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Last post: GrumpyScouser, 15 Jun 2024 18:22
So long as he doesn't farm it out to our neighbours! They couldnt find oil if they were swimming in a pool of the stuff.😂😂😂😂😂😂
What a fantastic opportunity for would be investor get in now
hobbs has ticked all boxes as promised in full and on schedule
if in late june webinar he pulls a jv out of hat for half money needed $60-80 mill. as envisaged then how high can this shoot up on confidence of other half coming with possible same jv partner
can't see why we would want the taps connection in this half of investment and not the second part
any thoughts on that guys
Started: MunnieTorx, 14 Jun 2024 11:21
Last post: Chinaplate, 14 Jun 2024 13:38
I’m watching, obsessively!
[Funding options being PRESENTLY UNDER CONSIDERATION include a suite of alternatives including farm-out, equity, debt, hybrid and a US listing targeted for 2025]. *capitals are my own.
I have seen this language before...
A short and punchy rns listing farm out first in a list of options presently under consideration seems highly suggestive, especially when viewed in light of recent bullish statments by D Hobbs with 'more to come', and in light of a previous nearly-closed-deal at much higher MC in 2021 (at that time without the certainty that Netherland, Lee Keeling and Cawley Gillespie offer now).
The ongoing support from Lord Spencer at 28.5p vs previous support around 18p under same terms as CB repayment speaks volumes.
These shares will be hitting the market next week.
The support is now 28.5p
Possibility/probability of a gap-up rns within the next 10 trading sessions is a distinct possibility.
Some debt and a possible JV are DISTINCT possibilities.
Who would remain short on this suite of squeeze-inducing risks.
A rapid recovery is in the barrel here.
Lets see if Hobbs pulls it off.
(NB: many ways for Mangrove to exit without incurring too drastic a loss, and one of them is certainly to strike a deal with GBP. Buying back on the market is clearly not in their best interest).
Watch this space.
Last post: Stas20, 14 Jun 2024 09:43
Price now lower than the placing price, if there's gonna be a bounce today, this is the level so just took a few.
An interesting what looks like a concerted effort to push down on the price, mangrove still active as hell maybe?
Thinking back i'm sure $120-$150 million is full funding needed to get to cash generative position
but it was in increments up to 2028 first production
so guess $60-$80 m now and so forth
but a jv partner would be Amazing now and no dilution
one of the big boys
having full recognition of our barrels now 1.5 billion at $80 dollars per barrel are huge and the gas deal on top the cherry on the cake
as david said watch this space
just to get back to £1.50 ps i'd be happy
Started: MunnieTorx, 13 Jun 2024 11:52
Last post: MunnieTorx, 14 Jun 2024 08:29
Hope everyone took the opportunity to fill their boots yesterday 👌
Very curious/good options laid out by David Hobbs.
People in his position at this phase in the proceedings are very careful what they say. To mention farmout suggests this may be something currently being discussed...
Recall 2021 when a farmout was in discussion but fell through. Well, this may be back on the negotiating table.
Watch that space.
Private equity still heavily backing this ticker.
Onwards and upwards (generally) from here.
Shorts should seriously consider that they might get wiped out with heavy losses within the next few weeks...
Pre-FID funding requirement appears to have be almost slashed in half! This is bigger news than the market is giving account to currently.
The rerate is fast-approaching.
Yes Stas, and one day in 2028 the stock price will jump from 30p (or lower as you suggest) to £5-£10 with no small steps in between.
Everything here is long term, way longer term than the average AIM shareholders outlook, nothing going to happen for years, oil is declining in price and the only impetus for the stock will be either, a placing for funding or more shares for bonds, either way, dilution and share count will be up, thus in the medium term, imo the price is likely to go down more.
🤷♂️ There we go.
28.7p
Like clockwork...
The upcoming bond payment is a risk short term. Even if paid shares that is minimal but the market over reacts. If cash then again... market over reacts. No winning on the convertible. Think this retests 29p before loan repayment news, and if bond paid in shares then 27p.
