Member Info for Scot126

16:00

Hi Pohaku - that's very interesting to hear. It does appear odd because there's been a tonne of volume on the OTC quote today (at time of writing vol is 1.65m, over 4x the ave daily vol). The OTC quote relies on the US-based market makers having sufficient liquidity to facilitate trades like yours. Perhaps they've been caught on the hop today and have drastically reduced their trading parcel size as a result?

if you are US-based, Pohaku, can you point us to any investment forums or bulletin boards where US investors or traders are openly discussing PANR? Is there a forum which UK investors can populate to help disseminate the PANR investment case? If not, no worries. TIA

00:43

chrisev1 - what on earth do you mean, "try to twist my words"? I can count at least six questions contained in my post timed at 18:36 on 2/12/24. IN response, you clearly stated, "I can answer every question..."

So I'm being perfectly serious. I 100% want to learn the factual answers to those questions? And I'm certain other forum members would too? Let's hear the answers please?

Or were you just telling porkies, chrisev1? Perhaps trying to divert attention away from some pretty serious and legitimate questions?

Answers please.

19:44

Excellent news, chrisev1. I cannot answer any of these questions so, along with the rest of the forum, I look forward to reading your answers.

Let's look at a really easy example. You say you know all the answers so has 88E received the $350k from Burgundy Xploration due by 31/10/24, or not? If you know the answer, whether it be yes or no, how do you know the answer when the company has not informed the market? This just doesn't make sense, does it chrisev1?

Are you telling porkies, chrisev1? Or are you deliberately seeking to divert attention from the answers you fear? C'mon, chrisev1, you must have learned by now that sticking your head in the sand as the 88E management runs rings around you is hardly a winning strategy?

Some further concerns, Rabito79.

1) Has Burgundy Xploration paid 88E the $350k owed, payable by 31/10/24? Forum members who assess the non-payment of this sum is a material event would do well to contact the company and the NOMAD, Cavendish Securities, in order to ensure the market is fully informed and thus an orderly market exists in the shares.

2) Is there any sign of Burgundy Xploration IPO-ing anywhere? USA, Canada, UK or Australia? I cannot find any evidence of an IPO? Happy to be pointed in the right direction? If there is no IPO and Burgundy fails to repay its share of the Hickory-1 costs, then this will leave a gigantic hole in 88E's budget. This hole will be of a sufficient size such that 88E will not be able to meet it funding commitments for the Namibian project. Surely 88E management owes its shareholders full transparency on this matter? Will 88E have to hand back any/all working interest in the Namibian assets if it fails to make the next payment? See 88E's financial obligations below:

"Stage 2: 88 Energy to pay to MELN up to the first US$7.5 million of the first well gross cost, estimated at US$12 million, to receive a further 17.5% working interest, for a total of 37.5%2 working interest."

"Stage 3: 88 Energy has the option to fund the first US$7.5 million of the second well gross cost, estimated at US$12 million3, to receive a further 7.5% working interest taking 88 Energy's aggregate working interest to 45%."

88E's Stage 1 payments have been made so shareholders must be asking how the company is going to fund the Stage 2 payment referred to above? 88E doesn't currently have the cash to meet their obligation. Are shareholders looking at another heavily dilutive fundraise, presumably off the back of some Recon Africa press attention? Is the company going to default on its Namibian commitments? What are the implications of 88E defaulting on their Namibian obligations?

3) Are shareholders content for 88E's BoD and management to continue to collect their salaries, ad infinitum, from the dribble of cash generated by Project Longhorn?

4) Are UK shareholders aware that 88E's Aussie quote values the company at either £15m or £30m depending on whether the closing price is $0.001 or $0.002? Astonishingly, the UK mkt cap continues to hover around £26m (@0.09p), thus ignoring the increasing proportion of time/value 88E's Aussie quote is registering at $0.001 these days.

11/11/24 @ 14:10

Hiya Brom - on 11/11/24 you posted the following:

"As for 88E we are still awaiting news as to whether Bex have paid the US$350,000 due by 31/10 and whether Bex have made progress on listing, someone did mention Bex were considering a listing on London Stock Exchange but nothing there or as far as I can see OTC."

Brom - would you please use your excellent relationship with 88E leadership ("I've always found they reply to me very quickly") to inform the forum whether the money owed to 88E by Burgundy has been received? Do you agree that *if* Burgundy has not made the payment you described above then that would qualify as an announceable event, and thus the BoD and their advisors ought to publish an RNS immediately addressing the matter?

