Share Name Share Symbol Market Type Share ISIN Share Description
Pantheon Resources Plc LSE:PANR London Ordinary Share GB00B125SX82 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.88 7.9% 12.02 1,923,168 14:33:53
Bid Price Offer Price High Price Low Price Open Price
12.02 12.94 13.32 11.48 11.48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.72 16.75 10.54 1.1 60
Last Trade Time Trade Type Trade Size Trade Price Currency
14:33:53 AT 1,285 12.02 GBX

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DateSubject
31/3/2020
09:20
Pantheon Resources Daily Update: Pantheon Resources Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PANR. The last closing price for Pantheon Resources was 11.14p.
Pantheon Resources Plc has a 4 week average price of 6.80p and a 12 week average price of 6.80p.
The 1 year high share price is 29.30p while the 1 year low share price is currently 6.80p.
There are currently 502,758,713 shares in issue and the average daily traded volume is 2,330,171 shares. The market capitalisation of Pantheon Resources Plc is £60,833,804.27.
29/3/2020
13:26
darcon: scot126 posts 154 and 155 on old thread: Hi Alistair4444 - I don't know if you've kindly posted to assist mynameiskhan, me, or all of us? I note from your posts on other threads that you're long 88E. I met DW in early December and also attended and transcribed my notes after the 88E public meeting in the City. I 100% accept and recall DW stating 88E would be unlikely to still be around when production started on their acreage. I totally accept that, and am fully supportive and understanding of the "creaming the curve" strategy employed. All of that said, and with PMO's $15m of second round finance going directly on shooting 3D seismic, what other activity is going to be required to "prove up size" over the next "couple of years"? If they're going to "cream the curve", they're going to have to do something sub-surface surely? That'll take ice road construction and big bucks. For PANR, Greater Alkaid is ready to go right now, all year round drilling with immediate cashflow on completion of each well. Either by luck or design, the PANR investment case is far, far stronger than 88E's due to its location alone and that's before examining the comparative geologies and 88E's partner's willingness/ability to press on next Winter. Oh, and that's also if Charlie-1 flow tests successfully. Remember, Alkaid *already* flow tested successfully in March '19 (35 API) and an IER was published off the back of it. I repeat, the relative valuations of these two companies is so out of whack that it's bewildering. GLA PS Good luck 88E at Charlie-1. Please find below share price Angel's morning comment on PANR's upgrade news from yesterday. Pantheon Resources (LON:PANR): 483MMbbo recoverable at Shelf Margin Deltaic alone Share price: 10.9p, Market Cap: £67.0m Yesterday afternoon, Pantheon announced that following review and high grading of its Alaskan project inventory, and reprocessing of previously unmerged 3D seismic data in the second half of 2019, the Company has updated the market with resource upgrades. As a result of the work undertaken, the Talitha project has been split into three different horizons which are all mutually exclusive geological formations with different reservoir trap geometries, qualities and risk profiles. All of these formations have been penetrated by an existing well and following more detailed petrophysical analysis have been confirmed as oil bearing. The Company has completed its analysis of the shallowest of these horizons, the 'Shelf Margin Deltaic', a Brookian age reservoir, estimated to contain 1.8Bnbbls OIP and a P50 Technically Recoverable Resource of 483MMbbo. Previous estimates for all three zones combined were 2.6Bnbbls OIP and 463-508MMbbo P50 Technically Recoverable Resource for the entire Talitha project, therefore indicating a significant resource upgrade across the acreage. Our take: A very encouraging update from Pantheon with the updated resource estimates significantly higher than pre-analysis expectations. The Company has modelled a two phased development plan for this zone, exploiting 376MMbbo of this resource, and using the WTI current forward price curve, yields a potential NPV10 of over US$2Bn, an NPV of US$5.75/bbl and an IRR of 55%. Following Pantheon’s drilling results in East Texas, Alaska now underpins the Company’s valuation in our view. The Company now has multiple drilling targets and a farmout process remains underway with a number of groups having entered the data room and with a number of others having expressed interest in entering the data room in the future.
