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Exactly as I said.......Rinse and Repeat.

BPC started the week and ended the week at the same share price. Market Makers did their job......starting offloading loads of shares during the week, drop the price back a bit to get people to buy in.......clearing some of the overhang.......turned the taps off Friday to let the price recover back to where it started the week.

Rinse and repeat next week............turn the taps on sometime Monday and then sell more of the overhang next week is most likely to happen in my view. Most likely they will allow the price to rise a bit on Monday morning, as the day traders and short term traders buy in and start ramping...........then will turn the taps on hard and fast and drop it back to 2p to sell and 2.05p to buy...........

The good thing here is that the spudding RNS did not say "results will be given at the end".

Which means they are open to update the market during the drill, at any time they want to.

If a company limits itself in the spud RNS to only update the market at the end, it creates a big boring period of no news.

At least PANR have not done this, so they are at liberty, currently, to update as often as they want, they may decide to do a weekly drilling progress report, a fortnightly one, one when they have major news at each horizon, or one at the end.

At this point.........NOBODY KNOWS !!! Which is why a webinar to clarify the targets, timelines and reporting would be a good idea.

There is now no need to fund raise, there is no further dilution ahead. Paul does not have to "sell" the company in interviews and presentations, he does not need to attract buyers as he wants to raise more money. Dilution is over, as he himself said in the presentation.

He can now simply tell it as it is - he can actually be over cautious now and go more with the "under promise and over deliver" line.

If Coho comes on line in May, or June, or July........does not matter now, not going to effect anything (or maybe it does.....see later)

Casca and Chinook he has said "definitely before year end".....fine, allows to Dec 31st 2021 now for them to be on line.

Casca-Deep 2 well and Kraken-1 well "early in 2022".

Paul also confirmed that they will be using WSPCL Rig 60 for Royston. This is a big rig capable of 16,000 feet depth (1500 Horsepower) (note that he said Kraken was 14,500 feet depth).

So assume that once WSPCL Rig 60 has its cobwebs blown away drilling Royston-1 that this rig will be then used for Cascadura Deep-2 and Kraken-1 and potentially any "new" drill that might be added to the program for late Q3/early Q4.

This maybe where Coho on line has an effect, possibly if Coho is on line quick then a new well "Steelhead" will be added in 2021. If Coho is on line later than currently expected then "Steelhead" might be slipped into 2022 after Kraken-1 is done. Thats my view........hence no talk of Steelhead now as this will be a fill in well late 2021 "if" things are going swimmingly, or part of 2022 program if any slight delays to things in 2021.

14th Jan 2021 Presentation Video (TXP from around 57 minutes and 20 seconds)

https://www.youtube.com/watch?v=YNSTEI2QYKA

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I am sure details will come out later in 2021.........but most likely a 300 to 500 million barrel size oil prospect.............(which given a 1 to 5 valuation ratio for onshore/offshore would be the same as 1.5 billion to 2.5 billion barrel offshore target value)

For me I am just going to keep buying TXP all this year..........and intend to have as many as possible in my account by 2022 ready for the Kraken drill.

If anyone is struggling or not registered you can "watch only" via the Live You Tube link

https://www.youtube.com/watch?v=YNSTEI2QYKA

Currently presenting is Chariot Oil and Gas......next to present is TXP.

https://m.youtube.com/watch?v=Pfsd37fv-RU

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Can sell chunks of 50,000 shares on line currently.......if you were mad enough to want to sell.

Demand is strong.........

BigSi.........I would say far too many over invested and also at breaking point with SPREAD BETS and over leverage.......and any fall hurts and they might get a margin call.

So they need to post any old nonsense to try to get the share price up and not down more.

If there was a leak, they would not be emailing people or posting on bulletin boards. They would be borrowing millions from their banks and friends and buying every BPC share they can get their hands on.

When the share price is in the toilet bowl and someone is trying to get it up..........yes........they might post lies about leaks.

Continued.............

East Texas dispute update

The company has residual interests onshore East Texas. Kinder Morgan Treating LP (KM) is seeking payment of $3.4m with respect to a gas treating agreement there between KM and Vision Operating Company (VOC). Pantheon believes it has no liability, as it owned <0.1% of VOC and was not a signatory to, nor is named in, the agreement. This matter has previously been disclosed.

Valuation, target price and rating

We make no changes to our valuation. We consider the risked impact of the potential East Texas dispute is de minimis.

As a result, we maintain our risked NPV10 target price of 83p (which includes only a risked valuation of the Alkaid 2c resources and the Talitha SMD independently assessed potential). Our unrisked valuation for this subset of the full resource potential is 172p. We maintain our Speculative BUY rating."

