Member Info for Olderwiser

Sheesh Kever,

So you have dropped the, I am not a troll line now

Another quality appointment for sure, but it is the ticking of this box, that stands out

Satisfying the requirement for at least two Independent Non-Executive Directors removes another barrier to attracting institutional investors onto the Company's share register."

"Her appointment marks another important step - strengthening our governance - in our strategy to deliver sustainable market recognition of $5-$10 per barrel of recoverable resources by 2028. Satisfying the requirement for at least two Independent Non-Executive Directors removes another barrier to attracting institutional investors onto the Company's share register."

Kever the broker note is a lie, what your mothers cousin's friends broker scribbled out whilst drunk is just fantasy junk, clean your chin with it

An impending massive capital raise is pure fear mongering,

Give it a rest you have soiled your reputation forever

Kever

You are the one that has proven to be dishonest, that is the difference

You make up tales of gloom, and promote them as fact, clearly they are dishonest manipulations

Kever

Your trading strategy was not in discussion, but it does shed light on your current negativity.

Is it your plan to try and talk the price down for a quick trade

It is all of your negative interpretations that are being shown to be wrong

Kever

You are either ignorant of the facts, or a liar and a fool

It is easy to settle the number the company quotes in an RNS, see below

Highlights:

· Pantheon's strategy revolves around Final Investment Decision ("FID") at Ahpun by the end of 2025, bringing it on stream in 2026, and completing the appraisal of Kodiak ahead of its planned FID in 2028

· Conservative estimate of the capital required for first production is $120 million

· Pantheon's strategy to reduce the equity capital required is based on three main pillars:

o Vendor financing

o Offtaker financing

o Reserves based lending

· For conceptual development planning purposes, Pantheon has assumed a typical well profile based on more conservative properties than encountered in the long term test at Alkaid-2

· A transition programme to achieve Sarbanes-Oxley compliance in time for a potential US listing in 2025 is underway.

Kever

You certainly are talking mischievous nonsense

The bond payments in December and March have already been pre funded by the recent placement, to the long term supportive Lord Spencer and other, with D Hobbs backing in for $250k' s worth of Lord Spencer's

Financing the bringing of Ahpun to first production has been costed at $120m, which includes $20m for GA running costs

FID is in 2025, not todays immediate problem, as you try to pretend

PANR are currently negotiating on vendor, off taker, bank, or farm in financing, as a means to minimize or negate dilution

An announcement on this is expected next quarter

Also in the next quarter, NSAI will be producing their independent resource assessment on the Ahpun field. This will cover both the quantity of recoverable oil (expected to be ~500mb of salable liquids) and the field economics

It should be a very much higher share price when successful announcements on financing and Ahpun's independent valuation have been released. IF any capital raise is required that would be more sensible timing, than at this ridiculous low point

Kever

You are posting nonsense

PANR have no need for large sums at present, they only need committed agreements to cover the financing, when the costly stage of the projects to produce and sell oil begins. This will be post FID in 2025

Meanwhile long lead planning, approvals, engineering need to continue, so that the project proceed smoothly to critical path timeline, these are lower costs,

The entire project will be structured to put the major costs as close to cash flow as possible, PANR are not going to raise an enormous sum, to sit idly in the bank until it is needed

Kever

You are posting nonsense

PANR have no need for large sums at present, they only need committed agreements to cover the financing, when the costly stage of the projects to produce and sell oil begins. This will be post FID in 2025

Meanwhile long lead planning, approvals, engineering need to continue, so that the project proceed smoothly to critical path timeline, these are lower costs,

The entire project will be structured to put the major costs as close to cash flow as possible, PANR are not going to raise an enormous sum, to sit idly in the bank until it is needed

I found this old EMV bit interesting from an 88e presentation (11/2015). Subsequently failed to deliver, but the template is useful.

https://clients3.weblink.com.au/pdf/88E/01687532.pdf

Obviously that was then but the numbers are coincidentally close to PANRs today

The exception being COS at 30% as this was early in the play pre drilling, so in my opinion grossly inflated

Again IMO PANR would be justified claiming above 80% COS, with discovery risk already eliminated, independent IERs, flow tests long and short term, enhanced fracture stimulation/oil recovery

https://clients3.weblink.com.au/pdf/88E/01687532.pdf

Concepts

• Expected Monetary Value (EMV): (Probability of Commercial Success * Potential Value on

Success) Less (Probability of Failure * Cost of Failure)

