Winx Partners15 Jan 2019 11:23
Posted by alistair4444 on HC
https://hotcopper.com.au/threads/pantheon-buys-great-bear-winx-lease-london-meeting-notes.4604513/?post_id=37119237#.XD3Byi2cb-Y
Pantheon Resources plc (Great Bear Petroleum)
London Annual General Meeting 14th January 2019
Just a few of the notes scribbled from meeting thanks to poster Scot126 on subject Winx-1 well & area
Dear All - my customary summary of this morning's events at the General Meeting follows. As I hope many will realize, these notes were taken in a busy room and I urge fellow attendees to correct the points detailed below if you feel I've made an error. In no particular order:
Bob Rosenthal (founder of Great Bear Petroleum - GBP), now technical director of the combined group, said that GBP's 1000 sq mile of 3D seismic was the "largest contiguous 3D seismic study anywhere in onshore North America".
Bob Rosenthal (BR): "$200m is the sunk cost over the GBP acreage, a figure which does not include overheads."Bob Rosenthal: GBP has a "P50 Technically recoverable resource of 2.1 billion barrels of oil." Of the $200m of sunk costs within GBP's acreage, c.$85m has been spent on the 3D seismic studies. The balance has largely been spent on 3 wells and leases.
BR: "The Winx well is due to spud on 15/2/19". As far as Bob is aware, the preparations for this well are on schedule. I agree with a previous poster who recommended listening to the Red Emperor CEO's interview. I had a listen using the link kindly provided. All seemed reasonable and entirely consistent with what we heard from Bob Rosenthal. It's pretty clear that Repsol, ConocoPhillips, Oil Search, and Armstrong Oil & Gas are the major players in the immediate area around GBP's Alaskan acreage and we should all keep an eye on their announcements as they pertain to Alaska. Seems to me they'll be the key companies driving the development of the acreage to the south and south-west of Prudhoe Bay. For Winx, it's worth setting alerts for news from 88E (the operator), Red Emperor and Otto Energy.
BR: The area around the Winx well is made up of 4 distinct blocks totaling c.24,000 acres. PANR has a 10% free carry on the well, with a "back in" right to buy back a further 10% for the capped figure of 20% of the well's cost. Obviously this "back in" option will only be exercised if the well proves to be a success and PANR has a period of 6 months (I think, happy to be corrected?) within which to exercise their "back in" option. If the well is a success, I reckon the back in cost will be no more than $5m.....I'll attempt to confirm this figure and report back. Someone asked an excellent question which was to inquire if the % interests for the Winx well pertained to just one of the four leased blocks in that area or all four. The answer is that the % working interests for the Winx well are reflected on all four blocks.
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