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PART 1
I don't normally post on shares I'm not invested in as in my mind it's not an honourable thing to do. However seeing as the 88e board is inundated with 88e bashing/panr ramping I thought I would share this.
DYOR guys, don't trust the gurus over here.
Geology looks good. Make up of the board and share structure less so.
In response to Scott, you have NOT been able to provide even one link to refute what I have said nor one link to support what you have said.
I have not alledged any criminality, it is all perfectly legal and all there in black and white. And it gets better (or worse for Panr holders) the more I dig, see re the Non Voting B shares below re what Great Bear will be able to do if they so choose - *mandatory offer*. GB cant lose.
So here goes...
One of many TR1s showing the selling by the 'persons acting in consort'
https://www.lse.co.uk/rns/PANR/tr-1-notification-of-major-holdings-07g8tyw985g5y14.html
Persons acting in concert....
'The persons acting in concert comprise the following: Great Bear, Farallon and associates of these companies as defined in the Code. Also, Robert Rosenthal, Jeremy Brest, Carl Williams, Steve Diamond and Mario Traviati, who are all connected to Great Bear, are treated as acting in concert with this group.'
So that includes Bob Rosenthal, Pantheon Chief Technical Director
AND Jeremy Brest
a current Non Executive Director of Pantheon
https://sg.linkedin.com/in/jeremybrest
AND Mario Traviati
a current Advisor to the Board of Pantheon
https://au.linkedin.com/in/mario-traviati-3354b663
Also this is a good one..
https://www.lse.co.uk/rns/PANR/placing-subscription-and-acquisition-oq1njud0tq4bmoc.html
Key take aways from that being...
'As long as Great Bear and/or Farallon directly or indirectly hold 25 per cent. or more of the Ordinary Shares in the Company, such a holding will enable them to, among other things, to vote against and block without support from independent Shareholders all special resolutions of the Company including, but not limited to, approving the disapplication of pre-emption rights and amending the Articles of the Company. They may also be able to control or exert significant influence on all of the Company's policy decisions and its strategic direction. Holders of Ordinary Shares will not benefit from any specific minority shareholder protection other than to the extent prescribed under English Law. Further details of the Relationship Agreement are set out below.'
You talk absolute nonsense Scott. It's all there in the Panr documentation . You talk as if the GB guys have absolutely no financial stake whatsoever. Utter bull. Of course they do. I've said before I accept decisions are at arms length but they certainly benefit from the sale of the 'in concert' shares. And the fact that no shares were sold prior to drill results suggests they were in a closed period. They couldn't sell as they would have been aware of info the wider market was not. All above board and to the rules but raises question marks as to why they are selling.
PART 2
'Non-voting B Shares
The Company is also proposing to issue and allot up to 115,234,570 non-voting B Shares to Great Bear as part consideration for the Acquisition. Pursuant to the amendment to the Company's existing articles of association to be proposed at the General Meeting, the non-voting B Shares will have no rights to vote at general meetings and annual general meetings (although the holder shall have a right to receive notice of and attend such meetings) and will not be transferable save where: i) the transfer is to an affiliate of the holder of the non-voting B Shares; or, (ii) the transferee is already a holder of non-voting B Shares. In addition, the holders of the non-voting B Shares may transfer or grant security over the non-voting B Shares to a bank or other financial institution. The non-voting B Shares shall not be admitted to trading on AIM or any other market. No conversion of any of the non-voting B Shares may be made without Panel consent or if, immediately following such conversion, the holder of the non-voting B Shares (together with any persons acting in concert as defined in the Code) are or shall become the holders of 30 per cent. or more of the entire issued voting share capital of the Company requiring the making of a mandatory offer pursuant to Rule 9 of the Code. The restriction referred to above, shall not apply in the event an offer for the share capital of the Company (as defined in the Code) is declared unconditional in all respects.'
