Member Info for Nomadme

After deliberating on many of your fine comments and insights!

I thought I’d share a few of my rethinks in my expectations. I did wonder if we might see a TR1 from Michael Spencer tomorrow but I think it’s more likely to be a big II After all the buying last week.

So now I won’t be surprised by a lack of RNS from him or others at 07:00.

WHY?

Regulatory Lockdown: Under UK Market Abuse Rules (MAR), Michael Spencer is legally prohibited from purchasing shares IF HE POSSESSED INSIDE INFORMATION i.e A FARM IN OR OUT! Whatever🤔

A lack of buying news from directors is actually a major buy signal to me hopefully you’ll agree WHY? —it confirms the Board is in the final stages of price-sensitive Farm-out negotiations.

The way this all happened last week seems like a ‘Strategic Coup’: We all know This was not a standard board rotation, It was a Clean House mandate, I suspect backed by Institutional Investors (IIs) who own over 60% of the company. Heavyweights like Michael Spencer, move this suddenly only when a Major Partner is already at the table.

Commercialization Priority: PANR has paused drilling specifically to focus on Strategic Partnerships. They are no longer exploring for oil let’s face it they already have it, so let’s go with what we’ve got; and hey are finalizing the Contract to fund the development of the big boy Kodiak AIMHO

II Alignment: The major institutions are positioned for a structural re-rating driven by the Exit Strategy Spencer was/came/ asked /brought in to execute.

As I said any TR1s will be from II and will be a big vote of confidence but I’m now not expecting anymore buying from him or other directors, then again if they/ he buys that will be good too🙂

THOUGHTS PLEASE FROM LTH

Jwoz: 13 Mar 2026 19:31

Nice one! I believe you are absolutely right I was expecting to hear MS had bought some more shares as a move of confidence but if he hasn’t that even better as stated in your jolly little equation.

So here’s a brief of if no share buying news of what could happening in the background

Active Farm-in Talks: The company officially confirmed that "multiple parties" are currently in the PANR data room, and they are in active farm-in discussions.

MAR Regulations: Because Spencer is now Chairman and involved in these negotiations, he is subject to the Market Abuse Regulation (MAR) regarding inside information. As such, he is likely in a closed period where buying or selling shares is prohibited until the negotiations are made public.

"Close Period": This is a legal "close period" due to sensitive, active negotiations (holding inside information), rather than a structural "lock-in" period (a contractual agreement not to sell for a certain time) that often accompanies new company directors

Thought?

It looks to me like a bit of stealthy accumulation we’ll see soon I guess 🤔

Thoughts?

Just back from town expected RNS.

But, I guess, because The "tone" of the AGM was let’s say, transformative, from exploration-focused to a deal-focused, This level of change unsurprisingly results in time to digest amongst other board members, and getting used to new leadership. One thing is for sure he has definitely taken the reins with a vengeance.

WB 😂

Baron: what will be more interesting and relevant will be WHY you’re still here?

Would you go to every match just to shout out every time annd all through the game I HATE FOOTBALL!!!

WEIRD!

AND

FILTERED!

Of course that’s the name of the game but, If any of us were in the shoes of a "Major" we would not want to lose the price, yes, we would certainly use every piece of missing data as a bargaining chip, but we would also be looking at the other value drivers that often outweigh a single flow test:

the resource size is massive and the location is Tier-1, they’ll pay to lock it down now rather than risk a bidding war once commerciality is "proven" and the price triples.

They know have the capital and proprietary tech (lateral lengths, fracking techniques) to extract flow rates a cash-strapped PANR hasn’t been able to never continue

I suspect the Negotiations won’t be "all or nothing." The price point reflects a discounted probability—the Major gets a "deal" for taking the flow risk, but current investors get a higher valuation based on the sheer volume of certified resources.

And the cherry on the pie! Our asset is near existing pipelines (like TAPS), with oil crying out for commerciality. This

Particular Majors will value the proximity to market more than a single test well, as it ensures a faster path to first oil.

