Pantheon Resources Share Discussion Threads

[fordtin] 21/2/2022 11:53

Not a tennis fan, but I think the scoring goes something like;

sheikhspeare1, Love - fifteen
ngms27, second serve

[sheikhspeare1] 21/2/2022 11:46

Is permeability a reservoir property?Quote from the RNS:"The two SFS lobes are in two distinct trapping systems and suggest very good reservoir properties."

[probabilityofsuccess] 21/2/2022 11:36

Ngms, because they are trying hoodwink everyone? Or perhaps they are doing some analysis and integration so as not to encourage people to jump to conclusions with discrete data.

Why do you think they didn’t explicitly mention permeability? What’s your assessment please

[padamster] 21/2/2022 11:26

NGMS as you have an alleged significant holding - any positive comments? Still waiting for an answer

[ngms27] 21/2/2022 11:22

Well the Company suggested this:
Permeability measurements and oil quality are the two goals here.

Why did the RNS not state permeability ?

[sandcrab2] 21/2/2022 11:10

Sorry unlikely for outburst
It’s just that I have a hangup with people using acronyms

[bought in] 21/2/2022 11:04

The scale of the Slope Fan traps and the validation of the pre-drill geology needs time to sink in

Extends miles north to both Alkaid and east to beyond Pipeline state all near the TAPS and the highway

The logs around 8000 feet, extending several hundred feet either side, always looked good and have been entirely validated today. It’s huge

This is great news for Alaska and Great Bear Pantheon

[swanvesta] 21/2/2022 10:49

Can someone explain what the problem at TW is? It's my (v amateur) understanding that cement has to be put down the casing anyway, and back up through the annulus. Presumably they didn't use enough cement and/or the job wasn't cleaned up properly ie wiper plug failed?

[forwood] 21/2/2022 10:48

WHI is the acronym for the Women's Health Initiative, the biggest ever study of morbidity and mortality in postmenopausal women. Not to be confused with company broker William Henry Ireland.

[unlikely2] 21/2/2022 10:44

Sorry Sandcrab, had noticed you were a regular and had assumed knowledge which you obviously do not possess. WHI - WH Ireland, one of the broking firms that issue analysis on Pantheon - reference Scott's post 23192 posted one hour ago.

[sandcrab2] 21/2/2022 10:35

Unlikely please explain who or what is WHI
And please exert yourself to write things out in full, rather than lazily using acronyms

[forwood] 21/2/2022 10:26

I don't see that. 'a reserve assessment' surely refers to Talitha.

Is it possible to make any guesstimates about how many additional barrels are proven to date at Talitha?

[winner66] 21/2/2022 10:25

GG. De risked more times over the years I’m guessing your down to your last share . Could always de risk the in house handbag collection or go lighter on the liquid lunch . There’s more BS floats about than a November in a west London allotment!!

[unlikely2] 21/2/2022 10:22

Sandcrab, I hope Iceberg will contact WHI and explain why they have got it completely wrong.

[sandcrab2] 21/2/2022 10:16

Useful post by Iceberg on Lse who seems to be providing useful sentry duty

‘My understanding is that the hole is actually a production hole in the centre (bullseye) then multiple rings out from this (like an archery target). Each ring will have to be cemented, with the outside casing keeping everything safe and secure. There is no way the central production hole will be cemented, and no way it will be redrilled.’

[forwood] 21/2/2022 10:03

HD you're right. It's not the same entity, but we do have senior management continuity and the name. I am very confident of ultimate success here but I have to look at what happens. The share price is no further forward than what followed the first Theta West report, yet we have objective good news on the SFS. We've had an operational set back - one I trust is not serious but one I think touches/sets off irrational market memory, feeds into the collective informal assesment of risk and means there's a reluctance to take us higher, when objectively (in my view) we should be.

Your final para then absolutely nails it: 'to make further progress in the short term will require more evidence, either from Theta West test results or a reserve assessment. Either of those is likely to significantly reduce the remaining risks and allow the share price to make a step change higher, which could well be to an all-time high as the potential is still clearly enormous.'

[gorgeousgeorge01] 21/2/2022 10:01

"GG01 - there is more than one reason for profit taking... I was minded to take a chunk off the table as soon as the news we got today arrived because of fears over Ukraine."

I think you're right. In my case, there were multiple reasons. Look, Pantheon is only now coming to terms with the sheer scale of what it *might* have at Theta West. A little profit taking now may be neither here nor there in the great scheme of things. I have completely de-risked and am looking forward, with some optimism, to the coming months and years.

[references] 21/2/2022 09:55

Agreed Winner. Plenty more de-risking of Pantheon came with this latest RNS. The US being on holiday today might cause a little less afternoon follow up buying but they’ll be catching up with events soon enough. Roll on the further RNS coming over next few weeks. “Light and sweet”!!