• Strongly positive EMV leads to internal recommendation at Big Oil Companies to invest

(subject to ranking with other prospects/developments, funding and strategy)

Assumptions

• Oil price to increase NPV per bbl at US$80/bbl = US$3-$5 (internal estimate)

• 2 billion barrel recoverable shale prize (internal estimate, shale success case only)

• 10 horizontal appraisal wells required to prove play @ US$35m each = US$350m (prior to any

rebate)

EMV Equation

• Using the above assumptions and 30% chance of success results in EMV of US$1.5-2.7b

• Size of prize too big for Industry to ignore if play de-risked by Icewine#1

Running PANR current numbers

2 billion barrels

$5 to $10 npv

Cos 80% (IMO)

Development $.35b

2b x $5 x.8 = 8b - .35b == $7.65 b

Giving an EMV range of $7.65b to $15.65 billion @ $10npv

As an exercise I ran this backwards to roughly extract the current COS implied by the current market cap of US $234m

2b x $5 x .024464 == .245 b

The calculation shows that the market is currently giving PANRs project a COS of around 2.45%.

That is so far out of touch, for a project this advanced, it is laughable

If the GOR in situ is lower, it means more oil and cheaper to extract, so greater profit, per barrel and more barrels

The fundamental increase in value, will eventually be reflected in a share price rise, how long it takes for the market to realize it, is the unknown variable

Next known news should be on the GOR at the SMDB vertical flow test, the timeline would have the pressure gauge retrieval, 6 weeks after the 19/10/23 RNS, around 30/11/23.

This is an input to GOR calculation and fluids recombination studies Geomark are completing, Bob Rosenthal further refines the timeline as 2 to 3 weeks from the 22/11/23 Webinar.

See source information copied way below.

The measured GOR, meaning, the actual recorded ratio in production is hugely reduced, from 12000 to 13000 scf/b in the Alkaid 2 zone of interest, to a much more attractive 3000 to 4000 scf/b in the SMDB.

What is not yet known, is how much of this is due to the slower draw down, lower differential pressure approach, to flowing the well at the SMDB, as a means to reduce in reservoir flashing, and how much is a reflection of, a simply lower reservoir GOR in the SMDB reservoir

I believe there is a hint towards also simply better, in the webinar statements.

Both will be positive,

A means to reduce production GOR by production method has been demonstrated, and should be meaningful to the economics

But a lower in situ reservoir GOR is the big one

D Hobbs 46:20

We mentioned in the presentation that we will be updating a lot of our development planning to incorporate the re-entry into the Alkaid 2 well , PARTICULARLY THE LOWER MEASURED, AND HOPEFULLY RECOMBINATION SAMPLE CALCULATED GORs, will give us a clearer idea.

Jay Cheatham 46:37

Netherlands Sewell have already you know stated, that that'll be a BIG PART of their evaluations going forward

Bob Rosenthal at 57:50

We have definitely shown the Shelf Margin Deltaic B is light oil, and then secondly, the GOR IS SIGNIFICANTLY LOWER THAN IT WOULD, YOU WOULD ANTICIPATE FROM WHAT WE SAW AT ALKAID, AND THE ALKAID 2 TESTS OF THE ALKAID ZONE, WHICH IS GOING TO HAVE A SIGNIFICANT IMPACT, ON OUR RESOURCE ASSESSMENT, and how we develop the field so leave it like that and pass over to Jay

IMO the writing is already on the wall, a better GOR can be anticipated. If so it will improve all areas of the Aphun SMDB reservoir calculations, the SMDB being far the larger volumetrically, and currently economically modeled on the poorer ZOI composition data

For example , lower GOR will reflect as, higher flow rates, better EURs, less reinjection wells

Source data for further context

19 /10/23

https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/xqlk1kr

Multiple fluid samples were gathered indicating a measured gas oil ratio ("GOR") of 3,000 – 4,000 standard cubic feet per barrel ("scf/bbl") and an API gravity of 35-36o. This compares to 12,000 - 13,000 scf/bbl measured in the deeper Alkaid ZOI. This indicates success in limiting pressure drawdown and avoiding flashing gas in the reservoir.

The Company will have GeoMark conduct recombination analysis on the recovered fluids from this SMD test, which will provide a comparison to the calculated GOR range for the Alkaid ZOI of 2,000 - 3,000 scf/bbl.

