Per this morning's Canaccord Broker Note: Competent Person's Reports (CPR):
Netherland Sewell & Associates (NSAI)
is preparing two separate CPRs covering
the Theta West area (expected completion
mid summer '23) and the Alkaid project
(expected completion autumn '23).
Reservoir modelling: SLB (formerly
Schlumberger) is working on updating its
static and dynamic reservoir model over
four key reservoirs - Alkaid, Slope Fan
System (SFS), Shelf Margin Deltaic (SMD),
and Basin Floor Fan (BFF). The initial
model estimated net oil-in-place (OIP) over
Pantheon's licences (then, 153,000 acres)
of 17.8 billion barrels.
We expect these reports will be important
documents in any future farm-out
discussions and will provide much-needed
independent technical evaluations.
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Ben Turney
@Ben_Turney
Don’t particularly want to do this but given number of direct messages I feel I have to explain. 3 weeks ago my father had a serious stroke. I had to drop everything to tend to him. I’ve moved him into a respite home now & am back full time at #KAV. Strategy update now end of Feb
So, was Ben’s subsequent tweet that he was also looking at the ASX a response to yours? I’d certainly agree that I would not be happy about being precluded from participating in an IPO because it was listed on the Gaborone board.
The way this is constructed, using a calculation, indicates that the 10 day VWAP is used to determine the number of shares issued.
If the "lower price" is always 5p, why even bother calculating the number of shares? If the 10 day VWAP was lower than 5p as a trigger, they could simply state the number of shares issued.
The only reason for including a calculation is if the value of the shares is unknown - hence using the 10 day VWAP to determine the number of shares.
Here's a cut and paste from Telegram (I wasn't able to attend the event):
"1. Ben's preference is JVs to fund additional exploration into 2022. Would rather not do an additional placing. The partners contribution would be primarily funding.
2. He is hoping to be ae to demonstrate a discovery before Christmas
3. There is a call with the technical team on Tuesday 8th - Thus will be hosted and an RNS invite will be sent Tuesday / Wednesday this week"