RE: Rig onsite26 Jan 2023 15:03
Just reading the presentation again… summary page 17
“ - Supports commerciality at current rates and product value stream (1) (3)
- Significant room for improvement. Alkaid#2 is only at 40% (max) cleanup (2)
- Sand blockage cleanout to commence shortly...”
Albeit with (1), (2) and (3) footnotes to refer one to the assumptions and risks.
My money is in for the unblocking event, the improvement in clean up and the eventual raising of flow rates to far better numbers than they have now. If it fails, my money may have to stay in for longer, until such time they figure out how to exploit the billions of barrels that they are sat on. Not forgetting that this is just Alkaid! A tiny portion of their assets.
A ten figure sum was offered around 15 months ago. Market cap is a fraction of that now. Yes, there are still risks, but a lot of boxes have also been ticked in the last 12 months. PANR is worth researching and doubters may then see that the value here is pretty hard to miss.
Commerciality based on 137 b/1000ft (produced hydrocarbon mix, not pure oil), ignoring potential improvements, which in my opinion are manyfold. It’s a new field, the first production drill, knowledge growing by the day.
Rig in position - unblocking begins….pay your money take your chance. Could be £1.30 again next week, and quadruple that in a month. Who knows?
Good luck anyhow.
GS