Member Info for neil9327

Mumbo, will be more like 500,000 boepd in a few years time when there are hundreds of wells over our acreage.

Louis, following on what Olderwiser correctly says, issuing shares each year to pay the convertible bond's $1.56 million interest payment will dilute shareholders by $1.56M/$508M market cap = 0.3%
Which is nothing. Certainly not "abusively dilutive" as you claim.
Putting it another way, it will take over 300 years to run that figure up to 100%

Louis yes I do. Would you care to explain how you think I don't?

Louis10 this is nonsense.
From the last annual report :"the balance owing on this convertible bond is $39.2 million"
which "carries an interest coupon of 4% per annum".
So this is $1.56 million/year.

From Oilman Jim's blog post: "A stronger share price is critical for PANR, otherwise it faces having to repay convertible bond holders in cash (which it does not have), or issuing shares in an effective death spiral below the “hard floor” conversion price."

Even if PANR had no cash, which I am sure is false by the way (as it raised around $96 million in 2021), if it has to issue shares to pay this all the way up to its current £423 million market cap, it means the company will go broke in £423/1.56 = 269 years time. Meaning it will have outlasted every other oil company ever to have traded lol.

https://www.youtube.com/watch?v=gW0B10MENzw

True they looked tired. But I think it is a "good" tired, in that it is the result of working perhaps a little too hard, and dealing I believe successfully with several significant issues.

Today's RNS is mostly about a new reservoir modelling report from Schlumberger.

But it does have a Alkaid #2 update, saying that the coiled tubing unit has been "effective in clearing most, but not all, of the blockage and flow testing has resumed. The well is still early in the cleanup phase with encouraging initial results".

"Alkaid #2 is a case of so far, so good"

I think it's really good the way they can do these complicated operations apparently at arms length. I'm guessing they don't have cameras down there to let them see what they are doing when they twist this pipe, and push and pull that pipe, all the way from the surface down over a mile, and along a similar distance and more?

Agreed Bridgedogg1 it is strange. Like you say MW normally go for financial irregularities that can be found with a deep dive into a company's financial statements.
With that in mind I read through Pantheon's most recent annual and interim accounts the day before yesterday, and I couldn't see anything that looked in the least bit suspicious.
My opinion is that this is a classic "bear raid", and that MW are using their reputation as savvy operators to encourage unsure holders to sell. Well we don't need to sell as there is no reason to do so.

This is the article:
"Short-seller targets London oil player
American short-seller Carson Block has set his sights on his next British target, three years after eyeing NMC Health, the collapsed former FTSE 100 hospitals operator, writes Jamie Nimmo.
Block’s firm, Muddy Waters Research, is betting against shares in Pantheon Resources, a £700 million Aim-listed company hunting for oil in Alaska. Block declined to comment on the short position, which is worth about £5 million.
However, it is his first new disclosed short position in a British company since NMC in December 2019 when he raised concerns there may have been fraud. The Middle Eastern private hospitals company collapsed less than four months later after it emerged that $4 billion of debt had been hidden from its balance sheet.
Short-seller Fraser Perring is also betting against the shares.
Pantheon has hit problems at one of its wells, and Perring said: “The statements made by management lead me to believe it’s too good to be true.”
Pantheon said: “It could be an exciting and very large discovery. The truth will be in the drilling.”

Q: Why would winter plans change?
A: 23.44 because we are way behind the timeline for our current drill
Can't we do both? i.e. start the winter programme on time as per schedule even before the current Alkaid2 is complete?

https://www.youtube.com/watch?v=a7knDhbHzIk

No flow is expected yet. Perforating and fracking is the next stage of the project, after which an extended flow test will be run, generating our first revenue stream.

https://www.youtube.com/watch?v=1MQv7LC9Fn0

What are you suggesting the company could do, to ensure the placees "get their 10%"? And would this be in the interests of long term shareholders?
I would rather the directors ignore the placees and focus on the long term goals.

Yahoo Finance UK delayed prices also stuck on last Friday's close.

I take your point about not doing the placing until they had a firm agreement. Maybe they had one but it fell through?
In any case at least they have a lot of cash now, which will give them the ability to take advantage of near-term opportunities. At least they're not playing fast and loose with debt- which should be the real fear of most investors.
In my opinion it will be months, not years, before the share price recovers, and then some.

I think you're being a little impatient with the directors; it has only been three weeks since the placing.
It would hardly benefit shareholders were the directors to start telling us what they are doing in terms of specifics of acquisitions because that would make it harder for them to negotiate with the sellers of the assets to get the best terms.
Silence, at the moment at any rate, is golden.

"Place of completion BLACKPOOL, ENGLAND".
Is this why the share price chart looks like the Big Dipper?

V111JAS I "piled into" the stock in March because I thought it looked like a great investment. I still do.