24/3/2020
12:08
scot126: Please find below share price Angel's morning comment on PANR's upgrade news from yesterday. Pantheon Resources (LON:PANR): 483MMbbo recoverable at Shelf Margin Deltaic alone Share price: 10.9p, Market Cap: £67.0m Yesterday afternoon, Pantheon announced that following review and high grading of its Alaskan project inventory, and reprocessing of previously unmerged 3D seismic data in the second half of 2019, the Company has updated the market with resource upgrades. As a result of the work undertaken, the Talitha project has been split into three different horizons which are all mutually exclusive geological formations with different reservoir trap geometries, qualities and risk profiles. All of these formations have been penetrated by an existing well and following more detailed petrophysical analysis have been confirmed as oil bearing. The Company has completed its analysis of the shallowest of these horizons, the 'Shelf Margin Deltaic', a Brookian age reservoir, estimated to contain 1.8Bnbbls OIP and a P50 Technically Recoverable Resource of 483MMbbo. Previous estimates for all three zones combined were 2.6Bnbbls OIP and 463-508MMbbo P50 Technically Recoverable Resource for the entire Talitha project, therefore indicating a significant resource upgrade across the acreage. Our take: A very encouraging update from Pantheon with the updated resource estimates significantly higher than pre-analysis expectations. The Company has modelled a two phased development plan for this zone, exploiting 376MMbbo of this resource, and using the WTI current forward price curve, yields a potential NPV10 of over US$2Bn, an NPV of US$5.75/bbl and an IRR of 55%. Following Pantheon’s drilling results in East Texas, Alaska now underpins the Company’s valuation in our view. The Company now has multiple drilling targets and a farmout process remains underway with a number of groups having entered the data room and with a number of others having expressed interest in entering the data room in the future.
18/3/2020
01:07
responsible investor: I am hoping that PANR does not agree terms whilst there is so much turmoil. Management should wait until price of oil is about $50 and the PANR share price north of 20p. Maybe defer for 3-6 months?
13/3/2020
14:58
spangle93: Hi Scot126 Just to question something you wrote? *GASP* I appreciate you may have additional knowledge, e.g. through personal communication or an independent source such as LinkedIn. But there's nothing in Pantheon presentations or on their website to say that Jay Cheatham was ever in Alaska in his ARCo days. He's been in international operations, and lower 48 management, which at the time he took over as chairman were highly germane to the east Texas play that IIRC he brought to PANR's attention, but his public bio's in PANR material don't state Alaska on his resume. If he has had responsibility there, maybe he should consider adding this? On a different tack... What do you feel will get the share price moving in the right direction? In your opinion, are we waiting now for a successful farm in or can momentum start before then? I don't think any person posting here would argue that the true value of the company is materially more than the share price reflects, but outside of global macro-matters, is it simply initially a binary question of whether the farm in can be achieved. Rabito - 14:42 - are you missing "boy" from your post, in a highly schoolmasterly way
05/3/2020
13:55
scot126: Stupidity (post #6063) - you deserve to be "jumped on" because it was Halliburton, not Exxon. Facts *do* matter, because the two companies are so very different. For one, investing capital in hydrocarbon assets is their bread and butter, has been for decades. For the other, an oil services company, investing their own capital in individual projects proved to be a blip, a fad perhaps dreamed up by some management consultant who has long since departed! In tougher times, a global edict reversed this strategy and regional Alaskan management has been rotated. None of us can help it if you cannot be bothered doing the reading required to keep up with this but I find your perpetual seeding of doubts, invariably running in the face of established facts, utterly facile. You are being laughed at for your lack of research, your lack of understanding of fundamentals, your inability to read a set of accounts....and yet you have the gall, the brass neck to continually pepper this thread with disinformation. You just make it up as you go along, Stupidity. Are you not embarrassed? Do you have no shame? Or does the mask of anonymity cloak you from the introspection that mature adults have normally achieved by your age which would see your face redden with embarrassment as countless folk belittle your ability to highlight a company's cash at hand, ffs? Even that could be forgiven but it's the arrogance of pushing on with your nefarious drivel which both bewilders and, yes, angers me. However, this example above serves as a perfect answer for rivin's excellent question, see post #6064. rivin - your question has being doing my head in since April '19! Why that date? Because along with