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also in the Notes -
"The Directors have reviewed the Group's overall position and outlook and are of the opinion that the Group is sufficiently well funded to be able to operate as a going concern for at least the next twelve months from the date of approval of these financial statements."
"The Company believes the delays and costs associated with this new testing operation is worth the investment. Pantheon has evaluated over 1,000 square miles of 3D seismic in the Talitha area and the Company believes this is the best Kuparuk reservoir encountered in any wells over this vast area. The Company believes success in this zone should prove a viable regional play that can be quantified now that a good oil bearing reservoir section has been discovered. This has important ramifications for future exploration on the Alaska North Slope in areas that previously were not considered prospective for Kuparuk oil. "
Time will tell if another top up was timely.
Pantheon (PANR, Spec Buy, TP: 89p, MC: c.£220m)
Talitha testing delay. Extreme cold, leading to some equipment failures, combined with difficult open hole conditions in the Kuparuk formation, have resulted in a c.2 week delay to the overall testing programme. The weather window is likely to be extended as it has been extremely cold, this would allow full planned testing of the vertical well provided operations go smoothly:
Original plan: Open hole test the Kuparuk formation, then test three shallower cased zones in the vertical well.
In addition, the combination of the rapid drilling progress and the extra cold weather raised the possibility of drilling a horizontal section through one reservoir and to test that.
Current plan: Drill short sidetrack into the Kuparuk (650 feet, 2 to 3 days) only about 25-50 feet from the current wellbore. Case the Kuparuk formation and carry out a cased hole test. Normally cased hole tests deliver more representative flow rate results compared to an open hole, so apart from the delays there are advantages to this procedure.
Forward plan post Kuparuk test: Likely to evolve bearing in mind weather conditions. Pantheon believes the unusually cold winter in Alaska may mean that the weather window could extend to ***mid April***. Even with that potentially extended operational window, we think that carrying out all four planned vertical well tests and drilling/testing of a horizontal section would be unlikely.
On that basis we anticipate a decision about the number of vertical tests (we expect all four could be completed) and/or the horizontal drilling option (including that may mean fewer vertical well tests) will have to be taken during the next week or so.
per Coro RNS - Coro will also have sufficient funds to meet ongoing Duyung PSC expenses potentially through to a Final Investment Decision by mid-2022 and the Company will be engaging with the operator of the Duyung PSC regarding potential corporate and funding solutions for the Duyung project ahead of Final Investment Decision.
Geowiz,
Not forgetting the January 2018 RNS -
Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to announce that, following its recent notification of the publication of the Competent Person's Report ("CPR") by AGR TRACS on its Namibian Blocks 1910B and 2010A (Licence PEL0029 - "the Licence"), the Company will shortly commence a structured farmout process, with the intention of future work on the block being financed by a farminee. Global holds an 85% working interest in the Licence, and is Operator.
Global is also pleased to announce that it has appointed Stellar Energy Advisors ('Stellar') to advise the Company in relation to the farmout.
Todays RNS -
The Company is also pleased to confirm that the farm out process for PEL0094 has now commenced. Global is currently contacting potentially interested companies and the data rooms will open in January 2021.
15.3.2019 RNS -
The Company remains committed to offshore Namibia where work will continue in seeking a farm-out partner to fund future operations on both PEL 0029 and PEL 0094.
hmmmm !
is there news leaking out ?
chrishutch certain Directors of the Company intend to subscribe for, in aggregate, 9,666,667 Ordinary Shares out of 177m available thus diluting their holdings.
Why did they not buy more ?
Navigator it is worth remembering the confidence shown by eSeis.
"eSeis will undertake the work for a heavily discounted rate (which management estimate to be a saving of $1.5 - $2m to the company) in exchange for a 1% overriding royalty interest. Such a performance-based remuneration structure achieves the dual objective of aligning eSeis' interest with that of Pantheon shareholders and of preserving cash resources."
Jay Cheatham, CEO, commented:
" The value of the potential resources at Talitha is very large and represents a huge prize we hope to test in early 2021. The award of the two units provides long term tenure over key leases and significantly enhances our ability to attract partners into all of our projects."
1.9.20-
" Alkaid Project Production Unit
Our Alaska subsidiary, Great Bear Pantheon, has received notice from the Alaska Department of Natural Resources (DNR) that the application to form the Alkaid Production Unit of 22,804 acres is complete and eligible for approval. The DNR has opened a 30-day public comment period on the application and must make a decision on the application within 60-days. This is a significant advancement for the Alkaid project as the Unit will extend the leases for the Greater Alkaid project area beyond their primary term, and because it provides a clear pathway to production.
4.9.20
Application for Production Unit - Talitha Project
Pantheon has also entered the unitisation application process with the State of Alaska for theTalitha project. Pre-application discussions with the State have been productive and have confirmed Pantheon's confidence that these units will be secured in a timely manner. "
Must be due news soon.