Analysis of the gas samples is ongoing to determine accurate natural gas liquids ("NGL") yields. The initial estimate of the calorific value of the produced gas was 1,200 British Thermal Units ("Btu") per standard cubic foot ("scf") compared to approximately 1,000 Btu/scf for pure methane. This indicates there should be further marketable liquids beyond just the separator liquid volumes reported.

Initial reservoir pressure was determined to be in the range 3,800 - 4,000 psi and the well has been suspended with a pressure monitoring device to further refine and confirm this estimate. We anticipate retrieving the pressure gauge in the next SIX weeks or thereabouts.

22 /11 /23

https://www.youtube.com/watch?v=4musP1qtsfE

D Hobbs 46:20

We mentioned in the presentation that we will be updating a lot of our development planning to incorporate the re-entry into the Alkaid 2 well , particularly the lower measured, and hopefully recombination sample calculated GORs, will give us a clearer idea. Jay and

Jay Cheatham 46:37

Netherlands Sewell have already you know stated, that that'll be a bit a big part of their evaluations going forward

Bob Rosenthal at 57:50

We have definitely shown the Shelf Margin Deltaic B is light oil, and then secondly, the GOR is significantly lower than it would, you would anticipate from what we saw at Alkaid, and the Alkaid 2 tests of the Alkaid Zone, which is going to have a significant impact, on our resource assessment, and how we develop the field so leave it like that and pass over to Jay

David 1:06:40

When do you think the Alkaid re-entry PVT data will be available, Bob have you spoken to Geomark lately

Bob

I have not , so in the next few weeks ,yeah the last it was gonna yeah it was it was a few weeks away yeah it's you know, I've not been able to reach very many people over the last few days so uh yeah I'm hoping you know next couple weeks

What is this nonsense Kever, Scot does not seem angry, more forthright and accurate in the face of deliberate misinformation, such as the placing rumour you are working so hard at creating.

Did you know the D Hobbs and significant holders just finished buying in at 20.8p, some chance they would then within weeks raise at 15p

PANR has raised cash at a price of 20.8p per share, this price was a 10% discount to the price at the time

So will have raised 4.15 million pounds, to add to the balance sheet

The share price used to pay the December bond, is based on a 10% discount, to the lowest of a few different volume volume weighted average prices at the time. With PANR declaring its intention to pay in cash this becomes irrelevant

Payment in cash will be the debt component of US $ 2.45m plus interest at 1% of the outstanding debt,

Https://www.investormeetcompany.com/investor/meeting/strategy-and-operations-update

Cbaron

You were seeking debate, you now know why you will only get argument

Please don't include me in the "all" you describe, I have found Scots encyclopedic knowledge, and reasoned argument, very useful over the years.

We all should focus on the content of a post, not the author alone

Happy to agree to disagree

Cbaron

I can clear up the SG22 motivation, he has been on the wrong end of discussions with Scot, after adopting the ramper strategy on 88e. It did not go well for him.

He is here to take his revenge,

Three of the seven deadly sins pushing his buttons, pride, envy, wrath, all caused by another two, greed and gluttony, with a touch of sloth, to perhaps explain his initial choice

Helpful on the other site posted this ridiculous thought, my rely below

"Mangrove must be licking their lips."

I nearly spat my coffee out, thanks

Changing their underwear regularly is more likely, with the escape hole the CN provided now closed, they are looking very shaky

The geology and engineering to extract are looking better with each step, a financing hole was there best hope

With vendor and off taker finance now maturing, any future capital raises are likely to be at prices that will completely smoke their 14m short

I do not read anything into this on a potential farminee, that is not the target here. Taking the contingent oil to production with a minimum of dilution is the strategic goal. Should a farminee come along and make an attractive offer all well and good, but IMO it is too early for this.

This move, and make no mistake it is a strategic move, reflects the confidence of significant holders and an insider, who wrote the book on this type of oil play.

No more ammunition left, for the shorts to play with on the convertible note, moving the next potential payment beyond the maturation of significant catalysts is the goal.

Financing via vendors and off takers

NSAI report on Aphun, incorporating the newly acquired data from the successful frack and flow test of the SMDB, and greater pay interval and improved reservoir properties revealed in the Alkaid 2 pilot hole

With the NSAI report and completion of the SLB dynamic modeling on individual well flows, the significant remaining barrier to declaring reserves, is commitment to project execution, which requires a demonstrated financing capability.

With just these two catalysts in place, todays share price will be left in the dust, and the stated aim of Market recognition $5 to $10 per barrel of liquids well on track