George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Hardly surprising GG, Scot, like many many others - myself included, are finding your endless postings more than a little repetitive and tedious. I would also like to add my request for the answer to -"if you have sold out why oh why are you still posting here"? - have you nothing else better to do?.
With the attention seemingly now focussed on Alaska and Texas being almost forgotten it would seem wise to look at what the oilmen are saying. As I have said before -I have only the knowledge I have picked up is here and on other boards to support my flagging hopes. It seems that much should or might be happening before the end of April and there seems to be a great deal of optimism about the newly acquired acreage in Alaska with many guesses as to the future share price. I allowed myself to start looking to see if I could think about putting the panic room on E Bay as Mrs Chippy has quietened down considerably with the possibility of seeing daylight again.
I then read that IF repeat IF the work that is scheduled to be completed by mid April on the 3 sites showing the most promise, doesn't get done by the due date - THEN - the melt starts and and all site work will stop until November.
Now those of us with long memories will remember that PANR do not have a very good record in this regard. Remember Texas. Remember it - Im still having therapy. I have just googled "long stays in panic rooms" and can find no sensible advice at all - they're coming to take me away ha ha ha ha!!! They're coming to take me away.
Perhaps we should form an internet group and call ourselves "The PANR bewildered". Having found oil in Texas and then closed in the well only to find serous issues some time later, our BOD seem to look on this course of action as successful enough to employ the same again in Alaska. My oil knowledge is limited to what I have picked on this and other boards but I am puzzled by the apparent need to keep the oil in the ground at all costs. What are we waiting for? - no apparent amount of logic can be applied to an exploration company that looks for oil - finds it - and then doesn't move forward and get it out of the ground. We were we told in May 2017 that (paraphrasing) on the VOBM 2 the log and seismic responses were excellent and that Pantheon believed that the potential was significant. It was between the VOBM 1 and 3 wells that these were "commercial discoveries" Happy Days ? apparently not. We are still waiting. Should we still be waiting in another 1 1/2 years - possibly who can tell
. Can anyone enlighten me ?
Was this really an AGM - any approval of the last AGM's minutes? any matters arising from minutes ? - reports yes any questions? yes - any AOB? - there certainly was a - "please hurry up boys we know you've waited 13 months for this meeting but we've got another meeting in next to no time and need to dash - so er sorry".
It would appear that the GB acquisition could bring untold benefits to us all - but it would seem to be a continuance of the "jam tomorrow" story. As far as not bringing Alkaid into production after testing - haven't we been here before - in Texas? Is that why Bob R was bought in - because he fits the company profile, as I have said before I have no oil industry knowledge but listening to those that have would seem to cast doubt on the wisdom of this course of action.
Please forgive my cynicism but all the apparent good news and great indications won't mean a thing. As Marmaris has said oil in the ground is not something we can spend.
Quite a reasonable view GG. What puzzles me George is that if they are working on the assumption that the AGM WILL be held in December, why not give a date? - even a late date - that would enable the long suffering shareholders that want to attend the opportunity to make arrangements. We do have other things in our lives. I have said many many times that even if we ignore the production and decision making "difficulties" that have got us to this point - PANR's record on the communication front is appalling.
I suppose that we really shouldn't be too surprised that despite a promising RNS that we are in a downward spiral yet again. How many companies that have a history of having an AGM and the issuing of final results in December each year would be unable or unwilling to announce a date for said meeting on or before the 7th. The market could be forgiven for assuming the worst with PANRs track record of poor performance. The jam tomorrow syndrome that we have all been fed for too long now is unsettling to say the least.
Did I really just say "unsettling" - what an understatement that is.
VOBM#1 sidetrack and future operations
Pantheon confirms that the operator has identified two appropriate drill rigs for the planned sidetrack of the VOBM#1 well. Discussions are presently underway and aim (subject to contracts and scheduling) for spudding as early as late July. The original VOBM#1 well was tested at 1,500 boepd on a 12/64th inch choke before production was subsequently impacted by collapsed casing. The VOBM#1 sidetrack is considered to have a high probability of success by the operator.
Does anyone know if this forecast of spudding made on the 4th of June (our last operational update) came to anything - "as early as late July" was a guesstimate I know but a 6 week miss and counting - seems more than being wide of the mark - or have I missed something. Bobby Grays sad passing would surely not bring things to a complete halt?
Your loyalty here is admiral - with your industry knowledge you can be forgiven for the occasional "rant" at the obvious problems that could have been prevented. That - plus the almost unbelievable bad luck that they have had would have tested the patience of Jobe. Your wise words will keep me sane and perhaps I can buy some patience off eBay.
Thanks M
VOBM#1 sidetrack and future operations
Pantheon confirms that the operator has identified two appropriate drill rigs for the planned sidetrack of the VOBM#1 well. Discussions are presently underway and aim (subject to contracts and scheduling) for spudding as early as late July. The original VOBM#1 well was tested at 1,500 boepd on a 12/64th inch choke before production was subsequently impacted by collapsed casing. The VOBM#1 sidetrack is considered to have a high probability of success by the operator.
Pantheon also confirms that in Tyler County, negotiations are in late stages for the processing and transportation of natural gas for the VOS#1 and future Tyler County operations.
Has anyone any idea about any real progress on the above?
Following the low of 15.5p on the 6th of August we had an RNS on the 7th that gave the market and LTH a crumb of comfort. As we are heading in that direction once again, I wonder when we will get any good news - the last hoped for forecast of "as early as late July" has come and gone and no indication as to ("this week next week sometime never") when we might hear something positive by way of a change.
Communication - communication - communication, Jay - have a bit of consideration for your shareholders - please!.
Quite right - oil did flow - until it all went wrong . Please note - oil isn't worth a light until its ABOVE ground. How much have we sold - zip - how long have we been waiting for good - tangible news - far far too long - and still waiting - I have grown tired of waiting - bur am still here and will remain here.
Thanks FF I may be guilty of sounding more down than I am. I am here because there is no alternative for me. Having said that I have written off the funds that are dwindling down on a daily basis. My choice - my problem - not that its a life changing issue but still disappointing all the same. I WILL stick it out for better or for worse - if it goes -it goes. Thanks anyway
Like many others on this BB I have been a long time admirer of the the knowledge experience and viewpoints of Marmaris. It is sad to seen how his viewpoint has changed over the years - from being a huge fan of PANR and its management, we are now seeing how long periods of waiting for results has ended in total frustration. I wanted to go back through his previous postings to recap and cannot understand why they are listed as being only 19 all time postings. Can anyone explain this.
Quote "I've traded in and out so I think you are being a little Unecessary with your negative opinions".
Please tell me on what basis you think we LTH should have more positive opinions. I am so far under water I am beginning to wonder if I will live long enough to see daylight again. Nothing repeat nothing in the last year has given anyone - and I include very experienced oilmen here - any hope for the immediate future. I was very optimistic about the short and medium term here - thats why I invested - and on the back of all the predictions - invested again.
I take no joy in saying that I am in no position to bail out - its a bad idea to try and breath in the water that is in front of you.