Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Now I am not an oil man but in the interview Bob and Jay said that they had a blockage that would need a clear weather pattern for 5 - 6 days to sort out. Now based on the interview taking place on the 29th when they had known about the blockage for "days unknown" why did they wait knowing that another storm was on its way this coming weekend? See below.
Major winter storm to hit Northwest Arctic this weekend
December 23rd, 2021 | Alena NaidenPrint this article Email this article
Another major winter storm is expected across the Northwest Arctic and North Slope coast beginning Sunday.
Heavy and drifting snow and strong winds will likely hit the communities from Utqiagvik west, the National Weather Service said Thursday afternoon. However, the storm will affect a wider area from Point Hope and Wainwright to Prudhoe Bay and Kaktovik, and as far inland as Anaktuvuk Pass.
"We are looking at a good amount of snow coming in across Alaska, a foot at some places," said weather service meteorologist Joe Kryston. He said that in North Slope and Northwest Arctic communities, "there will be some blowing snow and local blizzard conditions, but nothing that residents haven't seen before."
The storm is expected to develop in the Bering Sea on Saturday, posing a threat to the coastal communities beginning Sunday and lasting into early next week, according to the weather service. The agency predicted easterly winds gusting to 50 mph along the Northwest Arctic coast.
Kryston said this "stronger storm with lots of moisture" on Sunday will follow a weaker storm in the area Saturday. He said that coastal communities west of Utqiagvik such as Point Hope and Wainwright "are looking at anywhere between 8 and 9 inches" of snow, while the Kotzebue area might see up to 14 inches.
The Northwest Arctic and North Slope regions saw a major storm two weeks ago that pushed away ice cover along the coast and cut power in some communities.
"Wind-wise, it looks a little bit less (than the most recent storm)," Kryston said about what residents can expect this weekend. "I'm not seeing it pushing the ice. We expect no coastal flooding either."
Still, weather specialists recommended taking precautions during holiday travel.
"Along the coast, it would be securing loose items, boats and stuff like that, any type of property," Kryston said. "It will be hard to get around in the middle of the storm, walking around will be difficult."
This from our last RNS ---
"Testing operations are now suspended due to the extreme weather, with a possibility that testing may resume if the conditions improve before the conclusion of the Arctic operating season."
So can I ask - where are we now ? Are we looking forward to testing again in the near future. ie in days or in a week. Or is it "thats all folks" for now.
From Conor Maguire PANR Pantheon Resource Plc (PANR) provided a testing update on Theta West last Thursday, with the #1 test well flowing high quality oil, which “likely exceeds” management’s pre-drill resource estimate of 1.2 bn BO for Theta West. The test well flowed high quality oil at rates that averaged over 57 barrels of oil per day (BOPD), with peak rates exceeding 100 BOPD over 2.5 days. Encouragingly, the flow rates meet pre-drill expectations, and the test achieved all three of management’s objectives of confirming oil quality, movability and deliverability at Theta West. While Theta West’s ultimate commercial viability is still to be confirmed by further testing, this is a significant positive for PANR, with an upward revision in resource estimates (and ultimately value) now likely. The next area of focus is proving the deliverability of production wells, starting with the Alkaid #2 well which is estimated for July 2022. If this next phase is successful, it will result in oil production, meaningful PANR becomes revenue generating and which further de-risks the equity. Technical Director Bob Rosenthal perhaps best summarises the current position following this positive update: "We are now on the path to unlocking an enormous basin play".
Not entirely sure how long the blizzard conditions will impact the site and what the aftermath will cause in the way of delays - but it seems that the storm and the need to shut down for a relatively short period and the subsequent delay in getting the testing completed has held back the SP - but you and I both know as LTH - that the market has a long memory as far as PANR is concerned.
Weather Alerts-Prudhoe bay, AK
Blizzard Warning from THU 1:35 AM AKDT until THU 10:00 PM AKDT
Action Recommended
Make preparations per the instructions
Issued By
Fairbanks - AK, US, National Weather Service
Affected Area
Central Beaufort Sea Coast
Description
...BLIZZARD WARNING IN EFFECT UNTIL 10 PM AKDT THIS EVENING...
WHAT...Blizzard conditions occurring. Travel will be very difficult to impossible.
WHERE...Central Beaufort Sea Coast.
WHEN...Until 10 PM today.
ADDITIONAL DETAILS...Winds gusting as high as 45 mph will cause whiteout conditions in blowing snow. Significant drifting of the snow is likely. Cold wind chills as low as 50 below zero will cause frostbite in as little as 10 minutes to exposed skin.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
A Blizzard Warning means severe winter weather conditions are expected or occurring. Falling and blowing snow with strong winds and poor visibilities are likely. This will lead to whiteout conditions, making travel extremely difficult. The latest road conditions can be obtained by calling 5 1 1.
Talitha gathered a vast amount of useful data for future drilling. The Kuparuk reservoir was found to be over-pressured. Over-pressure is your friend as long as you know you have it. It allows for higher initial flow rates and higher recoveries. #PANR $PTHRF #PANR_ALASKA #OOTT
Amazing what a bit of good news will do - from 107.4 at 10.30 ish video appears a short while later and by 13.30 we are at 115.8. -cant wait for the really big news - but of course I will - still a bit impatient though.
When we were told that "all was well now" at Theta West and testing was now taking place I rather thought that we would have heard "something" in the way of results or information. Does anyone agree or am I clutching at straws while watching a 23% drop of the sp and fuel testing £2 a gallon. Answers on a postcard please.
Pantheon Resources (OTCPK:PTHRF) plunges as much as 22% in London after saying it has suspended testing at the Talitha well in Alaska and will move its operational focus to the Theta West well.
"Operating in Arctic conditions can be challenging and have caused operational issues which have impacted the testing" of the shelf margin deltaic horizon, the oil and gas driller said.
The well update was a "mixed bag of news," Canaccord Genuity analyst Charlie Sharp told Bloomberg, as suspension of testing at the Talitha well was "disappointing" but successful remedial work on Theta West was "positive."
I know Scott posted his thoughts on timing which I don't doubt - but for a bit more clarity can any of our oilers give me an idea - bearing in mind that the rig was already being got ready for the move last weekend- what the probable schedule for testing and results might be.
First of all let me say that I have no intention of selling any shares BUT - those of us LTH will remember a place called Texas where after a number of disappointing occurrences we had a closing down sale and all eyes eventually turned to Alaska. There are some similarities here but not very many - very encouraging signs and result followed by a few disappointments. I read the RNS this morning and expected a fall back in the SP but not on this scale. A few questions come to mind - it seems that the news of the rig movement is a week behind which I find puzzling and news of any news on testing at Theta West seems a bit slow considering the news of the rig movement timing. Maybe the disappointing newss clouding my judgement .
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Having been told that after the problems with the casing, that " the company expects this would be taken care of during this week" and that testing would follow - can any of our oilmen give us an idea as to how long it might be before we hear anything.
I don't know much - but my guess is that If JC and BR are both at the Theta West site (which they are) they must be expecting some VERY big and positive news. No CEO would venture out under those conditions and endure the hardships that prevail on site in Alaska if they were unsure about the eventual outcome. They want to be up front - on the ground - and close up when the news breaks. IMHO. Well done Jay and Bob
bigdazzler accuses me of 'dangerous ramping talk' positing £10 a share value. Perhaps you'd like to follow the link in Pro's Plusone coins post at https://gofile.io/d/TlzIRS This is the conclusion to a closely argued paper by Contrarian, with oil at $80 a barrel. 'Pantheon Resources’ projects are shaping up to be the most significant projects on the Alaska North Slope since the discovery of Prudhoe Bay in the 1960s. Based on comparable projects, I estimate that the company’s projects have more than 16B of barrels of OIP, over 7B barrels of oil recoverable, and a NPV of almost $54B. At an acquisition price of $5 per barrel (compared to a $7.05 per barrel NPV), the farmout price for the company’s assets will be $38.305B. That is approximately a 4,039% upside (with all warrants, options outstanding, and convertible debt being converted into shares, which is conservative, total shares outstanding used is 826.3M) from today’s $1.12 stock price within less than 3 years – an absolutely incredible return.' $38.3bn is a little over £28bn, 27 times what we are currently worth, ie >£37 a share. He worked it at ultimately 7bn recoverable. If we scale that back to 2.2bn recoverable, the current conservative estimate, we'd get to almost £12 a share. In the circumstances, £10 a share barely reaches the level of ramping and I don't see how on earth it could be describe as dangerous.