Macro view - Hobbs has delivered so far, so expecting something decent by month end. Even if its 30m to 60m sorted without dilution then this will rerate rapidly. And with it, quite possibly a deal with Mangrove to close their position at an agreed price. Many options on that situation.
However, chance to pick up shares in 27 - 30p range again is almost a certainty. Which I will be doing.
My opinion only.
Started: Stas20, 14 Jun 2024 08:21
Last post: Stas20, 14 Jun 2024 08:21
Nm
Started: BeanCounting, 14 Jun 2024 07:19
Last post: tonynorstrom1, 14 Jun 2024 08:13
"watch this space - more news to come" - based on this comment from David Hobb's in his last interview - I was expecting more which makes the RNS this morning strange yet interesting. This RNS could easily have been issued months back as there is nothing substantive in it . As mentioned - the reference to "farm-out" could be significant and I can only assume a more substative progress report on funding will be provided shortly after evaluation of options that I'm assuming are already on the table.
Also - I cannot remember the cost of the hot tap - I think it was $20m - why would that be done before FID i.e. why would you spend $20m on a hot tap if the outcome of FID could be negative ?
I struggle to understand how they can need $60-85m to get to FID. Makes you wonder how much money they need for the development.
"the Company estimates the funding up until the point of Ahpun FID (referred to above) is in the range US$60 - US$85 million"
07:19
So what, BeanCounting? Once Ahpun East is drilled and tested, PANR's contingent resources will increase by 20-25%. Don't know about everyone else but that looks like a bargain to me!
Now then, this in interesting......contained within this RNS is reference to a farm out, in fact that's first in the list of financing options. DH has, historically, downplayed the farm out option since communicating his refreshed/alternative corporate strategy. Which leads me to wonder if the receipt of the two IERs and/or deal with AGDC has attracted external parties from the O&G sector?
Hmmm, as DH said in the recent Proactive interview, "Watch this space".
Bond payment in shares and new placing, we will soon hit 1bn shares.
Started: Christof45, 14 Jun 2024 07:32
Last post: Christof45, 14 Jun 2024 07:32
Numbers required for production going down which is nice to see. Can’t remember if the original 150 mil was for the whole field or just Aphun to get us going. Either way it’s nicer to see 60-85 than 150
Pantheon Resources PLC Quarterly Bond, Private Placing & Funding Strategy
Source: RNS Regulatory News
RNS Number : 4073S
Pantheon Resources PLC
14 June 2024
Logo Description automatically generated
14 June 2024
Pantheon Resources plc
Quarterly Repayment of Unsecured Convertible Bonds, Private Placement and Funding Strategy Update
Pantheon Resources plc (AIM: PANR) ("Pantheon" or the "Company"), the oil and gas company with a 100% working interest in the Kodiak and Ahpun fields is pleased to provide the following update:
Highlights:
· Quarterly Bond Payment
o The Company has elected to make the quarterly principal and interest payment of US$2.72 million through the issuance of 7,471,153 new ordinary shares (the "Bond Shares") at a price of US$0.364 per share.
· Private Placement
o Private placement of approximately US$3.36 million to two existing long term shareholders through the issuance of 9,230,080 new ordinary shares (the "Placement Shares") at a price of US$0.364 per share to provide additional working capital, (the "Placement"), and to increase the Company's flexibility in advancing funding discussions per the overall strategy outlined below.
· Funding Strategy
o Long term funding - the Gas Sales Precedent Agreement ("GSPA"), executed on 5 June 2024 opens a potential path to funding of post Ahpun FID expenditures without further equity dilution.
o Interim funding - the Company estimates the funding up until the point of Ahpun FID (referred to above) is in the range US$60 - US$85 million. This includes costs required to complete the Environmental Impact Statement ("EIS"), G&A, US IPO preparation costs, hot-tap into the TAPS pipeline, as well as the cost of drilling and testing the planned Megrez-1 well to assess the Ahpun East project area which the Company estimates to contain a Prospective Resource of c. 609 million barrels ("mmbbl") of marketable liquids. At the upper end of the range this would also include the cost of drilling and testing an additional Ahpun appraisal well if required.
o Funding options being presently under consideration include a suite of alternatives including farm-out, equity, debt, hybrid and a US listing targeted for 2025. The Company believes a US listing is an important step into providing greater access to the US institutional investment community, and to enhance market depth and liquidity in the Company's shares.
