George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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3standsoffbottom,
Kind words, thank you. I took the opportunity to read your back catalogue and realise that your moniker is likely associated with your job as a driller. Am I correct in thinking 3 stands is a measurement from the bottom of the hole?
I'm sure your knowledge of the process will be invaluable to us all, as is your humour and style.
Kind regards
cb
Oh the irony... I'm crying laughing here.... at least I'm happy in my ignorance then.
Onwards and upwards.
GS
..........anyway, a good day if you own PANR shares. Hopefully, the start of a justifiable re-rate and OTC in the US appear to have woken up too. ;-)
GS,
Still not quite sure that you 'get it'. Ah well?
15.10
Ford, the whole idea is that such calculations are a model for deriving value. If you want someone to fund something, whether an oilfield or a property development, the principles will remain the same and no bank or financial institution will touch you without it, and rightly so. Fiction and sentiment don't come into it, sensitivity analyses will.
15.10
Apologies Ford707, should have been addressed to GS.
Rumour has it that the fella at Farallon who flogged those shares has been sacked...
".. they laughed when I said I wanted to be a comedian. Well, they're not laughing now".
Bob Monkhouse I believe.
GS
Cbaron,
Never mentioned farallon.
It is all fictitious as you cannot calculate, sentiment, the rising prices and where they’ll be. ConocoPhillips have been said to of paid way too much for their recent shell acquisition. You can have your tables if it makes you feel better.
I don’t post much, however moved to because that was a very good explanation cbaron. I can’t believe anyone could fail to comprehend it.
I find nervousness in investing to be a good thing . There is no such thing as a safe share , the secret is to win more than you lose . I sold the ones I paid 14p for at 57p , with hindsight I could have got 67p today but I was nervous . All you can do is do your research and act on your judgement . I find these boards useful for the research that other people do and post but the majority of posts are just noise .
Well I have dipped my toe in - not yet the ankle or leg. Trying to resist FOMO after todays advance and watching for value zone :)
I'm just nervous. Are you not Rex?
No I wouldn't shut my clothes shop. They would go musty and price would go down as they would be out if fashion in 2 years.
GS
Ford707,
Farallon are not selling their own shares - this has been explained a number of times. The arrangement between GB and Farallon under which GB owes a considerable debt, dating back to the original sale/purchase, is that in order to service that debt Farallon were given rights over the shares held by GB. In the event that GB is unable to service that debt (capital & interest accruing), Farallon negotiated rights over GB's shareholding in Pantheon. Those rights are that, from January 2021, they are entitled to regularly sell GB's shares in sufficient numbers to service the debt. This they are clearly doing. They don't care what the SP is at any particular point in time. I'm sure GB do, but they have no control over the matter.
Hope this helps.
Goldstinger , Farallon are a business they don't do gambling . They lent money and they want it paid back with the interest due . If they can do this at the price they are getting they're happy . If you were selling clothes would you not open the doors for a couple of years because they might be worth more then?
Thanks andmillsy for the great link. I've no doubt this commentary has already kick-started further interest in PANR, hopefully by larger investors.
It was a compelling read and does seem accurate, although I'm puzzled by the use of 'non-fundamental' selling by Farallon. I still do not understand why selling shares at a ridiculously low price, even to service a debt, makes Farallon feel kind of satisfied they got their money back, when all the signs are that this share is way undervalued. Surely they could have got the same cash back for selling fewer shares when the SP reaches say £3.50 or whatever. Why sell when the signs of great things to come are staring you smack bang in the face.
I think Scot126 is right. I do not understand hedging. How's my Dunkel-Kruger :-) score Scot?
Anyway.
Nice to see a positive effect on SP. Expect a flock of new BB contributions and otc mass commentary too? Let's see.
GS
A compelling article with excellent research, but unlike some fantastical interpretations of realisable asset valuations we may be seeing elsewhere (or not, because they can't), is conservative and balanced. It applies sensible risk adjusted recovery rates and concludes with some reminders that there are ongoing risks with more work to be done.
Even with all of that conservatism and common sense applied, it presents a very strong investment case.
It's not fiction Ford707, it is called a model calculation using fully detailed and well explained parameters. If you don't like his parameters, stick a few of your own in and recalculate.
Whatever you say, FORD707, whatever you say.
Oh, and by the way, you *do* still need to re-read the valuation section again. You especially need to look up what "risk-adjusted NAV" means. Pretend someone other than scot126 helpfully pointed this out to you, adopt an open mind to the suggestion and the fog will clear, I promise.
Plus, it's not "fictitious", it's a model based on the probability of assessed risk.
You're welcome.
Not really Scott. Pretty simple from where I see the comment. A company paid $3 per barrel and our market cap currently gives us $0.20 per barrel. I believe that price was also mentioned in the webinar by one of our speaker’s, forgive me for not remembering which person. As I say all fictitious anyhow, none of us know. I realise that you feel you do know all the answers Scott, but you have and will continue to prove you don’t. All the best
FORD707 - suspect you need to read the Thesis & Valuation section another time?
I don't currently hold here but will be timing an entry this week.
The report is quite comprehensive assessment of the value but clearly with a number of assumptions.
I feel under investment in new assets by the majors means this will be in the spotlight.
Interesting times
Thanks, andmillsy, for bringing this to the thread's attention.
I encourage all PANR shareholders and those considering investing in PANR to read the article by "Value Situations" on substack entitled "The Real Asset Ownership Complex". The macro commentary is well-observed and compelling. The author's research and summary of the PANR investment case is excellent. Good stuff.
PS Worth noting the US OTC quote saw decent volume traded today (c.1.5m at time of writing) and that the price was at or close to recent highs in this session.
Hi m8,
Fully agree we are massively under valued. Are your calculations correct? $0.20 per barrel x6 would still only $1.2? 16x current market cap would about £9.60. That would be $3.20 per barrel. I realise it’s all fictitious to a certain degree anyhow. Good start to the week. Webinar stated no rush for a partner etc, we have until November. Possible cr if the right deal isn’t there in the next few weeks.
GLA
Worth a read - bottom section relates specifically to PANR
https://twitter.com/ValueSituations/status/1442509157895229442?s=20
Extracted points
>>>> PLEASE READ WHOLE REPORT<<<<<<<
PANR sits on a world-class oil discovery of 16 billion+ barrels of oil, and appears significantly undervalued based on precedent comparable transaction valuations for similar assets in the Alaskan North Slope area.
PANR’s current market cap of £420m / ~$575m implies a valuation of just $0.20 per barrel of oil (BO), based on the total estimated recoverable resource of ~2.9 billion BO. To put this in perspective, the most recent comparable transaction for PANR’s assets was Oil Search’s acquisition of interests in the Pikka and Horsehoe oil developments in 2017, when it paid $3.10/barrel of recoverable oil, or 15.5x the value of PANR’s assets as implied by the current market cap.
Pulling all this together, my indicative SOTP analysis values PANR at a risk-adjusted NAV of $5.20/share or £3.80/share, or ~6x the current share price of £0.60, as follows: