Member Info for Olderwiser

It was a requirement of the loan from FCS advisers, FCS advisers lent to 88e using SOA credits as security. When 88e sold the credits, the loan had to be repaid.
Like a house mortgage, sell the house and the banks demands repayment out of the settlement funds

07.53
I hope he really picks this one apart, with testing analysis, not hype.
Start with, Merlin 1 has disappeared from the resource estimates, it now needs Merlin 2 and 1A to continue.
Merlin 1 was supposed to bring home the bacon, now needs new drills
Always next year

Yes Fatsuperman, these are the zones they did get fluid samples from, they are water laden, but the testing is able to determine the source rock of this fluid is in the oil window. The source rock is not the rock they drilled, it lies elsewhere and the fluids have migrated to the Merlin drill location.

A skilfully crafted update, no doubt. Very vague on the things that matter, like, is it likely to have sufficient oil, that flows fast enough to be worth developing.

Merlin 1 continues to line up with the description mediocre. 88E has shown Merlin 1 may be a pointer to where oil may be economic, but it remains in prospective resource category, despite having been drilled logged and sampled. As a minimum it should have now become a discovery, but has not been credited with this, in this announcement. It is a substantial word, if it is missing there is a reason.

41 feet of net pay distributed over 3 reservoirs is on the poor end to start with, then locate it so far from infrastructure and it will not be viable.
No porosity or permeability reported, and they have the data, without this vital information, flow rates are also in question.
VAS data is also in, but no mention on this, mobile hydro carbons great, VAS tells how mobile
Although it is encouraging to see mobile hydrocarbons in the update, there is nothing to predict flow (porosity, permeability, overpressure), why not ?
Then this gem in the additional information related to Merlin 1
“Fluids recovered via down hole sampling, from 3 Lower Grandstand units has confirmed, through laboratory analysis to be primarily water”

And there you go, attack the poster, you have no idea at all. Debate the information please

Eileen13, a more relevant question to ask is why do you care why I post. If it is because you disagree with the content, then we should discuss that, rather than the motives of a poster.
But to answer your question, it is to provide balance, call it ethics, people are entitled to real information. What decisions they make is entirely up to them.
As a person with a long history in 88e, the social media hype element behind the current share price is a recipe for serious financial harm to the unwary.

A caution on this piece of work, it has a number of material errors. Whether it is just poor understanding by the writer or other wise is moot. What matters is it is inaccurate but presents as an authoritative informed competent opinion when it is not.
For example in the Peregrine section "What this means: Merlin-1 has a 50% chance of
containing 645 Million Barrels of Recoverable Oil" Truth is no this is the mean 645 million barrels, the 50% is only applicable to best of 270 million barrels, it is a material error overstating the prize by 375 million barrels

Adw198, I think a few will recognise it, for those that wont, look for.
Gross and net pay in each zone, less than 50 ft of net not so good
Porosity above 13%
Permeability
Majority of cores to yield oil
Low water saturation
Estimated prospective recoverable oil above 200m barrels
VAS results showing significant oil volume is migrating from the unsealed samples (ratio of oil in sealed v unsealed)
As I have previously stated timely results, a good well shows up early, a marginal one needs polish to establish if it is above or below the economic cut offs. Then can the below marginal become less marginal with the right stimulation

What seems apparent is the sheer distraction going on. The overdue imminent results are now off the radar and Umiats "potential" bypassed pay is shining bright.
Copy book 88e strategy, like Merlin the magician

BricksSA, sorry but it just doesn't work that way, this link goes to a good analysis on valuation

https://www.reddit.com/r/pennystocks/comments/p2crsr/ep_co_that_already_found_2_billion_barrels_of_oil/?utm_source=share&utm_medium=web2x&context=3

Interesting piece, appears mixed up about meters and feet, so maybe in error elsewhere

While the explorer maintains these horizons could contain mostly water, it affirms the presence of oil was highly encouraging.

According to 88E, definitive results and interpretation from the 5267-metre drill effort are set to be released "imminently".

pokestonks is an outright ramper, it is irresponsible to just dream up connections and call them facts. Where is the link to 88e. Conoco are working on prospects on their own ground.

The way I understand Farallons position is, they hold the SOA credits and shares, but additionally are able to extract payments (like interest payments on your VISA) by requiring original great bear holders shares to be sold.
As such they are after a certain dollar target, it bears no relationship to their view on PANR shares. Simply a payment is due, sell enough to cover it.
How much and when are unknowns, but as the price rises, less share sales are needed to get a dollar. From the previous sales pattern, it appears covenants are in place, to prevent Farallon from unnecessarily dropping the share price, below an agreed formula to market value

Ok then, as an expert, when does a company know the net pay.

A link to understanding of VAS
https://www.linkedin.com/feed/update/urn:li:activity:6795186045177622528/

At this stage I am convinced the results from the Merlin well are going to be poor. With only 7 of 48 cores showing any hydrocarbons it looks patchy at best, As a comparator PANR, next door to Icewine show all cores with hydrocarbons. A significant find is needed to make Peregrine commercial, and with two of the 3 known zones being water saturated. The remaining N14 and new zones will need to be large to make up the known prospective losses at N18 and 20
Beyond the physical, it beggars belief that these results are still pending 18 weeks after target depth. Again compare to 88es Charlie 1 campaign, a discovery declared in 1 week, and petrophysical data showing, pay, porosity, saturation, in 3 weeks
Also of note 88e have the preliminary VAS data but have not chosen to share. VAS data gives a clear and independent third party view.
Deeply disturbing optics do not necessarily mean failure, but I have to ask why do it this way if they have a good result in hand.
Straight up is what investors are due, this looks otherwise.
Before you attack the messenger, honestly ask yourself, why these results are so slow, and so spun to the positive on the few samples that have oil signatures. Why not release the net pay instead.
From my extensive involvement with 88e over the years, a clear warning sign, of impending poor results, is a focus shift to the new shiny thing.
When Charlie 1 came up short, XCD popped up
When Icewine 2 came up short, conventional popped up
88e is now clearly polishing up Umiat, might even work, just like all the rest

VAS reporting adds a new dimension to consider, effectively it is another method to predict reservoir parameters, including
estimates for ultimate recovery (EUR). A cross check against well log data that de risks the all important flow rate question.
Expect some in depth on this in the upcoming presentation
https://www.bakerhughes.com/evaluation/surface-logging-services/cuttings-gas-evaluation/volatiles-analysis-service-vas

Mike Smiths linked in, check out the commentary on Talitha
Selected comments to wet the appetite to follow the links
Demonstrating good reservoir quality indicated by large oil loss between our sealed-at-well cuttings versus our washed-and-dried cuttings (caught at the same depth)
Now on to an extensive evaluation of Pantheon’s North Slope acreage from legacy cuttings and cores!!!
Take a look at the investor presentation below to learn more about one of the most important exploration wells on the North Slope and the role that VAS played in it.

https://www.linkedin.com/feed/update/urn:li:activity:6795365820626169856

Sailplane, It is just the time it takes, to complete the steps required, before a decision can be made.
1) Complete analysis on the Talitha data, to know what has been discovered
2) Engage interested parties in negotiations for farm out, extensive due diligence is required
3) Weigh offers received, against the merits of proceeding alone.

Alkaid's all season access benefit should be considered a permanent advantage, not just this immediate season.
After step 3 has completed, PANR are in a position to move rapidly. The permit is already granted and the preliminary planning has been done, but bear in mind a farm in partner will also have input to the plan.
PANR are on record stating
"We will partner when it suits us, and matches our criteria, not just any partner.
It's not just the cheque book, we can get money, it's about getting the right money, and the right partner."

Cheers Kelladee,
If you don't mind me commenting, this is a very high risk environment for a novice. You are correct in noting Dave has gone and things may change

Kelladee 20:38
I see Ddraig has answered your query with great authority, but sadly has gotten it wrong. He is answering a consolidation query with a buy back answer. They are very different things, consolidation has no buy back component, the company simply cancels the shares at a ratio, say 50: 1. So instead of owning 50 shares you would own just 1 after consolidation, this would reduce the shares on issue by the same ratio. i.e. 15,000,000,000 would become 300,000,000.
In effect you would still own the same percentage of the company, the benefit would be a more respectable number of shares on issue. A perfect mathematical world would also see the 1 share price go up by 50 times, so the investors dollar value is unchanged.
I have been through this process on other stocks, and generally it has cost me dearly. Dave Wall is on record stating he would not do this, as it generally results in an immediate 15% haircut.