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.
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.
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.