And

Asian energy hunger, will be driving competitive bids, whilst prioritizing long-term security over initial flow.

I sold a car once with a knackered gear box to a BMW owner guess who had the upper hand?

Why did he want my car?

Who got a brilliant deal?

My reg had the numbers 320!

What do you think?

PANR has got the number that OH YEH, THE BENTLEY owners want!!!

PANR is moving on. They are both doing/ did, what they are good at. Ultimately, Hobbs provided the foundational development strategy, whereas Spencer’s strategy is a tactical, investor-driven push to unlock market value through a major corporate deal.

Thoughts ?

Reflection : This wasn't a random appointment; it was a calculated takeover backed by the big money. They’ve essentially handed Spencer the keys to the car because they trust him to drive it toward an exit (M&A) rather than just driving it around in circles in the Alaskan snow.

Well I think Lord Michael Spencer as Chairman signals a strategic financial player here , he leveraging his own capital and industry reputation to halt retail dilution and force a major farm-out deal that finally validates the multi-billion barrel potential of the Kodiak and Ahpun fields.

Correction : I would not be surprised🙂

Molotov: like I said would be surprised if he wants to straight to Kodiak with a major!

I recon Spencer is going after Kodiak WITH A MAJOR!!!

Not piddling around trying to find half baked wells?

BABIS 20

Why PANR is Different than DELTIC

Direct Control: Unlike with Deltic, where he only influenced decisions from the sidelines (like the 2020 Reabold rejection), Spencer has now taken the Chairman role at Pantheon as of today (March 12, 2026). He replaced David Hobbs following a management overhaul aimed at injecting "new energy" into the company.

Strategic "Reset": Pantheon recently paused expensive winter well testing (at the Dubhe-1 well) to save cash—currently holding about $27.2 million—and focus on finding a "farm-in" partner. Spencer’s stated goal as Chairman is to ensure the company's "excellent assets" are better reflected in the share price.

Alaska vs. UK: Spencer has been a vocal critic of the UK government's stance on North Sea oil. In contrast, Pantheon's assets are located on the Alaskan North Slope, a region undergoing an exploration revival that Spencer views as having higher growth potential than the heavily taxed UK basin. It was the UK position on North Sea oil which BECAME the biggest problem with DELTIC.

Stake Management: While he held a steady 18% in Deltic until the end, his stake in Pantheon has been more fluid, recently fluctuating between 7.59% and 8.19% through his firm, IPGL.

Michael Spencer quotes

"I want to be on the winning side... I don't want to end my career on a losing battle"

“You have to love it and get a buzz from working in the financial markets, otherwise I doubt that you would last five minutes”

Oh yeh let’s not forget.

Pantheon has excellent assets and great potential but that is sadly not reflected in today's depressed share price... we will together determine the best route to unlock the value." — Michael Spencer, 12 March 2026

This is a Low-priced asset poised for dramatic upside, a classic recovery stock with multi billion pound moats that all of the Far East wants to swim in🙂😀😌

WB famous quote:

"Be fearful when others are greedy and greedy when others are fearful!

His approach to market recoveries is the view that economic downturns are temporary and that quality assets will bounce back, now that’s the key to buying AIM shares!

And I THINK we may just be at the start of seeing that in practice from today?

THOUGHTS? (From real investors)

HH@8:24

I think he is restricted from buying at the moment, there is too much price sensitive stuff going on in the background.

But he will I’m sure.

I think the smart money will see that Michael Spencer’s appointment provides a structural financial tailwind, effectively de-risking the 2026 operational runway, his leadership direction validates the farm-in model and is already bolstering PANR’s current fiscal outlook and involvement underpins asset value and suggests a shift toward a more disciplined capital allocation going forward the engineers have done their job it’s nor further up the ladder.

Analogy : the farmer grows and rears the food then you let the chef cook it 🙂