· Webinar Planned
o Update on corporate strategy following will be provided to shareholder in a webinar later this month. Precise timing of the webinar to be confirmed in due course.
David Hobbs, Executive Chairman, said: "A year ago, Pantheon embarked on a refreshed strategy to drive progress towards financial self-sufficiency as quickly as possible and at minimum possible value dilution to existing shareholders. The progress of the past twelve months - ind
Pantheon Resources PLC Quarterly Bond, Private Placing & Funding Strategy
Source: RNS Regulatory News
RNS Number : 4073S
Pantheon Resources PLC
14 June 2024
Logo Description automatically generated
14 June 2024
Pantheon Resources plc
Quarterly Repayment of Unsecured Convertible Bonds, Private Placement and Funding Strategy Update
Pantheon Resources plc (AIM: PANR) ("Pantheon" or the "Company"), the oil and gas company with a 100% working interest in the Kodiak and Ahpun fields is pleased to provide the following update:
Highlights:
· Quarterly Bond Payment
o The Company has elected to make the quarterly principal and interest payment of US$2.72 million through the issuance of 7,471,153 new ordinary shares (the "Bond Shares") at a price of US$0.364 per share.
· Private Placement
o Private placement of approximately US$3.36 million to two existing long term shareholders through the issuance of 9,230,080 new ordinary shares (the "Placement Shares") at a price of US$0.364 per share to provide additional working capital, (the "Placement"), and to increase the Company's flexibility in advancing funding discussions per the overall strategy outlined below.
· Funding Strategy
o Long term funding - the Gas Sales Precedent Agreement ("GSPA"), executed on 5 June 2024 opens a potential path to funding of post Ahpun FID expenditures without further equity dilution.
o Interim funding - the Company estimates the funding up until the point of Ahpun FID (referred to above) is in the range US$60 - US$85 million. This includes costs required to complete the Environmental Impact Statement ("EIS"), G&A, US IPO preparation costs, hot-tap into the TAPS pipeline, as well as the cost of drilling and testing the planned Megrez-1 well to assess the Ahpun East project area which the Company estimates to contain a Prospective Resource of c. 609 million barrels ("mmbbl") of marketable liquids. At the upper end of the range this would also include the cost of drilling and testing an additional Ahpun appraisal well if required.
o Funding options being presently under consideration include a suite of alternatives including farm-out, equity, debt, hybrid and a US listing targeted for 2025. The Company believes a US listing is an important step into providing greater access to the US institutional investment community, and to enhance market depth and liquidity in the Company's shares.
· Webinar Planned
o Update on corporate strategy following will be provided to shareholder in a webinar later this month. Precise timing of the webinar to be confirmed in due course.
David Hobbs, Executive Chairman, said: "A year ago, Pantheon embarked on a refreshed strategy to drive progress towards financial self-sufficiency as quickly as possible and at minimum possible value dilution to existing shareholders. The progress of the past twelve months - ind
Started: Stas20, 14 Jun 2024 07:22
Last post: Stas20, 14 Jun 2024 07:22
Think you lot will be pleased today the bond funding and additional placing at is US$0.364 the equivalent to 28.5p. Seems the funding requirement has lowered also and a nasdaq listing on the cards. you lucky chaps!
Started: ripley94, 7 Feb 2022 10:59
Last post: ripley94, 13 Jun 2024 20:28
The 28p buy was second of day placed last half hour after Thursday return .
First buy today at 12.31pm paid 30p
Just seen the sale last week was in morning of the 5th , the operation went well and that sale an extra bonus , thank God.
In hindsight should of sold more .
Good I have doubled traunch size.
36 to 30 = 16.5%
Got them back today for 28p on 12% drop .
Many north sea stocks down as Labour say no new licences , this in sympathy maybe .
Sold the last double up top up for 36p up 30% at around time of sale.
