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Bois, not oil wet does not mean there is more water down there necessarily. Oil wet means that it’s the oil ‘sticking’ to the rock more than the water.
Gregpeck, I would love to hear how you think HUR had porosity issues in a fractured basement play. The clue is in the word ‘fractured’. But if you believe you know more about porosity than the VAS experts then good luck to you. Your HUR statement seems to indicate otherwise.
Things are different now. Vision (private company) were the operator, Jay now seems to have a competent and more open group around him. Directly in control (which I understand concerns you np) but drilling is not an exact science, gushers are invariably the thing of popular imagination.
He's just thick but he's filtered now anyway
Just remember, Jay was saying all these things about Texas... And it amounted to nothing. That's why I don't bother listening to his excuses anymore, as that's all you ever hear from him.
Them 300m barrels or oil equiv, didn't seem to keen to come to the surface either...
Jay Cheatham, CEO, said:
"This is extremely good news for Pantheon shareholders because the analysis concludes that the Eagle Ford sandstone in our West AA prospect is not water saturated, and that the water has likely been introduced from a source below the perforations as a result of the frac. The analysis of the VOBM#5 and other Polk County wells was a very comprehensive undertaking, involving extensive analysis of regional data which took considerable time to complete. The analysis also concluded that 100% of the perforated intervals in our wells were in fact hydrocarbon bearing pay zones and following this analysis the consulting geologist Art Berman has confirmed his assessment of potential P50 Prospective Resource of our project has not changed, remaining at 301mmboe. Certainly, any future fracking operations will be undertaken carefully to avoid possible communication with deeper water sources, but we will carefully consider this in well design and planning, and in this regard I am also pleased to report that Pantheon and the operator have made a concerted effort to improve our future operational capabilities with some key appointments.
"I hope the conclusions of this independent analysis restores shareholder confidence in our play, which Pantheon and the operator are firmly committed to. Our issues have been operational, and we are being vigilant in doing everything possible to minimise such issues going forward."
Not sure HUR and porosity go hand in hand. That’s granite they drilled into and fractured basement. Anyway you might be proved right in the end with PANR, regardless it’s too early for anyone to be right. I am hanging on to see how things pan out. There is a roadmap (to use the recently popularised vernacular) of the way ahead, for the moment I will be patient. Good luck with UOG.
Greg if you had listened and understood it, you would know that the issues wasnt that it was an overpressurised section, it's an oil wet. That was explained over and over again.
The fact that you got that wrong makes me think that you either didn't listen to it, or didn't understand it.
It's ok if you didn't understand it, half of it went over my head too. But luckily there are more knowledgeable people than me on other places who understand petrogeophysiscs (some of who have made billion barrel discoveries themselves) who have explained it or confirmed the case here.
If you don't want to invest that's fine, but there is no need to keep commenting using half truths . It's just getting in the way of any real discussion being able to take place.
I guess that you do know that it was an entirely different team who worked in Texas?
You may want to read up on this or do some research before commenting. It is quite technical but it isn't that difficult to understand.
It has been explained over and over again but this is an oil wet field. The majority of fields in this area are water wet so they tested the flow rate based on that assumption.
An oil wet field means that there is more oil than water. So the method they used to test the flow rate was not suitable as it actually slowed down the flow rate. They will need to use a different method of extraction. There are oil wet fields in places like the Gulf of Mexico and Iraq where these techniques are used to pump the oil out of the ground so that's what they will need to use.
It's not an issue, it was just the wrong tool that was used because there was no other way of telling until they actually drilled into it.
The independent analysis specifically said that this oil has high moveability. So moving it is not an issue, it's just that they will need to use a different technique.
It is in no way a case of they drilled in the wrong place and the oil didn't move.
I am just commenting on their pretty recent history. Texas was hardly last century! Jay is still there and still offering excuses and PANR are still not producing any oil.
Greg if you’re not keeping up to date with the actual goings on of the company then you’re a liability and a danger to actual investors.
I dont need to watch it, I listened to them and watched the Texan disaster unfold, exactly the same things as here, drilled the well in the wrong place, fracked the wrong section, the rock was too hard, literally every excuse in the book, now its an over pressurised section which has "never been seen before" in this area that screwed up the test.
As I said, either hyper incompetent or the unluckiest bunch of oil exploders in the world
amazing that. And the bit they tested didn't work. Just ask yourself - was that just bad luck?
Watch the webinar Greg, and stop fouling this board with crap
Well its an illustration of a very large oil accumulation - over 1km that did not flow. It happens quite a lot.
Just because its under the sea bed makes no difference. Its the same problem - porosity.
If there was good porosity here the well would have been gushing.
And as the RNS said "up to 100bopd"
So presumably most the time could not even manage that. that tellls me you have a load of oil that wont come to the surface...
And the reason they didn't test the other targets - that keeps the game going.
PANR are a very unlucky company (at best) incompetent at worst.
Greg did you watch the webinar? Or are you just talking rubbish to get people to invest in UOG?
