Member Info for leesteuk

Wookieemonster

Panr is nowhere near as big a gamble as it was a few weeks ago, not to me anyway, We have 2 heavyweights in their respective fields in Spencer and Wilkins Both with huge reputations, Ask yourself why would they entertain a penny share like Panr ?

If you consider how important the recent pressure test is, would either of them have got involved before they knew the results of that test ?

knowing a negative test would signal basically the end of any farm out deal talks ?

Would Spencer have been bigging up Panr in the recent Webinair when he knew the pressure test results had a 50/50 chance of being negative ?

I think not, I think he knew the Pressure test results before that webinair, That result is Very IMPORTANT and is Price sensitive meaning an RNS is needed as soon as the result was known BUT if they are involved in farmout/sale talks then they can postpone that RNS.

The reason they would postpone the RNS is because the SP would rise up and any ongoing negotiations would have to be changed because the SP would have moved significantly meaning any agreed valuations would have changed,

They could put out an Double hitter of an RNS to say Pressure test results were good and we have a farm out partner ! somthings getting ready to give i can feel it.

All imo of course !

Wraith

OK simplest way is this, Panr is wanting to farm out, any company who wants to accept that offer will be farming in,

1 is farming out (panr) the other company joining panr will be "farming in"

Simples

Gandernee

If they actually agreed a sale price for panr then as soon as that deal is announced in a 7am Rns the sp would stright away rerate to within a few % of that sale price so if we were at 12p and a deal at 40p a share we would open at 8am a few % lower than that 40p !

If they announce a farm out deal the sp could rise to 18p/30p but over the course of a year combined with some successful drilling it could easy hit a pound a share or more,

For me a sale would be good long as its over 30p ( based near spencers avarage) for others willing to wait a few years the upside will be fantastic if drilling actually leads to some oil production !

Next week panr results are due, maybe an update will be included !

I do hope so .

Depends what you believe i guess, I beleive Spencer and Wilkins would not have joined panr if they did nor know the pressure test results and that is all important.

BricksSA

I don't know but I did wonder what all the fuss was about.

In the oil and gas industry, "farming in" and "farming out" are two sides of the same deal. The difference simply depends on which company you are.

A farm-out agreement happens when one company (the Farmor) owns a lease but wants to share the costs and risks of drilling. They bring in another company (the Farmee) to do the work.

The Breakdown

Farm-Out (The Seller/Owner):

Action: Giving away a portion of the project's ownership (working interest).

Why: They might lack the cash, technical expertise, or equipment to drill the well themselves.

Benefit: They get the well drilled for "free" (or at a reduced cost) while keeping a smaller piece of the potential profits.

Farm-In (The Buyer/Operator):

Action: Earning an ownership stake by paying for the drilling or providing services.

Why: They want to expand their portfolio without the high upfront cost of buying a whole lease from the government.

Benefit: They gain access to a proven or promising field by doing the heavy lifting.

Bricks

Well I think they could have said farm in or farm out tbh depends which perspective they were looking at.

The critical word there was discussions.

Bricks

Yes panr are farming out.

Bull

Spencer said his average was between 25 and 30p

I also think that Spencer would rather sell than farm out, so maybe that's what he is hoping for under the guise of a farmout (to the outside world)

Of course I could be miles out but just my view.

I think the results of the pressure test are allready known and are being used in farm out negotiations,

The results are actually price sensitive requiring RNS but under situations such as farmout/buyout talks that RNS can be temporarily withheld,

I actually think Spencer and Wilkins would not have joined Panr without knowing the pressure test results knowing it is a make or break situation,

Also it would not surprise me if Panr ask for a suspension in panr shares whilst they get a deal over the line!

BricksSA

Blimey and a thumbs up too! You feeling OK 😆

Ezhik

I'm sure potential farm partners would want to know this:

Pantheon Resources recently performed bottom hole pressure testing—specifically a pressure build-up (PBU) test—at its Dubhe-1 well to assess the reservoir's commercial viability while managing high seasonal costs.

The primary reasons for this testing include:

Commercial Evaluation: By shutting in the well and monitoring how quickly pressure recovers, engineers can determine permeability and connectivity. A slow recovery would indicate low permeability, which could mean the well is not commercially viable.

Reservoir Characterisation: The tests help identify "flow regimes" and potential reservoir depletion. This data is crucial for distinguishing "clean-up noise" (fluids injected during fracking) from true steady-state reservoir performance.

