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07:55
Fact check for Sharebel - more conspiracy theories about forward selling, Aussie short funds, "crews", short covering, blah, blah blah. Fact check? False.
By far the most important fact check for forum members is to be persistent in challenging Sharebel and others who falsely state that 88E has "2 x massive new commercial oil discoveries." The company has not assessed the Phoenix discoveries to be "commercial" at time of writing. This is what's called a lie by Sharebel. Despite being called out repeatedly for this blatant lie, Sharebel persists in reposting it. That makes Sharebel a fecund liar. [Attn the person/moderator who reported me for the using the word "fecund", please see the following definition of the word, lol!! fecund = "producing many new ideas"....in this case a fruitful source of lies!]
Fact check? ".....JV partner takeover/farm out to be announced soon..." False. No evidence whatsoever to support this statement. Sharebel should use conditional language otherwise he is misrepresenting the truth.
09:03
taximan57 - again with the ad hominem attacks and commentary. When are you proposing to treat this forum and your decision to post actively on it with the seriousness it demands? I challenge you to post a cogent explanation as to why an external party would purchase outright any of 88E's Alaskan assets? It just doesn't make any sense, does it? Why not just wait for 88E to give up the leases because the company, its directors and shareholders no longer wish to commit scarce capital on Alaska because the focus is now elsewhere? Yes, 88E has a diversified portfolio of assets, no question. I contend we are witnessing the company pivoting away from Alaska towards Namibia. Did it not make you smile knowingly when you read that the Namibian acreage is so vast that "it is 70x larger than 88E's Alaskan acreage"??!! So, yes, 88E has *potential* in Namibia (clearly not Texas for the record) but it's going to take years and lots more capital to unveil any value in these African assets. After all, they're only shooting 2D seismic in H2'24.
You keep on drawing attention to PANR's CB and the outstanding balance of US$27m. It gets a tad repetitive to confirm for you once again that PANR may *elect* to repay the CB holder in shares *or* cash, at PANR's discretion. A key feature of this CB structure which you simply do not appear to be able to get your head around is that an analyst can *fully dilute* PANR's SOI by adding circa 70m shares [US$27m divided by (PANR SP minus 10%)] which replaces debt with equity. Do you understand this, taximan57? By using this method, you can compare capital structures fairly and with ease.
Yes, 88E has income. However, and as described many times, the dividends from Longhorn do not yet cover G&A and lease fees never mind contribute a penny to exploration activities.
taximan57 - do you support the Board's idea of a share consolidation?
So yawn, blah, blah and more blah… 😑
Fact check for Scot - 'because the company, its directors and shareholders no longer wish to commit scarce capital on Alaska because the focus is now elsewhere'. Would you like to show any proof of this statement?
Fact check for Scot - 'by adding circa 70m shares [US$27m divided by (PANR SP minus 10%)] which replaces debt with equity'. So you agree with me that dilution is on it's way?
The dilution suggested by Scot covers the immediate debt but where is the equity coming from for PANR to continue in business? More dilution is on it's way I believe.
Fact check BY Scot - 'Yes, 88E has income. However, and as described many times, the dividends from Longhorn do not yet cover G&A and lease fees never mind contribute a penny to exploration activities'. 88E received just under $1M from Longhorn and by end of year expect it to be much much more with the drilling of two new wells and existing wells improvement plan. 88E is fully funded for at least a year and with $5M drawdown facility in place for Longhorn.
As for takeover, would you buy a painting from an up and coming artist who has great potential and diversity, or from an artist who can only paint in one style and who's painting is also partly owned by another?
'2 x massive new commercial oil discoveries'. (I put it to you) that 88E BOD consider that they have 3 massive oil discoveries which they consider commercial else why look for a JV or partner?
08:28
Longhorn
Latest company presentation
" Net 88E cash flows of ~US$3M expected in 2024, provide funds towards exploration and appraisal."
https://clients3.weblink.com.au/pdf/88E/02796243.pdf
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