[scot126] 21/2/2022 09:49

Dear All - please see below a first pass reaction from Canaccord, dated 21/2/22.


Talitha #A Slope Fan System successful test, but some delay at Theta West.


Slope Fan test in Talitha achieves pre-test aim:

The second flow test in Talitha #A has continued the positive news flow from this well. The Slope Fan System (SFS) produced average 45 bopd light oil (over three days). As for the previous test on the Basin Floor Fan (BFF), the aim had been to produce 'moveable, good quality oil' from this vertical well. The result has delivered that.

Pantheon has previously provided no estimate for potential recoverable resources from the SFS reservoir, so the test suggests an uplift to the total company resource base in due course. However, there is more work to be done to better understand the implications of the test result and to quantify the resource potential.


Theta West BFF reservoir test delay:

The positive vibe from the Talitha well test result is tempered by some operational challenges at Theta West #1. Unfortunately, service company errors related to the casing cementing job - essential prior to flow testing - have delayed the planned testing operation. The company expects to resolve these issues in a week and on that basis we would expect testing operations to start around end February.


Talitha #A SFS Test details:

Zones: Testing was conducted over two thin intervals of five feet each within two separate c.50 ft reservoir intervals.

Results: Over a three day period these zones produced at 45 bopd light oil (c.35-38 API) with a sustained rate of 32 bopd on the final day.

This is the first indication of producible oil from this reservoir in Pantheon's acreage and the company believes it could have significant implications for future resource and recoverable oil estimates.

Initial interpretation suggests that this play may extend to the Alkaid area.


Theta West #1 update:

Operational challenges: Flow testing of the BFF reservoir has been delayed due to some operational issues related to cementing of the casing to TD.

It is clearly imperative to obtain a valid flow test from this reservoir in Theta West and the first step is to overcome the cementing challenges. These have cost time and money — both contingencies were included pre-drill — but Pantheon anticipates successful remedial operations to be completed within a week.

[pro_s2009] 21/2/2022 09:46

Time is not running out. 88E will not even spud their well until into March.

Plenty of time to sidetrack if ultimately needed. We will know next Monday morning in the next ops update, if not before.

[scot126] 21/2/2022 09:44

Dear All - please see below a first pass reaction from WH Ireland, dated 21/2/22.

Pantheon Resources (PANR) – Corporate – Operational Update
Market Cap £970.6m Share Price 129.6p

Pantheon Resources announced that the Slope Fan System produced from the Talitha #A well at a rate of 45 bopd over a three day test. The rate reflects production from two perforated and fracked zones each of a circa five foot interval and each relating to an independent production zone. As expected, the oil was of light, high quality. On the final day of testing the well flowed at a sustained rate of 32 bopd.

At Theta West #1 an operational error by a third party contractor resulted in cement entering the inside the casing string rather than outside. The company indicated it will remove the cement from within the casing prior to performing a remedial cement squeeze job. The company expects the work to be completed over the course of this week, prior to conducting flow testing operations on the Basin Floor Fan.

WHI View: The Slope Fan System had not been a core focus of ours relative to the Shelf Margin Deltaic-B (Upper Alkaid), Alkaid Deep and Theta West (UBFF & LBFF). This result puts the Slope Fan System into play, in our opinion. For the time being, there are no resource estimates the Slope Fan System. The company indicated the deepest of the Slope Fan System lobes extends to the Alkaid #2 well (and Alkaid #1 well), allowing it to be tested by the Alkaid #2 well and also suggesting, in our opinion that the scale could be significant.

The operational setback at Theta West #1 will require the drilling out of cement before restarting. The company provided a timeline of one week for the remedial work. A one week setback is not, in our opinion, that big of an issue; however, we will be relieved to see the well properly cased. Ultimately, this should have no bearing on the flow rates achieved during testing, in our opinion.

[probabilityofsuccess] 21/2/2022 09:44

My view is that it was an operational issue and I’m very aware that this stuff happens. I plan for it in my mind because operations very rarely go smoothly - it’s not about sweeping stuff under the carpet, it’s about setting your own expectations. Perhaps you have found out that you have set your expectations higher than you should have done? Everyone should have set their own expectations, some higher than others.

I am saying we have excellent news from Talitha.

[gorgeousgeorge01] 21/2/2022 09:39

"I don't think many investors in here nowadays remember the bad old days of Texas so I don't agree that's much of a factor in the share price hesitation."

I can only speak personally, but prudent risk management has necessitated profit taking. A combination of factors, including memories of East Texas. I've missed a lot of upside, so caution doesn't necessarily pay, at least not in full. Yet memories linger.

However, success is a wonderful emollient and I feel confident that any success at Theta West#1 will herald a new chapter of wealth creation.