30% gain in 22 days.
They dropped a bit lower day after on 15th May .
Set order high at 10am executed 11am looks like I got near the high of 36.8 it has pulled back a little in last hour.
Big operation this afternoon was going to refrain today .
The top up before last is also up as of now , maybe I am getting better at it, or just luckier .
From below.
Topped up today twice as many as last buy for 29.1p.
Last buy just over one month ago when I paid 35.7p ( 22% more )
Stazi!! Do you know how much the directors are paid? I do not. I know how much guys with the knowledge get paid without becoming a director. I was one!! I was paid more than they are at one time in my life.
The only reason Stas posts on this PANR board as per his post 18.4.24 11.25 -
" I shall cease my input on this board, .....unless of course Scot and olderwiser that have absolutely no financial interest in 88e continue their attack there. "
Last post: BorderSpirit, 13 Jun 2024 17:21
Someone is extracting the wee wee today, extremely difficult to understand the days trading
So there is a wonderful wheel of share trading with Pantheon.
Share goes up 22%
"Filling the gap to 45p now, Mangrove must be shaking in their boots"
"Just wait until the US comes online after 2pm"
"Mangrove must be buying back their stock"
Nothing happens at 2pm, gains return gradually to just above where they were before.
Mangrove position remains the same.
Share drops:
"They found oil, not pumping it."
"No funding."
"Mm's are manipulating the stock for mangrove."
Await news and repeat!
Started: Midnight7, 13 Jun 2024 15:23
Last post: JohnHenry, 13 Jun 2024 15:30
Midnight7 PANR is a small cap retail stock what do you expect.
Mangrove working it down to their 22p buying price. Convertible forward selling adds to the downside.
It’s the same old with PANR, can never hold its gains.
This looks like it’s going lower over the coming months. No news can keep it up so it seems.
Started: GrumpyScouser, 13 Jun 2024 15:23
Last post: GrumpyScouser, 13 Jun 2024 15:23
Just look at the size of individual trades...its BS.
Last post: GrumpyScouser, 13 Jun 2024 11:46
I agree.
However I'm absolutely NOT against dilution IF it brings forward production.
If DH has turned down vendor financing as Plan A, I'm quite sure that it's because Plan B or C is better for the company and shareholders.
There are SO many moving parts and we can only see whats made public from numerous trustworthy sources.
Of course there can always be curved balls...but I sleep well at night despite a HUGE (for me) holding here.
Hi grumpy
i agree just hope webinar end of month does not include the phrase " dilutive cash raise "
Last post: Blackadder2708, 13 Jun 2024 10:45
Few snippets from RNS.
So the webinar Will present these I’m sure
The recent agreement and long term cost:-
“potential to lead to a long term take or pay agreement that could be used to support the funding of our post-FID capital costs”
Winter program short term cost:-
Kodiak field to evaluate the economics of that development after we drill and test the planned appraisal wells up dip in the new acreage secured at the last two lease sales,
“subject to funding."
And I’m guessing the bond payment .
Dave may have a rabbit up his sleeve
I think we give him to the end of June.
He has delivered on everything so far. If he has pulled the plug on vendor financing, its because he has an alternative.
Just my thought.
So we were waiting for two items of info
upgrade report on alphun and details on financing
had the upgrade tick
so now just the financing as i can't see how we can implement any part of david's plans without it
even early development. permits and applications cost
we know it will take $120-150 m but only need small part now and rest in parts up to production 2028
there was mention of further drilling by sister this week but. how will this be paid for without funding
now david's stopped talks with service providers and off takers what's our options
just chat guys nothing else
Started: Scot126, 12 Jun 2024 22:58
Last post: Scot126, 12 Jun 2024 22:59
[Part 2, continued from part 1 below]
• Valuation: According to Pantheon Resources’ statement, Cawley Gillespie & Associates have estimated that the success-case valuation of the 2C development case (excluding any value for gas monetisation) amounts to $1.74 billion (NPV10), equating to a value of $6.17/barrel of liquids. That valuation, and the associated resource recovery, has potential to increase under a more intensive drilling scenario: For reference, Pantheon Resources estimates that switching to a wine-rack style drilling pattern has potential to increase the liquid recovery by 80 million barrels (with well placements in the productive reservoir comparable to bottles of wine in a rack vs. the flat well placements assumed by Cawley Gillespie & Associates).
