB was used as a last minute fund raise mechanism after a funding deal was scuppered at the eleventh hour .It was in fact our saviour .Dont anyone forget that .The real villain of the day was the party that screwed the original funding deal.

The CB is at 4% - VERY cheap money

Heights is a very supportive partner without who we would not have been able to raise so much in placings and who would no doubt participate in future raises

Who’s ever idea it was it was a brilliant move in reaction to the position the company was in back then having been shafted

[arcadian] 26/11/2024 08:48

Maybe, but we just need to be patient and wait for the drill results.A few pence here or there is insignificant given what`s at stake.

[padamster] 26/11/2024 08:47

John Henry - as Sirmark says - without the Bond there would not have been the discoveries! Also no one questions the Bond when the shares trade higher!