others I did the work, the reading, the research, the analysis on the Alkaid flow test and digested its implications and applied that knowledge to my view of PANR, post the merger with GB. Subsequent events have only served to reinforce my initial feelings on PANR+GB. In fact who am I kidding, subsequent events have surpassed my most bullish scenarios for Alaska developed in April '19. So that's all good and well, why isn't the market waking up to this? There are loads of answers but there's one that is prime factor, of that I personally have no doubt: management credibility. Management credibility <=> geological success but operational failure in East Texas. No getting away from this. I think that a "normal" market would have seen the stock marked up nicely last week, and you could tell in the first hour the fundamentals wanted to exert themselves...but then came the tsunami of risk off selling/margin calls/'viral' capitulation by some LTHs (and some posters here) simply because the stock wasn't going up! What can I say about this? The usual stuff about if I thought management was dodgy I'd have been long gone and that Vision was the operator in Texas and PANR was the financial partner, etc, etc. It's all been said before. So where’s the good news, I hear you say? LKA's Independent Experts Report was a massive tick in the box....it means that the market doesn't have to rely *solely* on management but can also look to the professional opinion of a 3rd party to help make an assessment of the investment case. The market is also "missing", IMHO, the parties behind Great Bear: Riverstone, Farallon, Lord Browne, the founders and technical staff of Great Bear. Yes, following the Alaskan State Govt’s moratorium on rebating operational exploration costs GB did it pretty tough but, self-evidently, something made them hang in there....their faith in their own years of hard work which pointed towards a potentially massive oilfield(s) in the ANS - with close proximity to infrastructure as an added bonus. But they were determined not to be defeated, they pressed on and then what happened? Merger with PANR, fundraise, partnership with eSeis, successful flow test of abandoned Alkaid well, commercial oil defined, commissioned LKA report which delivered conclusion of Contingent Resource of 76.5mmbo with NPV10 valuation of $595m, success at December State lease auction with >1bn OIP guidance released 6 weeks after mere $900k investment in new leases. The GB team’s resilience and determination, and the individuals/entities standing behind it, should send quite a signal to the market, along with the fundamental progress listed of course. How to start reducing and eventually deleting the “management credibility” discount to the SP? By far the most important factor is to keep progressing on the ground in Alaska. I fully appreciate there’s a body of opinion which says, and I’m paraphrasing, “Stuff the share price, just get on with things, secure a farm out, get some wells funded and the market will look after itself.” Naturally being a fundamental style investor I have some sympathy with that and I’d always advocate for Bob Rosenthal’s team being primarily focussed on the dataroom and its occupants rather than private investors on a bulletin board. All that said, what can be done in the mean time? I appreciate some feel management should up their PR game, ref. Davidblack’s post #6066. I truly believe they’ve improved in this respect and I can’t help but think the combination of the December auction results (secrecy required to that date) and the LKA IER has given management the confidence to, metaphorically, get on the front foot and go out to preach the gospel. I also note that the RNSs have improved markedly in terms of transparency, clarity and detail – good stuff. I know I’ve written this before but I’d encourage anyone who has the time to attend the upcoming AGM on 20/3/20 at 3.30pm in the City. Bob Rosenthal will once again be the main presenter and whether you opt to invest or not after the AGM, I guarantee you will learn heaps during his address to shareholders. I appreciate AGMs are meant to be for shareholders but I’d be amazed if any non-holders who turned up to educate themselves about PANR were to be slung out. The auditorium is a good size for events of this nature and the Q&A after the formal presentation is usually very illuminating also. Rabito79 has done some great work on the comparisons between PANR and 88E. I’ve chipped in with some other pertinent points. I note Davidblack’s description of Charlie-1 being a “stranded asset” even if/when the planned flow tests on the deepest Stellar formations are successful. And yet this massive differential in valuation between the two stocks, using identical methodology on identical metrics, continues to be, how can I say this, completely out of whack!! Yeah, PMO is a respected company in the sector, it adds credibility and validation for sure, no question about it....but does it beat an *already completed* flow test confirming commercial oil plus an IER? I wouldn’t have thought so? Better a bird in the hand, etc? Plus I would submit that (hopefully) following success at Charlie-1, with PMO directing follow on investment to 3D seismic in whichever block they go for, there’s going to be a world of W.I. dilution and/or equity dilution heading 88e’s way IMHO. Yes, there’s hot money in 88E, everyone loves it when the drill bit is turning, I get it....but the valuation differential is just extraordinary, isn’t it? How else can I explain the differential? Aussie punters are even more “punter-ish221; in natural resource stocks than Brits? Yes, fine, agreed. 