Member Info for BricksSA

Leeusteuk, Tony, CBaron…..

What did the new chairman mean when he said Farm in rather than farm out for Pantheon Resources....the below is copied and pasted from PANR last RNS

The operating update will confirm that during the period when farm in discussions are in progress, with a number of companies actively engaged in the Company's data room at present, no further material well operations will be conducted. On this basis, available funds are sufficient for the remainder of calendar year 2026. Pantheon will provide subsequent updates to shareholders on its progress later in the year.

In Pantheon Resources’ update, “farm in” means other companies are negotiating to buy into Pantheon’s oil and gas projects, whereas “farm out” would mean Pantheon is giving away part of its interest. The chairman’s wording signals that Pantheon is seeking partners to invest capital and share risk, not to dilute its position by selling off assets.

Key Concepts: Farm-In vs. Farm-Out

Term Meaning Who Benefits Example

Farm-In A company acquires a working interest in another company’s oil & gas license/project by funding exploration or development costs. The company “farming in” gains access to reserves; the host company gains funding and expertise. Pantheon lets another firm pay for drilling in exchange for a share of production.

Farm-Out A company gives up part of its interest in a license/project to another party, usually to reduce risk or raise funds. The company “farming out” reduces exposure but loses some ownership. Pantheon sells part of its acreage outright to another operator.

Just to be clear….😀😀

PANR’s story is one of unfulfilled promises, technical hurdles, and investor frustration. While there is still potential upside if extraction challenges are solved, the company’s track record makes skepticism reasonable.

I guess that’s fair Mr Baron 😀

They have repeatedly said it’s not a Geological issue it’s an Engineering issue and these issues can be overcome. All I can say is thank God we have not got Tony, Leesteuk, Charon at the helm !! Imagine the chaos 😊🤣🤣😀

Lols Tony…. 30% of PANR’s shares in issue is approximately 284.4 million shares. I think you are one decimal point out 😀

Yep you are correct however some fools think it’s the same. Enough said.

Today

Difference between a farm out and a farm in

Great question! The terms farm-out and farm-in are used in the oil and gas industry (and sometimes mining) to describe agreements between companies about exploration and production rights. They’re two sides of the same deal:

🌾 Farm-Out

Perspective: From the company that already owns the exploration or production rights.

Meaning: The company (the "farmor") agrees to transfer part of its interest in a license, lease, or concession to another company.

Why: Often done to share financial risk, reduce capital burden, or bring in a partner with technical expertise.

Example: Company A owns drilling rights but doesn’t want to bear the full cost. It farms out 40% of its interest to Company B.

🌱 Farm-In

Perspective: From the company that receives the rights.

Meaning: The company (the "farmee") acquires a share in the license, lease, or concession by agreeing to fund certain activities (like drilling wells or seismic surveys).

Why: It’s a way for a company to gain access to new projects without having to acquire them outright.

Example: Company B farms in by agreeing to pay for exploration costs in exchange for a 40% stake.

🔑 Key Difference

Farm-out = giving away part of your interest.

Farm-in = acquiring part of someone else’s interest.

It’s essentially the same transaction, but the terminology depends on which side of the deal you’re on.

Would you like me to also break down the typical obligations (like who pays for what in drilling commitments) so you can see how these deals are structured in practice?

Is Pantheon Resources looking at farming in or out?

Pantheon Resources is currently engaged in farm-in talks, meaning they are seeking new partners to invest in and share the costs of their Alaska oil and gas projects, rather than farming out their own interests.

🔎 What This Means

Farm-in (Pantheon’s position):

Pantheon is negotiating with potential partners who would acquire a stake in its projects by funding exploration or development activities.

Farm-out (the opposite):

If Pantheon were farming out, it would be the one transferring part of its interest to another company. In this case, Pantheon is instead looking for companies to farm in.

Lols Tony …you agree with him and you are then both wrong imho….🤣🤣

The last RNS clearly states “ farm in” NOT “ farm out”. There is a subtle difference between the two….depending of course which side of the fence you are on….😂

The RNS link is … https://www.lse.co.uk/rns/PANR/board-changes-agm-webinar-update-1ayjlrvl3pdwjtl.html

Where it clearly states “ Following the AGM, the Company will be hosting a separate investor webinar on the Investor Meet Company Platform at 4:00 pm GMT. Given today's Board changes, the Company will no longer be conducting a shareholder presentation. Instead, incoming Chairman, Michael Spencer, and CEO, Max Easley, will provide a brief operating update and provide shareholders with the opportunity to ask questions. The operating update will confirm that during the period when farm in discussions are in progress, with a number of companies actively engaged in the Company's data room at present, no further material well operations will be conducted. On this basis, available funds are sufficient for the remainder of calendar year 2026. Pantheon will provide subsequent updates to shareholders on its progress later in the year.”

And here is the difference between “ farm in or out”

https://www.reddit.com/r/3CPG_PetroleumGeology/comments/1q1ni83/discussion_on_what_is_an_oil_and_gas_industry/

Yes you certainly are certainly not all ears having posted bulls hit 9 times already today !! Are you really invested here Mr Baron? Your pessimistic behavior tells me otherwise.