Operational Cost Management: Pantheon paused active flowback testing in December 2025 to avoid winter operating costs, which were running at approximately $150,000 per day. Conducting pressure diagnostics during this pause allows for data collection without the expense of active winter operations.

Fluid Analysis: Testing provides stabilized data to analyze the ratio of water, gas, and oil. At the time of the pause, only about 50% of stimulation fluids had been recovered, and the pressure data helps determine if the remaining fluid is due to the stimulation process or actual reservoir conditions.

Future Development Planning: Results from these tests will guide the design of future wells and hydraulic stimulations, particularly for the larger Kodiak projec

Sean from what I have researched the pressure sensor at the bottom of the well was put there round about January, the sensor will stay there between 60 and 90 days, the sensor then has to be retrieved and analysed before results are known,

Results of that pressure test is price sensitive requiring an RSN which we have not had yet,

That doesn't mean the sensor has not been removed yet tho but it does suggest your post is not accurate as who would they be planning to pressure test again ? Especially if no Rns has been put out re results of the 1st pressure test has appeared?

Mind you, pressure testing cannot be classed as "ongoing work" can it I guess,

Maybe pressure testing has been ongoing for the last couple of months and if the farmout talks are ongoing we can presume pressure testing is showing good readings at the moment which has to be good for talks?

Personally I cannot see any work restarting whilst farming partner search is ongoing because any negative results would have a negative impact on any potential farnin/out talks,

What I can see hopefully is some kind of update along with next week's earnings report, hopefully!

Cbarron

Sod off and dyor

Cbarron

sorrymy investment partner was using my device in his login name

Anyways you have my reply

Cbarron

Re a buyout 50 cents a barrel of oil in the ground would be ultra cheap and that would take the sp buy out price to 35p per share

Re a farm out/ in if Hillcorp were to be the partner then in the eyes of the market that would be very very good validation that Hilcorp are confident of getting the oil out after their take on panr data room info taking the sp into the 20s imo, because suddenly panr lose the tag "were going bust" to "we have a world expert partner"

I am confident Spencer would do a good deal in a farm out too.

Of course dependant on farmout/buyout happening and to be honest if you didn't think either will happen then your invested in the wrong place

All imo always DYOR

Cbarron

To use ai you must be clever enough to ask the correct questions and then join the dots so probably not for you.

Cbarron

Don't call my posts nonsense then ask me questions, I research alot and suggest you do the same.

"If" we get a farm partner or a buyout we will be in a much better position than we are currently, I think based on my research that we will get 1 or the other,

Dyor Gla

Hilcorp Energy possesses the specific technical expertise and massive operational scale required to unlock challenging Alaskan reservoirs—capabilities that Pantheon Resources (PANR.L) currently lacks as a much smaller, independent explorer.

Hilcorp is widely regarded as the industry leader in "revitalising" underperforming or technically difficult Alaskan assets.

"Acquire and Exploit" Model: Hilcorp’s core expertise lies in taking over dificult fields and using advanced recovery techniques—such as polymer flooding—to boost production.

Proven Success: At Milne Point, Hilcorp nearly tripled production from ~18,000 to over 50,000 barrels per day. In late 2025, they began Project Taiga at Prudhoe Bay, a $1 billion+ investment aimed at adding 40,000–60,000 barrels per day from the same types of challenging formations Pantheon is targeting.

Massive Infrastructure: As the largest private producer in Alaska, Hilcorp owns its own rigs and maintains a year-round operational footprint. In contrast, Pantheon must lease old limited third-party equipment and has had to pause operations due to high winter logistics costs ($150,000+ daily).

Hilcorp are more than equipped to succeed where Pantheon has failed,

The "Hilcorp Connection" at Pantheon

Recognising their current limitations, Pantheon’s board underwent a major overhaul in March 2026 to inject Hilcorp-style expertise into their projects:

David Wilkins: Appointed as a Non-Executive Director on 12 March 2026, Wilkins was the Senior Vice President for Hilcorp Alaska (2015–2022). Under his leadership, Hilcorp tripled its Alaskan production and drilled hundreds of wells.

Strategic Shift: This appointment is seen by analysts as a move to apply Hilcorp’s successful "tight oil" playbooks to Pantheon’s massive Ahpun and Kodiak resources.

Current Status of Pantheon’s "Failures"

Megrez-1: The well was suspended in mid-2025 after encountering "oil-wet" zones that produced water instead of oil.

Dubhe-1: Testing was paused in December 2025 for a pressure buildup survey. While mobile hydrocarbons were confirmed, commercial flow rates have not yet been established.