88E have invested in some excellent audio/visual slides and videos. They’re good and catch the eye but are they enough to facilitate a value differential which I consider to be an order of magnitude apart - and wrong?! So does it all come down to history? 88E have also had their failures but they were in different locations chasing different targets, and spaced quite far apart in time. No, what I keep coming back to as a primary explanation is the repeated failure to properly complete a well in Texas by Vision, and, quite naturally, PANR by implication. The market just can’t quite seem to get over this. Bloody hell, even some exceptionally educated and experienced investors on this thread who follow closely all the fundamental news, can’t get over it!! Ok, so where does that leave us right now, at time of writing? Go back to Stupidity’s post #6063 and re-read the following: “You're right I am thinking about whether the market has made a mistake with PANR. It happens, but it doesn't happen often and it doesn't normally persist over an extended period of time.” I am shaking my head with incredulity. Apart from a mechanism to raise capital, isn’t one of the very purposes of stockmarkets to provide an efficient mechanism with which to apply capital to those entities offering the optimum risk/reward characteristics? It not only "happens", but it "happens" all the time, and it's "happening" right now in individual stocks in equity markets. Another true story, bit dramatic but it makes the point. I had a wonderful fund manager client, he became a true friend later on, who had invested in ASOS under 100p! Clever fella. When ASOS announced their “free returns” policy, I think the shares were c.350p but let’s certainly say under 500p, ok? This fund manager just couldn’t get past the new policy, he thought the canny and cunning young ASOS customer base would take huge advantage of this new policy and that ASOS logistics and its business model wouldn’t be able to cope. He sold all his holding. He was right to do so at the time as the price went down.....for about 3 months, until the company updated the market and not only had the returns policy not dented ASOS’ business model nor clogged up their warehouse, the policy had led to a massive growth in customers and customer purchases. The fund manager had overestimated the cunning of the young consumers and underestimated their laziness in re-packaging their unwanted purchases and popping it back in the post within x days. So these “mistakes̶1; as Stupidity refers to market’s views and pricing happen *all the time*. Of course they’re not really “mistakes̶1;, they’re imperfections because the market, made up of human beings, cannot be perfect. So here’s the opportunity IMHO. The market has taken an exceedingly dim view of PANR management’s capabilities due to Texas operational errors – fine. Has this dim view “persisted over an extended period of time?” Yip, it probably has. But here’s the thing....if BR and eSeis are correct, Talitha turns outs to be a properly big accumulation and a farm out is completed to all parties’ satisfaction be it over GA or over the whole acreage, the snap back from the stretched rubber band will be extremely powerful. How so? Half the company is in the hands of Great Bear folk who aren’t going to be sellers because they’ve known the asset for 10 years and aren’t going to sell at the first sign the equity market has woken up. The rest of the company is owned by a few institutions I'm in touch with; some HNWs like Michael Spencer and others who have followed the fundamentals and aren’t traders; people who read this thread who are generally investors and not traders, most of whom would see a farm out as being the start of the journey and not the end. If and when the management credibility discount is removed from the PANR SP, possibly/probably sparked by a farm out agreement, I contend the reaction will be aggressive, material and speedy. My thesis would see the market chasing the stock pretty hard as the market digests the “new data”, then begins to appreciate the discount to something approaching reasonable value but which is then confronted by an educated shareholder base not prepared to sell their stock for pennies in the pound. So, yes, and completely understandably, some may prefer to wait until the, inevitable IMHO, 7am RNS announcing a farm out agreement -> the investment case therefore becomes substantially de-risked and they’re happy to pay a higher price.....but I’m not. I was lucky enough to add to my position at 13p last week. I want to benefit from the violent “elastic band snap” share price reaction I'm predicting. I believe the Independent Expert Report will