• Growth of US shale oil production: In respect of US shale oil production growth, for 2024, according to Bloomberg: “Many analysts are predicting an increase of less than 500,000 barrels a day, about half the rate of 2023.” Less oil production growth out of the Lower 48 and the eventual plateau and decline of oil production in the Lower-48, will represent a transformational development for oil markets and for the fortunes of oil producers outside of the Lower-48. It is critical to appreciate that the timescales of Pantheon Resource’s developments are very likely to overlay with a period of weaker production potential from the Lower-48. That could have implications for both i) developmental costs, and ii) oil prices.
• WHI View: Viewed from the perspective of having completed a wholistic quantification of the resource potential of the company’s discovered/drilled assets, we believe the announcement represents the culmination of several very significant workflow streams. The company is now poised to advance on the crucial next steps involving resource development planning and the associated preparation of environmental assessments."
Dear All - please see below most of the written commentary from WH Ireland's note, dated 12/6/24.
"Initial Third-Party Resource Estimate for Ahpun Topsets
Pantheon Resources announced yesterday (11 June 2024) that Cawley Gillespie & Associates’ Initial 2C Resource Estimate for the Ahpun Topsets amounts to 282 million barrels of recoverable liquids (gross), consisting of 54% oil and 46% natural gas liquids (“NGLs”). Inclusive of 803.5 bcf of natural gas, the total 2C resource estimate for the Ahpun Topsets as estimated by Cawley Gillespie & Associates amounts to 416 million barrels of oil equivalent. We believe that the estimate is of interest in its own right and also because it completes the quantification of the resource estimates for Pantheon Resources’s core assets (Table 1). Therefore, we believe, yesterday’s announcement sets the scene for Pantheon Resources to elaborate a comprehensive developments strategy. Likewise, with this final piece of the puzzle quantified, we are now positioned to assess and provide, in due course, a view on the comprehensive value of Pantheon Resources.
• Background: Formerly labelled the Shelf Margin Deltaic (“SMD”) resource, the Ahpun Field Topset was successfully tested from the Alkaid-2 well in Q4 2023. As a reminder, that well test incorporated the learnings from prior testing and utilised finer mesh at a lower concentration in a slick water stimulation and it resulted in a successful production test and the successful recovery of downhole pressure data/fluid samples. That data was incorporated into the existent broad and in-depth data set for the Ahpun Field Topsets, inclusive of extensive 3D seismic coverage and the results of prior wells.
• Strategic Importance of the Ahpun Topsets: The proximity of Ahpun Topsets to the Trans Alaska Pipeline System and the Dalton Highway make it a natural candidate to kickstart a self-funded growth trajectory, culminating, under a success case, in the complete development of the company’s assets and their full monetisation.
• Project validation: We highlight that Cawley Gillespie & Associates is the latest of a long string of recognised industry experts who have validated the potential of Pantheon Resources’ assets, namely, eSeis (seismic interpretation), SLB (formerly Schlumberger; dynamic reservoir modelling), Baker Hughes (VAS analysis), Netherland Sewell & Associates (resource quantification) and Lee Keeling and Associates (resource quantification)."
[End of Part 1, see above for Part 2]
Started: doinit, 12 Jun 2024 13:48
Last post: doinit, 12 Jun 2024 13:48
[LINK REMOVED]
Started: GrumpyScouser, 11 Jun 2024 13:49
Last post: SeaHawk, 12 Jun 2024 12:51
This whole endeavor is now so big that I wonder if one of the big players comes in and takes the whole lot off our hands. Even if they only gave us $3 a barrel for the oil that would give us roughly £3.50 per share. Gas to be added at a later date if the pipeline gets the go ahead. Now that really would stuff Mangrove, they really are playing with fire.