So Private Investors can fund further drills and in the success case GB can make a mandatory offer for the company
PART 1
@18.32 ho ho ho. Hold the phone....
It's not for anyone on the 88e board to rebut what I have said, that would be up to you. As yet you have NOT been able to provide even one link to refute what I have said nor one link to support what you have said.
I have not alledged any criminality, it is all perfectly legal and all there in black and white. And it gets better (or worse for Panr holders) the more I dig, see re the Non Voting B shares below re what Great Bear will be able to do if they so choose - *mandatory offer*. GB cant lose.
So here goes...
One of many TR1s showing the selling by the 'persons acting in consort'
https://www.lse.co.uk/rns/PANR/tr-1-notification-of-major-holdings-07g8tyw985g5y14.html
Persons acting in concert....
'The persons acting in concert comprise the following: Great Bear, Farallon and associates of these companies as defined in the Code. Also, Robert Rosenthal, Jeremy Brest, Carl Williams, Steve Diamond and Mario Traviati, who are all connected to Great Bear, are treated as acting in concert with this group.'
So that includes Bob Rosenthal, Pantheon Chief Technical Director
AND Jeremy Brest
a current Non Executive Director of Pantheon
https://sg.linkedin.com/in/jeremybrest
AND Mario Traviati
a current Advisor to the Board of Pantheon
https://au.linkedin.com/in/mario-traviati-3354b663
Also this is a good one..
https://www.lse.co.uk/rns/PANR/placing-subscription-and-acquisition-oq1njud0tq4bmoc.html
Key take aways from that being...
'As long as Great Bear and/or Farallon directly or indirectly hold 25 per cent. or more of the Ordinary Shares in the Company, such a holding will enable them to, among other things, to vote against and block without support from independent Shareholders all special resolutions of the Company including, but not limited to, approving the disapplication of pre-emption rights and amending the Articles of the Company. They may also be able to control or exert significant influence on all of the Company's policy decisions and its strategic direction. Holders of Ordinary Shares will not benefit from any specific minority shareholder protection other than to the extent prescribed under English Law. Further details of the Relationship Agreement are set out below.'
Got it. Same info from multiple RNS'. Seismic pics look better tho.
Advanc ed amplitude vs offset (AVO) studies have identified several similarities between the
450-750mmbbls Willow oil discovery and the Merlin and Harrier prospects. In particular, the
fluid factor sign atures between the Willow oil discovery and the Merlin and Harrier prospects
are very simila r.
I'm not so sure N20 and N18 are write offs just yet. See page 6 here https://clients3.weblink.com.au/pdf/88E/02320688.pdf
and page 2 from yesterday
https://clients3.weblink.com.au/pdf/88E/02367223.pdf
I don't think there was much mention of the RNs yesterday. It does sound promising tho.
'During the drilling of Merlin-1 several prospective zones were encountered that had previously been
unmapped. These zones exhibited good shows with potential for pay, subject to results from the
testing mentioned above. An initial mapping exercise has indicated that these zones may be of similar
magnitude in terms of volumetric range as the originally targeted primary zones. Further work is
required to confirm this; however, the early work is encouraging.'
Not criticising you dazzle. Some of these Yanks' due diligence at they like to call it is a joke. I had a quick punt on panr 21p-29p. Should have bought back at 25p. But hey ho. 88 is still 'the one' for me. Panr can't get the momentum like 88 can. Both prospects looking very good tho. I'm interested to see what 88e can turn up by relooking at Charlie and icewine2 along with the new panr data. (Not saying they are part of panr prospects, just could be re evaluated or re calibrated with new info)
Conoco is a subsidiary of Woodside? Yeah right.
I can't see a buyout of part or whole this year but next year with the info we've gained we will be better placed for nailing the execution of Merlin and harrier and will be needing to have a stab at Umiat as it needs drilling by August 2022 to keep the leases. Unless they can drill Umiat in the summer near the airstrip.