have increased the *probability* of a successful farm out; it will have increased the *intensity* of interest from potential farminees (BR referring to unsolicited approaches to enter the dataroon); it will have *broadened* substantially the addressable market of potential partners (GA only v’s over all Alaskan acreage). I contend there is a clear jeopardy in *not owning* the stock right now. No need to rely on me, and if you want to apply the management credibility discount and not listen to them either, fine. To those still doubtful, how do you explain eSeis’ $2.7m decision to forego fees for a royalty on production (ex-GA) and how do you explain LKA’s NPV10 valuation of Greater Alkaid of $595m.....because both those firms have seen all the data. To the market I say, fine, discount management’s credibility all you want for now, but there’s starting to be some pretty significant 3rd party evidence that the equity market is wrong.....*and* those 3rd party opinions have seen all the confidential data - the market hasn’t. Hmmmmm......... GLA PS Will address farm out scenarios/structure in a separate post.
23/2/2020
11:38
rabito79: DB, I think the issue regards PANR’s public relations is well reflected in the comparative share prices of us and 88e. If anyone gets a chance I would recommend listening to the audio recording of 88e’s presentation in November and reviewing the accompanying slides. I believe slide 8 & 9 may show the horizon Theta West is targeting (up dip of Charlie 1). hTTps://www.dropbox.com/s/pkn67ubzmq500pc/88e%20v6%20globe%20presentation%2029th%20nov%202019%203_1_1.wav?dl=0 hTTp://clients3.weblink.com.au/pdf/88E/02174284.pdf There is some interesting content regards their strategy regards finding their target market and releasing content into that market. More interesting is that appears that some of the 88e investors are completely oblivious to the content of the presentation, as when I posted some of the comments made by the CEO regards target price after a successful drill, I was called a deramper on the 88e board. This anecdotal evidence would suggest that the media releases regards worlds largest drill and the flashy video content have had more effect with some investors than the types on investors presentation which PANR have been conducting. I should add though that I found last months presentation excellent and would commend the board for their efforts in reaching out to existing shareholders. Another point to note, which I had not caught the first time I listened to the above, was that 88es analysis has shown that the unconventional sweet spot would appear to be north of their original target. This is discussed around 59 minutes when DW mentions the unconventional horizon is in the shape of a rainbow or moustache (as shown in the below presentation slide 9). He then reluctantly admits that this would put the sweetspot in Pantheon’s acreage, another point 88e shareholders seem to have missed or ignored. It should be noted that I believe 88e’s PR regards the unconventional for a long time carried the share price at higher rates than PANR’s current market cap. I was going to ask a question in January about the unconventional but decided not too as I am sure Bob and Jay would have looked at me in disbelief given what they had just told us about the conventional. Given the above it may be worth a cheeky question at the AGM though, as the unconventional is still referenced in the recent presentations. hTTp://clients3.weblink.com.au/pdf/88E/01829543.pdf Again I am not knocking the COS of success of Charlie 1, I do believe however the size of the contingent resources play will be nearer to Premier’s 250M reserves figures (stated in their August presentation), than the 639M prospective resources figures released by 88e. I have done some reading on the different resource categories and believe that although moving figures from contingent to reserves is a massive undertaking (less so for our Alaskan acreage), the theoretical reserves and contingent figures are likely to be closer than prospective resources are to contingent, inferred in the article below. I could well be wrong on this though. hTTps://www.valuethemarkets.com/2019/09/17/do-you-know-your-reserves-from-your-resources-the-valuethemarkets-guide-to-oil-and-gas-classification/ I truly hope that it’s a case of 88e being valued correctly or indeed undervalued, as in regards to the conventional Premier are chasing a play of similar size to Greater Alkaid (1000M OIP), however Charlie 1 is not underneath TAPS/Dalton and has a 50/50 chance of success. It would also appear that they have admitted the unconventional sweet spot has moved more into PANR’s acreage from their own. Given the comparative fundamentals it just goes to show what some good targeted PR can do. I hope they do the same on Charlie 1 success as it might bring some attention our way,If the board can combine this with the much improved shareholder comms and the excellent fundamental progress made last year I think we will start to rerate. In all honesty though I think we will finally be valued at what ever someone is willing to pay and we have all done those calculations before.