Well whatever happens in the next couple of weeks we will need to complete some drilling this winter to keep the momentum going. We relied on 88e doing its flow test on our border to keep interest up this last winter but we all know on AIM that something has to be on the near horizon to keep momentum. Another winter of doing nothing will see us drift so let’s hope we have the cash one way or another to complete at least one drill.
We are about to find out I think there will be a lovely smell of burning toast from people shorting Only twelve trading days left in the first half of the year
Agree Chris i was just throwing it out there why mangrove is holding their short
It is not certain that any dilution is required for further funding. Between the Gas and the independent resources estimate. That may be sufficient on its own for a partner to join. Mr Hobbs beleives that to be the postion.... His knowledge and understanding is much better than mine or yours.
Started: GrumpyScouser, 11 Jun 2024 20:19
Last post: GrumpyScouser, 11 Jun 2024 20:19
Oh dear.....the naughty boy has been booted from a key PANR investor group.
Time to look for a new career methinks.
Started: Troajan, 11 Jun 2024 19:13
Last post: Troajan, 11 Jun 2024 19:13
Started: alfista, 11 Jun 2024 11:21
Last post: alfista, 11 Jun 2024 11:21
Has anyone watched the work of Simon Michaux predicting depletion of many existing wells, producing an oil shortage in the not too distant future? He's one clever dude, and, if he's right, the impact on the value of any company that does have reserves will be profound.
Just saying.
Started: Scot126, 11 Jun 2024 07:30
Last post: oldslow65, 11 Jun 2024 09:44
And zero value given at the moment for the gas, if we can get a contract that would be massive. back to £1.47 or more.
Do we know the price of mangrove short increase from sept 23? looks like they are on to a loss shortly...
I have lost count now of how much oil we have, anybody got the total figure?
What are you on about. DH has said for a long time that the funding approach will be announced by end Q2 and that he is very conscious of shareholder value. There is a webinar at the end of June where he will be outline this. Calm down with the Negative Nelly baseless commentary
They need to produce otherwise its more and more dilution - that holds back the sp
Started: tedsandbach, 7 Jun 2024 11:28
Last post: TRINID, 7 Jun 2024 15:55
Just draw a straight line across the weekly daily 4 hrs 1 hrs @30.80 .....youll see solid bars on res and support ...it may drop further today or next week if its going to drift nearer to when news is expected .......may pick up some time middle of next week ..just my thoughts
Well to be fair, I only used barchart as a representation, indeed the fib support was based on my own 50% fib retracement from the low close of the 4th and the high close of the 6th, 50% fib being 31.6p - seems they wanted to push it further, a little surprised tbh
Dont bother with Barchart
31.53 was 3rd level support, this is the lowest support level on the daily, should turn here, pretty much now
https://www.barchart.com/stocks/quotes/PANR.LN/overview
Looks like its travelling to 30.80 support hopefully it wont breach it...............but next week it may just got to wait for fundamentals to be released
Started: Traxpern, 5 Jun 2024 12:36
Last post: Fatty1, 7 Jun 2024 10:58
Thank you seahawk for your explanation.I believe you ,you have given hope.
People say that every time, yet it just doesnt.
When North American markets open
Started: tedsandbach, 7 Jun 2024 09:12
Last post: SeaHawk, 7 Jun 2024 10:11
Ted its because people investing in AIM stocks are looking for the quick buck. Hence on good news they all jump in and then quickly jump out looking for the next quick buck. Only problem is a lot of them lose their money because you have to be lucky and an extremely good trader to get in and out at the optimum time. Throw in boredom when not much is happening in a stock and you get big fluctuations.
In PANR case we are through the big dangerous points eg trying to find oil, now we are at the stage of getting it out and to market. It takes time but with patience we will get there and this share will soar.
Can someone explain the extraordinary share price fluctuations. Dropped 10% on Tuesday , up 27% on Wed, down a few percent yesterday and already down 6% as I write today. This seems to be the pattern with Pantheon - no rise is ever sustained. It will probably drop down to c 30p soon despite some excellent news from Mr Hobbs. I need someone with knowledge of the AIM market to explain this to me - and I dare say I am not the only one.!