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Twisting everything to your narrative, you are posting relentlessly on 88 bb trashing investors and the company. It has been suggested that you and olderwiser are part of a shorting crew of 88 energy, perhaps what you are doing on that bb may have an impact on what happens here.Sorry and all the best to genuine panr investors.
20:43
Indeed Triumph1. To help you out with this conundrum of yours, here's (hopefully) a decent summary of the PANR BoD's guidance on exactly this issue. This info was contained in recent RNSs and webinars, all freely available for you to access.
1) Vendor finance; quite a simple deal if executed. The vendor, described as a "large" OFS firm agrees to provide, for example in this post, drilling services (kit and personnel maybe?) to the amount of US$XXX. I think the latest guidance was that "negotiations are live". That's it.....reporting accurately. No exaggeration, no making stuff up, no gilding the lily...88E should try it some time. We were also informed about the prime motivation for retaining Lee Keeling and Cawley Gillespie to complete IERs on the Ahpun ZOI and Topset (Alkaid ZOI and SMD as was) rather than waiting for the end of Q2'24 for NSAI's report to be completed. It was due to the large OFS firm looking forward to receiving the independent conclusions of both firms before signing as deal (hopefully). Interestingly, I've done a bit of digging. Both PANR and 88E know of Lee Keeling as we've read the conclusions of their IERs previously. Cawley Gillespie is used by Hilcorp for some of their Alaskan work. Lee Keeling, of course, was originally referred to Great Bear by Halliburton. I'm sure you didn't know that, so have that one on me.
2) The guidance on the potential gas pipeline is as follows. Have a read of the RNS dated 28/3/24 first of all. To give you an idea of potential daily revenue *if* the gas is sold at that contract price, it's about $500k per day. Useful, eh? We were also told that PANR's gas is very low in CO2 which is an attractive/required characteristic for the pipeline. Timing? Exec Chairman thought there'd be news by the end of Q2'24. If you listen to a couple of interviews given by Gov Dunleavy in the last couple of weeks (CNBC and CERAWeek) he also talks about "in the next couple of months we'll hopefully have some news about the pipeline."
Structure. Happy to be corrected but here's my understanding from listening to the webinar. In return for PANR signing a long term (20 year?) take or pay contract, the SoA/AGDC/Alaskan utilicos will act as guarantor or arranger of a finance facility of *up to* $250m from which PANR may draw on to move the project forward. Please be aware (unlike Stas20) that formal guidance is for a maximum of $120m being required to arrive at Ahpun FID and to secure a self-financing model for Ahpun.
Remember all this can happen because PANR has already classed its Ahpun and Kodiak assets as ***commercial*** following the collection of data from 6 GB/PANR wells and other historic wells such as PS1. It took 14 years and hundreds of millions of dollars to reach this data threshold => declaring commerciality. I look forward to reading how 88E plans to continue that journey.
Let's diarise to review this strategy at the end of June, ok?
Well the good news is all the directors holding means we are aligned regards dilution. Some directors have been significantly diluted since the Great Bear days so I can't see them wanting more. When you are likely looking at 3-4B bbls there is room for dilution.
The big question over here is all about the cash. Funding funding funding. How will PANR fund to production?
Clearly, the market expects significant dilution and isnt buying buzzword fluff about "mutually beneficial agreements" and "advanced talks".
It would be foolish to not expect significant dilution here. The question is, how much of the company will be left for current shareholders? Enough to make it worth holding? Some clearly dont think so, evidenced by price action here.
I personally hate it when directors state "keep dilution to a minimum". Whats their definition of minimum? Probably not the same as shareholders. So many times this phrase has been uttered, but shareholders completely wiped out.
18:45
Thanks for swinging by, MadEnglish. Please note that at no time has olderwiser, Rabito79 or I posted infantile drivel like "Get out now" or "Sell your PANR while you can". Nope, we provide fact checks and corrections, and calculations with full working. Unlike so many on the 88E forum, we also provide citations and sources for out statements.
Tell you a funny story which happened earlier today. You'll double over laughing! One of the 88E posters reported a poster called MunnieTorx for stating that Hickory-1 was being P&A'd. He was furious, demanding a source for MunnieTork's statement. Wait 'til you here this.....I was able to copy and paste a sentence from 88E's RNS dated 15/4/24 where 88E management itself informed the market it was P&Aing Hickory-1. Tough market when shareholders can't even be bothered reading their own RNSs, eh?
Now that you're here, I have a couple of questions for you. What do you calculate 88E's cash at hand will be at the end of April after they pay for this season's operations? Also, do you think there is even the slightest chance Burgundy will pony up their share of this season's costs?
Don't forget to reply to the questions next time you're tempted to swing by!
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