Canaccord (House Broker) comment on todays news:

"Talitha well spuds onshore Alaska"

PANR-AIM | Price 44p | Market Cap £252.5M
SPECULATIVE BUY Unchanged
PRICE TARGET 83p Unchanged

Canaccord Genuity view

"Pantheon spudded its much anticipated well, Talitha #A (PANR, WI: 89.2%) on the North Slope of Alaska, ahead of schedule on 13th January. The well has been designed to evaluate four different anticipated reservoir zones, for each of which full logging, ***coring***, and testing is planned. In combination, the four reservoir zones are estimated to have over 1 bbbls gross recoverable potential.

The Talitha #A well is being drilled from a pad located eight miles west of the Dalton Highway (the north-south road link) and the Trans Alaska Pipeline System (TAPS). That location should allow for rapid further appraisal and development of any commercial resources in Talitha.

It is also four miles from the Pipeline State#1 (PS#1) well drilled by ARCO in 1988, which found movable hydrocarbons in all four expected reservoirs in Talitha.

Separately, the company has also acquired leases in two areas adjacent to its current acreage. That now gives Pantheon full control of the Talitha project and the emerging Theta West target, and should strengthen the company's hand in any future potential farm-out/sale discussions.

Drilling

Timetable: The drilling and testing programme will be shaped in part by the weather conditions. All operations must be completed before the spring thaw sets in, usually around end March.

Primary target: Shelf Margin Deltaic (SMD), which is also the shallowest of the four expected zones. SMD has independently determined 302 mmbbls gross prospective resources.

The well has been optimally located for this reservoir. The location is updip of the PS#1 discovery, and Pantheon anticipates improved reservoir properties at Talitha #A. Given the reservoir's geometries, it is not optimally located for the lower three zones.

New acreage

Lease area increase of 40%: Pantheon is acquiring a 100% interest in 66k acres adjacent to its current 100k acre leases. The acquisition cost, due to the State of Alaska, is $3.3m, with a 20% deposit and the balance to be paid following formal title transfer.

Benefits: The licences are for an initial 10 year term and give Pantheon full control over the Talitha project and the potential of the Theta West target. In the long term, assuming drilling success at Talitha and beyond, this low-cost acquisition could prove very valuable. The new leases are covered by Pantheon's 3D seismic data.

East Texas dispute ***update***

The company has residual interests onshore East Texas. Kinder Morgan Treating LP (KM) is seeking payment of $3.4m with respect to a gas treating agreement there between KM and Vision Operating Company (VOC). Pantheon believes it has no liability, as it owned <0.1% of VOC and was not a signatory to, nor is named in, the agreement. ***This matter has previo

Note that HUR have now not given any production guidance going forward into 2021.

This means imo, they know oil production is going to continue down and water cut is going to continue going upwards. And likely at an increasingly alarming rate.

Why are they shy of offering production guidance ? Why not say guidance for Q1 2021 is 8000 bopd per day average ? or 5000 ? or 3000 ? or 10,000 ?

That is another simple giveaway they have very little confidence in being able to predict what will happen next with the rising water cut. If it goes like well 7 did, it will likely be near 50% water cut in a few months.......

What they dont say is often more important than what they do say.

All IMO, DYOR !!

Slift

Its all about the water cut for HUR as time is running out.

Turning the pumps on initially will lower water cut, but then the water cut increases at an increasing rate. Look back at well 7.

18th Dec 23% pump on.

14th Jan 25% pump on.

Mid Feb expect 30% ???

Mid March 37% ???

Mid April 45% ???

The simple fact is, the pump is on, they are reducing flow rates to try to limit water cut increase.......but its increasing. There is nothing left to do now....just lower production and try to keep water cut increase as low as possible. But its looking like only a matter of months now before it

With pumps on 23% on 18th Dec 2020

https://www.investegate.co.uk/hurricane-energy-plc--hur-/rns/operational-and-corporate-update/202012180700050931J/

Now 14th Jan 2021 Todays RNS its 25% with pumps on.

This is the same way that well 7 went, at this rate with the pump already turned on it will only be a matter for 3 or 4 months and water cut will be approaching 50% levels in my opinion. The rate of increase increases rapidly based on well 7 performance.

Talitha well has spud.

https://www.investegate.co.uk/pantheon-resources--panr-/rns/spudding-of-talitha--a-well/202101140718246754L/

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RNS on the new acreage.......

https://www.investegate.co.uk/pantheon-resources--panr-/rns/acquisition-of-new-acreage/202101140731226757L/

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Great news.......off we go

Pantheon Resources (Great Bear Petroleum) pick up 66,240 acres. The have done very well in refreshing and renewing all the important areas they needed to. News should be coming in due course but they have played a real blinder here.

http://dnr.alaska.gov/commis/pic/releases/1%2D13%2D21%20State%20opens%20bids%20for%20Northern%20Alaska%20oil%20and%20gas%20leases%2Epdf

https://dog.dnr.alaska.gov/Documents/Leasing/SaleResults/NorthSlope/2021W/NSA2021W_Bids_Received.xlsx

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