*If*, and I repeat *if*, the payment has not been made, is it your assessment that it will now be highly unlikely that any further operations at Project Phoenix will take place for the foreseeable future?

I had heard Burgundy looked at the TSX as a possible listing venue. I've checked with contacts and have not been able to identify any plans for Burgundy to list in Oz, UK, Canada or USA. Can any forum members point us in the right direction? Does anyone know where Burgundy are planning to IPO?

*If*, and I repeat *if*, Burgundy has not received sufficient support for an IPO, and otherwise failed to raise more capital to meet its historical obligations to 88E, then you would surely agree that Project phoenix looks to have a very bleak future, just like historical failed projects at Peregrine, Yukon and Umiat?

Brom - you have previously voiced your concern on this forum that 88E does not appear to have sufficient cash to meet its obligations to its Namibian partners. If Burgundy cannot or will not pay 88E any more cash, and with Texas not paying for 88E G&A quite yet, when do you think 88E will look to raise cash from shareholders and the market? What discount will have to be offered to potential investors/traders to tempt them to invest in a future fundraise? Do you think 88E management will try to leverage off news from Recon Africa?

Brom - do you assess 88E is overvalued at a mkt cap of US$33m?

Whilst I have your attention you never did get back to this forum with an answer to the following questions. Is Erik Opstad still employed by 88E? If not, why not? Is the 88E BoD investigating the circular invoicing => private placement => immediate share sales activity which occurred in 2021 and 2022 between 88E and ELKO, Erik Opstad's Alaskan oil services company? If not, why not? Is the BoD investigating why it was that ELKO's cost overruns at Project Peregrine ran over 2x budget? Has the 88E BoD referred itself to the ASX and ASIC over these alarming governance concerns? If not, why not? TIA

9/11/24 @ 13:52

Brom - I continue to be in awe of the breadth of your skillset. in the post referred to above, you informed the forum about the original Alaska Natural Gas Pipeline Act of 2004 and how it will have to be amended before the SoA/AGDC is able to make use of the Federal Loan Guarantee created by the Act.

The first updated piece of *factual* information I'd like to impart to the forum is that Frank Richards, President of AGDC, informed the Alaska House Resources Committee today that an inflation tracker was attached to the 2004 Act. As a result, the original loan guarantee figure of $18bn has risen to "between $31-32bn currently".

The second piece of information is that the 2004 Act will not necessarily need to be amended as you stated so confidently. Rather the regulations set out in the Act will need to be completed within the Dept of Energy. I'm sure being the storied jurist you are, you know the difference between amendments to clauses in an Act v's regulations set out within?

Now then, whilst I have your attention about legal matters, you never did get back to this forum with an answer to the following questions. Is Erik Opstad still employed by 88E. If not, why not? Is the 88E BoD investigating the circular invoicing => private placement => immediate share sales activity which occurred in 2021 and 2022 between 88E and ELKO, Erik Opstad's Alaskan oil services company? If not, why not? Is the BoD investigating why it was that ELKO's cost overruns at Project Peregrine ran over 2x budget? Has the 88E BoD referred itself to the ASX and ASIC? If not, why not?

Oh, and has Burgundy paid the sum outstanding due to 88E by 31/10/24? Delighted to be corrected but I *think* it was US$350k?

Live link to Committee meeting below

hTTps://www.ktoo.org/video/gavel/house-resources-committee-2024111013/?eventID=2024111013

Dear All - the link below takes you to the Alaska House Resources Committee webpage. The Committee is due to meet remotely on Tuesday, 19th November at 1pm Juneau time, 10pm London time. If you click on the Documents tab you can download in advance the slide decks due to be discussed and debated.

hTTps://www.akleg.gov/basis/Meeting/Detail?Meeting=HRES%202024-11-19%2013:00:00#tab2_4e

I'll certainly attempt to listen in. Others may care to do so also?

Another piece of the jigsaw......the market is yet to fully wake up to the implications for PANR if the gasline receives the greenlight - with PANR the *sole* provider of natural gas in Phase 1 of the project. As the company has described in recent webinars, the gasline moving ahead will unlock access to external capital up to the value of approx $250m. The market a) is totally unaware of this or b) is disinclined to impute any value to PANR until Governor Dunleavy signs on the doted line.