Https://www.investormeetcompany.com/meetings/post-agm-investor-presentation-15

Yep. You heard right. The focus is now 100% on the farm in which is imminent imho. All makes sense now,

GLA

Looks like he already did….Simon in disguise 🤔

Michael Spencer is interested in 83,993,558 shares in Pantheon representing 5.8% of the currently issued share capital. 15,957,230 shares are held directly in his name and 68,036,328 are held through his wholly owned entity, IPGL Limited. Mr Spencer is also the holder of 22,514,201.00 Financial instruments of similar economic effect (directly and indirectly through IPGL Limited), representing 1.6% of the currently issued share capital of Pantheon.

The Ahpun Problem

Pantheon Resources’ Ahpun field looks promising, with acreage located directly on the Dalton Highway and near the Trans‑Alaska Pipeline System (TAPS). This proximity offers potential cost and logistical advantages compared to remote Arctic projects. However, Ahpun’s hydrocarbons are still classified as contingent resources, not proven reserves. Large‑scale flow tests have not yet confirmed commercial viability. As a smaller AIM‑listed independent, Pantheon faces financing constraints, execution risk, and technical uncertainty in unconventional reservoirs. Without regulatory clarity and capital depth, Ahpun risks remaining a stranded opportunity rather than a producing asset.

The Willow Reality

ConocoPhillips’ Willow project is massive, remote, and undeniably expensive. Yet it has already achieved milestones Ahpun has not: successful flow tests confirming commercial viability and federal approval for development. Construction is underway, with plans to deliver up to 180,000 barrels per day at peak, bolstering TAPS throughput and supporting Alaska’s oil revenues. Willow benefits from the financial strength, engineering expertise, and political leverage of a supermajor. However, Willow also faces environmental opposition, legal challenges, and high capital costs, reflecting the trade‑offs of Arctic development.

Bottom Line

Ahpun offers proximity and potential, but remains unproven and financially constrained.

Willow delivers scale and certainty, but at the cost of environmental controversy and high expense.

Investors and policymakers must weigh risk versus reward: betting on Ahpun’s future upside or relying on Willow’s established but contested path.

The RNS for the AGM said well…..not rocks.

The Theta-West-1 well was previously reported by Wood Mackenzie as being the fourth largest discovery well globally in 2022, and the largest onshore discovery well globally in 2022.

David Hobbs is Telemachus…..didn’t he used to post on this BB ?

https://www.reddit.com/r/3CPG_PetroleumGeology/comments/1rlmkoi/pantheon_resources_plc_a_look_back_at_the_initial/

Spot on….Fatty. Well explained 😀👍

How Trade Classification Works

No official buy/sell flag: The London Stock Exchange does not publish whether a trade was a buy or sell. Instead, data vendors infer it.

Mid-price rule: The classification is based on whether the trade price is closer to the bid (sell side) or the ask (buy side).

Closer to bid → flagged as a sell

Closer to ask → flagged as a buy

Exactly at mid-price → often marked “unknown” or “delayed”

Result: A genuine buy order can show up as a sell if it was executed at or near the bid.

GLA…

Broms…copy and paste and ask an AI engine where I got the detail from 😀

FCA’s AI Surveillance Capabilities

Pattern recognition: AI can scan millions of trades in real time to spot unusual clusters of short positions, such as multiple funds each holding just under the 0.50% disclosure threshold.

Cross-market monitoring: It links activity across exchanges, dark pools, and OTC trades to see the bigger picture of cumulative short interest.

Anomaly detection: Algorithms flag trading behaviors that deviate from normal market activity — for example, sudden spikes in short volume or coordinated timing between funds.

Market abuse alerts: If AI detects suspicious patterns, it triggers alerts for human investigators to review, helping the FCA prioritize cases that may involve manipulation.

Why this matters for PANR

Even though retail investors only see shorts above 0.50% on the public register, the FCA’s AI systems can still track all positions, including those below the threshold. That means they can see the combined effect of Qube, Mangrove, and others holding millions of shares short, even if it looks “hidden” to the public.

So, while it feels like secrecy from public perspective, regulators are not blind — AI surveillance is designed to catch exactly the kind of cumulative anomalies that are occurring with PANR.

14.25…..your words not mine.

“ The potential is there for shorters to influence, but nothing more than that.”

So it’s not fact then.

…by shorters …fact….for all the self appointed policeman on this board. A short position equal to 0.49% of PANR’s total shares would represent roughly 4.54 million shares. So both Qube and Mangrove do not have to declare their positions with FCA as they are below the 0.50% short limit. They have both made a killing on this share. So roughly 9 million shares are not reported on which in effect they can both use to manipulate the SP. FYT.

I agree and the fact that a self appointed BB policeman chooses to repost this type of garbage on a BB that used to be civil and respectful towards each other and treat people with human dignity tells me what this world is coming to. Pathetic lows this has reached imho.

Https://www.pantheonresources.com/index.php/investors/q-and-a