What has HUR a high risk new tech offshore drill got to do with an onshore conventional play in PANR? Nothing that's what.
Take a counter view here... Just look at HUR halifax well, over 1Km of pay but not commercial. Ditto Warwick
Then look here.
almost 4km of pay, the company would have you believe that they were just unlucky, they perforated the wrong bit. But look at PANR history of drilling, there are always excuses and reasons why things just don't pan out. For me if there is that much oil down there and its mobile it should be coming to the surface, yes there will be a sweet spot but if there really is that much oil there they should be seeing it. My personal thoughts are that the porosity just is not there, the oil is but it wont move. That would just about sum up PANR, they will drain shareholders some more and spin out some eyewatering best case scenarios but this is a company with an appalling track record of delivery.
I would take the likes of UOG every day, they seem to have no problem finding gushers and converting pay to flow. and they are 1/6 of the price.
This is classic PANR and the story does not end well....
Small correction:
The issue with the flow rate was that this is an oil wet field not a water wet field. This means that there is more oil than water down there.
Here is a link to some.of the slides and some information on them: https://www.reddit.com/r/PantheonResourcesPANR/comments/muvg8j/key_slides_from_the_presentation_on_42021/?utm_medium=android_app&utm_source=share
Currently the biggest downside is that Fallron Capital hold around 18% of the shares (probably less than that now) and have been selling them off due to their own circumstances. But PANR has around 700m shares in issue in total which is far lower than other companies, so with enough churn the seller will be gone. This does present a fantastic opportunity to buy in at a low price though.
Of course there is also the risk that this will not work out as it is an oil exploration company at the end of the day. But that is the risk that you take. However the findings so far have significantly derisked the potential here.
In my opinion, the current share price is crazy low for the risk reward.
Bully, you should go watch the video, or maybe read up a little bit. Your posts continually have incorrect information at best you are misinformed, at worst you are maliciously spreading lies for your own gain.
You have mentioned multiple times that there will be no news for 6 months. If you had watched the webinar you would know that within the next month they will be releasing a revised estimate of the amount of oil they have. They have also gathered a massive amount of data which is also being analysed and that will be released over time as well. And they will have a permit and the money to drill a gravel pit hole in the summer/autmn from close to the highway.
You keep saying that they are targeting a billion barrels of oil. If you had watched the webinar you would know that they will be revising that estimate upwards. They mentioned on multiple occasions that there are billions and billions of barrels of oil down there. Theu didn't even get to the the bottom of the field as it just kept going. They thought it was 200ft thick but they found it to be atleast 3700ft thick!
You talk about them needing to raise cash. Yes that's true, but if you had watched the webinar you would know that they have $10mill cash left and said they would would prefer to not do a share dilution, and will choose the path that is best for shareholders (as they are all shareholders too). Also this drill cost them a third less than they had thought and future drilling would be cheaper.
The fact of the matter is that they have found billions of barrels of high quality light oil. This is fantastic finding because the light oil can flow quickly through the pipes and can also be mixed with slower moving oil form other companies to make that speed up. That makes this more attractive for a farm out.
The independent analysts were astounded with this discovery. They mentioned that the oil cuttings were full of oil all the way down, which is compelltey unexpected and indicates that there is a huge amount of oil down there.
The board were surprised and disappointed that the share price reacted like it did as it does not reflect the current finding at all. This is a new and giant discovery, they slipped up and mentioned that there were billions of barrels of recoverable oil.
If you had watched the webinar you would have got the sense that the board were very professional and have a huge amount of experience. They sounded extremely confident that this is a fantastic opportunity. And the independent analysis also showed that this is a massive finding.
The issue with the flow rate was that this is an oil wet field not a water wet field. That means that there is more water than oil down there. The methods they used to test the flow rate are based on water wet fields as that is far more common to find. In this case that methodology actually slowed down the flow. They need to change their methodology which is what they will do in the future.
Bully, your trading strategy and opinions on future price movements are painful to read. For your own sake, close your short. There's only so much egg one face can take.
jumping in at 20p yesterday and selling out at 25p might be considered a conservative / smart play. Placing a short at 33p after a bullish webinar, broker upgrades and a short window after a bullish rise this morning to place the trade - its not conservative, its probably not smart and in short I think its Bull. Hey, but good luck !
Bully,
Yesterday you said you bought at 20p and sold at 25p - now you are shorting at 33 ????
Posted yesterday by Bully1985 at 19.48:
"This will drift and trade between yesterday’s lows and today’s highs until financing is sorted and drill is spudded."
Not surprised he's a no show today. I too would be too embarrassed to show my face had I posted that. Still, at least he probably got a little adrenalin rush when he did post it. Hey Bully, you probably need to have a rethink about how you use new information going forward and adjust your investing strategy accordingly. I know you would love to be seen as the canary in the coal mine but this is a MASSIVE oilfield not a coal mine.
It's not even back to the pre results level yet
I bought at 20p [as i posted a few days ago] and I'm now out. I was always bonkers that it fell like that. Makes you wonder eh?