Members of this forum who have reviewed the recent videos and 'on the record' statements by President-elect Trump and Governor Dunleavy about the future construction of the gasline *and* LNG export facilities are a couple of steps ahead of the market IMO. If and when the market becomes aware of PANR's crucial role within Phase 1 of the project (the gasline, costing $11bn) then I contend they will not be able to buy PANR shares under 30p, or even 50p.

Perhaps the House Resources Committee meeting will be the nudge the market requires to wake up to the upside risk of the PANR investment case?

Times article in full below, written by Louisa Clarence-Smith, 11/11/24 @ 7pm.

"Trump backing for Alaska gas pipeline boosts UK-listed Pantheon

Company announces plans to start drilling in the region after president-elect vows to ensure the project gets built

Donald Trump’s support for a natural gas pipeline in Alaska has helped to lift shares in a UK-listed oil and gas explorer by more than 20 per cent.

Pantheon Resources has interests in the Alaska North Slope basin spanning about 200,000 acres. [scot126 - 260k acres]

The company announced plans on Monday to start drilling a well to explore oil fields in the region after Trump vowed to kick-start Alaska LNG (liquefied natural gas), a long-planned pipeline project. [scot126 - writer means spudded Megrez this weekend]

The 800-mile pipeline will transport natural gas from the North Slope to south central Alaska for export. [scot126 - and to supply Alaskan residents plus industrial demand]

The president-elect vowed on Friday to “ensure the gas-line project gets built to provide affordable energy to Alaska and allies all over the world”.

In a statement, the company said: “Pantheon was greatly encouraged by the supportive words made by the president-elect and the governor of Alaska last week with respect to their intentions for progressing the proposed Alaska natural gas pipeline.”

Pantheon Resources said on Monday that it would start drilling the Megrez-1 well to explore the Ahpun oil fields near the [proposed] Alaska pipeline and road infrastructure. The drilling will target an area which the company estimates to contain 609 million barrels of crude oil and 3.3 trillion cubic feet of natural gas. Shares in the company closed up 5½p, or 24.5 per cent, at 28¼p.

Pantheon was listed on London’s junior Aim market in 2006 as an independent UK-based oil and gas exploration company. In 2019 it acquired the oil assets of Great Bear Petroleum, a private company with a portfolio of properties on the Alaska North Slope.

American liquefied natural gas developers awaiting permits for new export projects have been counting on a second Trump administration to ease the way for their multibillion-dollar expansion plans. [scot126 - NB. Alaska *already* has LNG export permit]

Trump has promised to end an expanded Department of Energy review that has slowed new export permits. President Biden had paused some export permits and asked the department to evaluate the effects of new LNG projects’ climate and economic impacts.

Oil and gas producers expect Trump’s second administration to streamline permit processes relating to fossil fuel extraction and distribution that should result in a climb in US oil and natural gas output. Firms that export liquefied natural gas, crude oil and refined fuels are expected to benefit. The move could also encourage further growth in US export capacity of those products."

scot126 - very welcome coverage. Good stuff.

13:36

You sure about that, Ddraig?

hTTps://www.nyse.com/markets/hours-calendars

HTTps://youtu.be/6b7iwv_t0H8?si=FezUoEX42IIfeP-f

6min interview with Bob and Jay just published. In be terms, Megrez-1 is targetting over 1 billion barrels boe. Just listen to Bob's excitement at drilling a well such as this (up to 3x orders of magnitude better reservoir properties v's the Alkaid ZOI at Alkaid-2!!!!). 70% CoS.

Stock is massively mispriced. Suspect when the Americans notice this news (pipeline and Megrez-1) PANR shares will not be trading in the 20's. I added to my position earlier this morning. Make of that what you will.

17:12

Lolololololol, you wish, darientaylor. Not a chance it'll open down, not a chance.

11:08

Hiya Brom - still seeding disinformation, I see. Let's add a bit of context to your post timed at 11.08am, shall we?

Correct, PANR does not have an exclusive deal to supply natural gas to the proposed pipeline. However, unlike the gas contained within the other North Slope O&G fields, PANR's gas is very low in CO2, under 3%. This makes PANR's gas "pipeline-ready", meaning it doesn't need any pre-treatment prior to entering the pipeline.