12/12/2019
09:46
spangle93: STTG - let's hope so As I see it, going back to 2008, PANR has spent a decade largely serially underachieving as a non-operating, funding partner. Circumstances changed fundamentally over a relatively short period towards the back end of 2017, with the unfortunate death of Bobby Gray and the merger with Great Bear, propelling PANR into a position of operatorship, with a much enlarged company, a second major area of interest, and a stronger board. Although much is now in place to make this company highly successful, if you were looking objectively, not much tangible progress has been achieved in the last 12 months. Nothing has materially happened in Texas, presumably while the estate of the late Mr Gray is unwound. There are purportedly large recoverable volumes there, according to Art Berman, but this is his view, not reserves, and so far Vision/PANR has been unsuccessful at demonstrating their viability. That's not to say they can't be commercially good, because the analog fields in the area show the potential. In Alaska, the new entity got off to a poor start at Winx, confirming the views of the nay-sayers, even though PANR interest was minor, and carried. The well test at Alkaid was the shining light of the year, but somehow its importance hasn't made it through to the market. Maybe like the lower 48, it needs a formal CPR? Maybe it was because the two potentially larger zones were written off. And now we're in the data room to try to conduct a successful farm out which will set PANR up financially to participate fully in any development. Today's announcement is another RNS that adds to that potential, but cannot in any way be valued at this stage, other than by accountants as a chunk of money going out. If PANR can start to put building blocks of delivery together - not necessarily shoot the lights out but just start to move forward by saying they will achieve something and then actually successfully doing it on time - small steps to generate confidence, like e.g. PTAL - then hopefully, in 2020 as you say, we'll see some confidence return. Until then, Jay can be in ecstasy but really it's not going to affect the share price until there is tangible delivery of success that affects the bottom line. That's just my thoughts, with no *fact* whatsoever ;-)
06/11/2019
10:32
gorgeousgeorge01: I thought it was a good update and most welcome. Shareholders need to be kept in the loop and today's RNS accomplishes that. I cannot fault the company at the moment - the work with shareholders has been superb. Long may it continue. Turning to the share price. I was watching the activity yesterday and thought to myself: "I reckon there's an RNS afoot - worry not." And sure enough... The fact is that there are myriad interpretations of "value" - we will get an idea of the reality when the farm-out is concluded. Until then, long-term holders are lobsters in a pot. We must be patient and roll - or should that be boil - with the process. Even today, the volumes are low and we have been here before. I haven't sold any shares in recent months and I have no intention of selling. On the other hand, anyone who says they know which way the price will move on any given piece of news is really talking nonsense. The share price is not a reflection of discounted future earnings but rather is a reflection of what we think the future share price will be. Our views are biased one way or another and the reality is likely to diverge from our own expectations. The efficient market is a sham and financial markets are inherently unpredictable - even technical analysis is art rather than science. Fundamentals are the object of guessing - a combination of information and our own bias. No one can know with any certainty how the share price will respond and the share price can even reflect conflicting possible outcomes at different times - Zig, Zag!
