A JV partner is essential, especially if the Show Me well ends up costing more than first expected. Any partner needs full cost transparency before committing serious capital. PANR can’t absorb escalating costs on its own.
And the wider Alaskan development demands hundreds of millions. As we approach pipeline FID, the financial and infrastructure commitments become even larger. A small-cap simply can’t shoulder that by itself. A JV brings the funding and operational capability needed to move the project forward.
This RNS has the same feel as the last one — a bit of updated well information, but not the one figure that actually mattered today: the well cost. So why put this out now?
My view is it’s tied to the pipeline FID. That cost number has to be locked in for the FID that’s being drafted right now. You can’t finalise an FID package without disclosing it in an RNS first.
Either that, or we’re closing in on a partner agreement.
we begin getting sellers of gas, wanting to sell. Great-Bear Pantheon, Hilcorp, Exxon, Conoco-Phillips. All talking now and engaged in Gas Sales Precedents Agreements.