It would be absolutely fantastic news if the pipeline ***and*** export infrastructure were both constructed. And, judging by President-Elect Trump and Governor Dunleavy's on the record comments last week, that's exactly what is going to happen. But here's the thing. The construction of the export infrastructure including new infrastructure required to accept non-PANR natural gas up on the North Slope will take longer to complete than the pipeline itself. Thus, it is a strong possibility (probability?) that for a period of perhaps 2-3 years PANR will be the *sole* supplier of natural gas to the pipeline transporting natural gas to southcentral Alaska for domestic and industrial use *within Alaska*.

Once the export infrastructure is constructed (total export infrastructure cost is $33bn v's pipeline alone costing $11bn, so project total is $44bn) there is no question the other North Slope operators will be sending their plentiful gas down the pipeline to be turned into LNG and exported to Japan, South Korea, Philippines, etc.

So, PANR's gas will be absolutely crucial to the narrative supporting immediate construction of the pipeline and all the attention will initially be centred on PANR's asset.

But there's something else I note Brom has curiously failed to mention. AHS Baker Hughes found that the BFF at Theta West-1 contained oodles of helium. If you look at a map of PANR's acreage, I'm talking about the north-western area of the Kodiak field. Helium can be transported down the gas pipeline, treated in Nikiski and exported around the world. It may take a while for analysts to pick up on this matter, but there's now an argument that the value of PANR's helium could (should?) be added to analysts' models. (US1bn+)

Forum members should be under no illusion. PANR is *easily* the most leveraged play on the confirmation by Trump and Dunleavy that the pipeline and export infrastructure are to be greenlit after the inauguration. Regular readers will know that I'm an investor rather than a trader. That said, tomorrow morning I expect the stock to gap up on the opening. Yep, we may very well be hearing about the spud of Megrez-1 but the more consequential news, in the short term at least, will be the US investment community actually waking up to the presence of PANR.

The market is currently valuing each PANR barrel of oil in the ground at c.US20c and attributing no value whatsoever for PANR's gas and helium. I'm not saying it will, but PANR ***ought*** to be in the 30s tomorrow, maybe higher.

Dear All - every forum member needs to watch this 2 minute clip as President-Elect Trump describes his plans for Alaska in his second term. He's going to ensure the pipeline goes ahead. Objectively, this is fabulous news for PANR. Yep, we might very well receive an RNS confirming spudding of Megrez-1 on Monday morning but this pipeline confirmation will massively de-risk the PANR investment case too. It will also assist the company in educating the US investment community about PANR. All else being equal, the SP should gap up on opening on Monday, on the gas pipeline news alone.

hTTps://www.facebook.com/GovDunleavy/videos/president-trump-addresses-alaska/514641971572044/

Dear All - please see below the latest post on X by the company. Sounds like the weather has slowed things up a tad this week. I would suggest there is no way on earth the company would have gone ahead with this tweet unless they were pretty confident they'll be publishing a spud RNS early next week. Game on!

hTTps://x.com/PantheonResour1/status/1854849854851211530

[Part 2, continued from Part 1 below]

"Alaska is a resource state. It’s the lifeblood of our state. So I would anticipate more opportunities in oil, more opportunities in gas. We are getting closer and closer to the realisation of a large gas line in the state of Alaska as a result of economics, as a result of permitting processes and as a result of what’s happening around the world. Alaska will soon be a player in the gas world, internationally like we once were, when we exported gas from Cook Inlet to Japan for over 50 years."

"…..after this election I really believe the next four years could be some of the best four years we’ve ever had. And so I’m looking forward to working with the President on behalf of Alaska."

hTTps://www.facebook.com/GovDunleavy/videos/the-future-of-alaska/873837411545792/?mibextid=WC7FNe&rdid=sjkwgn5fsddUGFPO

end/

Dear All - I finally managed to access the short 4 minute piece to camera Governor Dunleavy filmed from behind his desk (see link below). IMHO when he spoke about Alaska becoming a player in the international gas market again, he sounded extremely sure of himself. No caveats or uncertainty in the tone of his voice.

Personal view. The Alaskan gas pipeline (US$11bn cost) ***and*** the export infrastructure (US$30bn cost) has already been a topic of discussion with Team Trump. I simply cannot see a Republican Governor, who is being considered for a cabinet post, speaking in such a manner if he hadn't been given the necessary assurances the Federal govt will support/facilitate the Alaskan LNG project.

I don't know when we'll next hear from Dunleavy but I've seen and heard enough to suggest that, all else being equal, PANR's investment case is about to be *materially* de-risked. If you feel as I do and have scope to increase your position, I'd give it serious consideration on the back of events in the US this week.