06/8/2019
15:18
done deal: PANR share price 'feels like' its going to blow 50p being the obvious next level.
16/7/2019
14:17
scot126: metalbee - I understand why you're posing these questions. I also accept fully some of these farm out deals take an extended period of time to negotiate and finalise. I do, however, disagree with your "feeling we are talking several months before anything is to occur." It's not an unreasonable feeling, it's just that I think it's incorrect in this particular case. How come? 1) Davidblack has outlined the motivation for Oil Search/ENI in particular to advance a deal swiftly. The Repsol/Oil Search land 45 miles to the west of Alkaid is almost certainly going to require they talk to PANR for right of way over PANR's acreage to access the Dalton Highway and TAPS. If a speedier path to cash inflow from Alaska becomes more important to OSH's shareholders/Board (who would otherwise have to wait until OSH's guidance of "late 2023" for first production from Alaska), then PANR's highway-adjacent operations may/will permit cash generation as early as next summer, 2020. In addition, the data supplied by any wells drilled in Alkaid/Phecda will be of great value to the Repsol/OSH partnership further to the west. 2) The PANR Board has flagged they'd like to drill at least one well in Talitha in the next tranche of wells, agreed? I am fairly certain, but happy to be corrected, that this activity will *have* to occur in the winter drilling season as Talitha is situated outside the 5 mile wide corridor surrounding the Dalton Highway, where all year round activity is generally permitted to occur. If this proposed Talitha well is to be drilled this coming winter season, I would submit the farm out negotiations will have to be concluded more swiftly than may be the norm in the sector. It can and does happen when there's an imperative on both sides of the negotiating table. I'm imagining contracts/deposits for equipment and support services crews will have to be finalised some time soon-ish if a winter well at Talitha is to go ahead? 3) I was looking at some figures on TAPS recently. When it was constructed in the 1970s, the throughput capacity was 2.1m bopd. Its current throughput is 500k-600k bopd. I recall posts on this bb where people have accessed articles about TAPS discussing the possible requirement for the construction of more pumping stations (I *think* there are 12 pumping stations now?) and to heat the crude at various points in the pipeline. We know as a fact that BP is a 48.4% shareholder of TAPS, Conoco 29.2% and Exxon 21%. We know Conoco has been active in the recent wave of discoveries and investments in Alaska (to the west and north of PANR). However BP and Exxon have not yet bought into any of the recent discoveries, as far as I'm aware? Is there an extra incentive for these two companies in particular to examine the PANR discovery? I would submit it's not unreasonable to expect they'd at least wish to examine PANR's Alkaid data on the Brookian? For the record, I still think Oil Search is my favoured pick (*speculation only*) but let's face it, if any of the companies mentioned in this post are announced as the preferred candidate for a jv or the jv is actually finalised and announced at 7am one morning, IMO the share price will be a multiple of its current level. How so? The attachment of an industry name will immediately validate PANR's guidance on the scale of the Alaskan discovery and it will more than answer any concerns about the ability to generate project finance when it comes to full field development. Yes, I do certainly follow the argument that there may be time to buy stock in the days ahead, of course I do. Personally, I'm not willing to take that timing risk and wish to be fully exposed to any such farm in announcement. I've read enough, and investigated enough, about the massive wave of investment currently going on in Alaska to believe that a new discovery of a minimum of 100m barrels of oil (remember the PANR Recovery Factor guidance is *exceedingly* conservative v's RFs for the same formation being 30-60% elsewhere in the region) WILL result in a successful farm out in short order. In addition, no other recent discovery has the Dalton Highway and TAPS intersecting their acreage with the implications on opex & capex per barrel in the development model. I'm in, and wish management all the best in their negotiations - they may already have started, who knows? Remember they've already told us officially via RNS that they've received unsolicited approaches *before* the data room is formally opened. GLA
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