I've done my best to transcribe the most pertinent parts of Dunleavy's 4 minute piece to camera which was filmed on Wednesday after Trump was confirmed as the winner. I'd strongly encourage all forum members to review all these post-election Dunleavy interviews. Look at the body language as well as listening to the content. I contend this is the delivery of a governor who is *very* confident about what is to come in the very near term. Perhaps the WoodMac final report will come first? Prepares the ground for a post-inauguration announcement from the new Trump White House?

“So what does a new Trump administration mean for Alaska? I’ve already had discussions with Donald Trump about Alaska. And luckily for us, he looks very favourably upon Alaska."

"He is going to help us really take advantage of our opportunities here in Alaska. He sees Alaska’s oil resources, our gas resources, our mining resources, our timber resources, our location on the globe, our military, as assets not just for Alaska but as solutions for the country’s problems."

"So what can we anticipate? I would anticipate very quickly a lot of opportunities being restored to Alaskans."

[End of Part 1, see above for Part 2]

Trying to be icily objective, and I readily admit it is difficult, the probability of the gas pipeline going ahead has surely increased as a result of Trump's victory?

I'm also wondering whether the possibility of the full Alaskan LNG export project going ahead may now move towards becoming a distinct probability? Japan and South Korea will want to show their intent to increase trade with the US in order to please a transactional President Trump, thereby ensuring a continuing US military presence in the region to contain China's geo-strategic ambitions.

Let's face it, *any* concrete progress on the gas pipeline is an undoubted positive for the PANR investment case. And, I contend, a *material* positive.

I do certainly take the point about "Drill, baby, drill" and unforeseen geopolitical shifts which *could* see the POO fall. I suspect PANR could handle a lower POO environment, with its relatively low breakeven numbers, and that the positive effect of the gas pipeline going ahead would more than offset a macro-influenced reduction in the POO.

All that said, I pray Trump doesn't withdraw the US from NATO. And I'm awfully worried about the future of Ukraine and the Ukrainian people.

PS I note Governor Dunleavy has already tweeted out his congratulations to Trump.

Exec Chairman and 3 NEDs have collectively purchased £55k worth of shares @ 21.2p. Please bear in mind when reviewing their total shareholding that David Hobbs and Jeremy Brest invested their own capital to buy all their shares. No gifts, all purchased with their own cash.

I hope and trust forum members realise how unusual it is for an AIM BoD to be so tightly aligned financially with the wider shareholder base. No ifs, no buts, this attitude is to be commended.

Forum members will all be aware Megrez-1 is about to spud in the coming hours/days. It's highly likely the company will limit insider share dealing during the drilling period. Thus, to read that 4 directors have purchased shares at the prevailing market price in the period immediately before Megrez-1 spuds is a genuine sign of support and confidence in the company's drilling plan.

Good stuff and a welcome sign of insider confidence. Stock moves up IMO.

21:24

Hi mymoney88 - question please. Why exactly will 88e's SP move up soon?

A reminder. 88E's northern neighbour is about to drill a well targeting 609mmbo contained within "wholly conventional" sands - with porosities of 20-25% and permeability of 5-35mD. These reservoir properties are orders of magnitude better than those collected in Project Phoenix.

Speaking of orders of magnitude, PANR's contingent resources across their acreage is vastly superior to 88E's numbers.

PANR's Megrez-1 is due to spud "in the first week of November". We all acknowledge the market's attention can move on pretty quickly if E&Ps aren't active on the ground. I agree with Brom's fears posted earlier today where he stated he was concerned about 88E's capacity to fund the next tranche of cash due to be directed to Namibia. We already know nothing will be happening on the ground in Alaska unless Burgundy Xploration sources sufficient capital to grant 88E a free carry on future activity at Phoenix in return for increased working interest in the acreage.

Chances of a farm in by A.N.Other? Leonis is possible, I suppose? Not enough is known about that acreage to make a solid assessment IMHO. Phoenix farm in? Rational 88E shareholders must surely ask themselves......why would an external party farm in to Phoenix when the northern neighbour's asset is far larger, possesses far better reservoir properties, is years ahead in its appraisal of the asset and has already been declared commercial by multiple external experts, regulators and consultants?

And what is the market currently valuing each PANR barrel in the ground? Approx 13c per barrel. Does this forum have the equivalent number for 88E? I look forward to comparing the two valuations.