Member Info for Scot126

12/3/26 @ 17:44

JackOfDiamonds - you posted the following, "Phoenix: We all know about this. Wait until April or May to see if IPO goes through. This is the biggest news of the year."

I agree that it would be big news if Burgundy's IPO gets away and they raise sufficient capital to proceed with their plan to drill an horizontal well at Phoenix in 2026. The thing is, this already difficult challenge became even more difficult with the news from PANR last week.

PANR announced last week that it's not going to proceed with any operations whilst negotiating a farm out. Unfortunately for 88E and Burgundy, this means PANR will not, for now, be re-starting their flow test operations at Dubhe-1. The horizon being flow tested at Dubhe-1 is the same SMD-B horizon which Burgundy is planning to target and test in their proposed horizontal well at Phoenix later this year. Burgundy will have been praying PANR recommenced its Dubhe-1 operations in the Spring, announced commercial flow numbers, after which Burgundy could go out with an analogue well/reservoir narrative and raise some cash.

Imagine a Burgundy IPO roadshow meeting now that PANR is delaying Dubhe-1.

Fund Manager (FM): "So, Mr Burgundy CEO (BEX CEO), your presentation sounds exciting. I note your neighbour to the north, Pantheon Resources, has drilled a horizontal well targeting the same SMD-B reservoir as you're planning to drill. So Dubhe-1 is a direct analogue to your proposed horizontal well at Phoenix, correct?"

BEX CEO: "Yep, that's right."

FM: "But hasn't PANR suspended their Long Term Production Test at Dubhe-1 after retrieving to surface around 50% of the frack fluids?"

BEX CEO: "Yep, that's correct."

FM: "And hasn't PANR just informed the market that, rather than recommencing the Dubhe-1 flow test in the Spring/early Summer, they've decided to put that on hold for now as they negotiate a farm out?"

BEX CEO: "Yep, that's true."

FM: "In that case, why on earth would I give you precious capital to drill an expensive well targeting the exact same reservoir, the SMD-B, when the flow test from the analogue PANR well is inconclusive and, for now, there's no timetable for PANR to recommence operations at that analogue well?"

BEX CEO: "Erm, er, er........"

FM: "This just doesn't make sense. Why would you, 88E and potential IPO investors not wait for a definitive decision from PANR as to whether they plan to recommence operations at Dubhe-1, and for confirmation that the SMD-B is a commerical reservoir? What if Dubhe-1 confirms the SMD-B is non-commerical and you've just sp*nked $40m of IPO investors' cash up the wall when, if you'd waited for the Dubhe-1 results, this could all have been avoided?"

BEX CEO: "Erm, er, er....."

JackOfDiamonds, BEX may or may not get their IPO away (next 88E deadline is end of April) but I suggest relying on the Phoenix narrative alone to attract IPO investors will not work. I doubt a well will be drilled at Phoenix in 2026, do

Dear All - a few thoughts.

Michael Spencer's net worth is estimated to be c.£1.2bn. I would suggest that he would not have accepted this role, and attached his name and reputation so publicly, unless he intends to ensure significant value creation for all PANR equity holders.

I speculate that the new NED, David Wilkins, is connected with Spencer's appointment and likely whose research and analysis gave Spencer the confidence to step up to chair the company.

There is now massively significant jeopardy to shorting PANR, or indeed being underweight IMO.

"....during the period when farm in discussions are in progress, with a number of companies actively engaged in the Company's data room at present....."

***Note the present tense***

Instead of David Hobbs sitting across the table from potential farm in partners, PANR now has Lord Spencer (plus whatever team of industry experts he elects to advise him) acting on shareholders' behalf. Put it this way, based on their respective professional achievements I know which individual I would prefer to have working for PANR shareholders!

The RNS confirms that the new board's primary focus will be on negotiating a farm out deal which will deliver value for PANR shareholders. Presumably this will see Theta West-2 drilled and tested this coming winter season, 26/27?

We are informed by Spencer that there are ***mulltiple parties*** currently in the PANR dataroom. I had feared David Hobbs would sign the first deal sheet passed over the table to save his a$$. I no longer have that fear. I have faith that Spencer, even if only for his own financial best interests, will ensure a competitive process and the toughest representation for PANR's equity holders.

Also, with Lord Spencer now publicly stepping into the Chairman's position, I strongly suspect this will open doors in the City and buyside institutions. This announcement will surely raise a few eyebrows in the financial markets and will, at a minimum, lead to a reassessment of PANR's investment case for those who have it on their watchlist.

The stock is a raging Buy today. I think this news will have surprised the market. I'm a buyer.

Holeeee oil spike, Batman. There's nothing in the presentation which would come anywhere close to justifying an 80% SP rise in Oz. It's macro, Straits of Hormuz, penny stock speculation, Ayecuramba....and you know it.

Get back to us when/if Burgundy manages to raise any money in their proposed, and long-delayed, US IPO.

More progress for Alaska LNG.

hTTps://thealaskastory.com/totalenergies-signs-lng-offtake-deal-with-alaska-lng-under-preliminary-agreement/

14:14

Hi BazzT - bringing you up to date, the current holdings of 88E insiders are as follows:

1) CEO Ashley Gilbert owns 2,175,000 ord shares (c. £22k worth)

2) NED Stephen Staley owns 573,708 ord shares, post consolidation (c.£5800 worth)

The previous Chairman resigned in August '25 after 4 years leading the BoD. When he resigned he didn't hold a single share.

19/1/26 @ 20:44

Phrontist - I suspect you need to update your understanding of 88E.

Long gone are the days when 88E were encountering bitumen-type grades of hydrocarbons. Both 88E and its northern neighbour have, when intersecting hydrocarbon-bearing horizons in their adjacent acreage, encountered very light oil with APIs in excess of 35 degrees.

I take your point about the experience of Burgundy management v's 88E's. That said, I can only imagine the massive disappointment amongst the Burgundy principals when they read the NN's various RNSs in December concerning the Dubhe-1 well. Burgundy and 88E's primary focus at Phoenix was on the same SMD formation targetted by the Dubhe-1 appraisal well. Being icily realistic, how on earth are Burgundy going to get a US IPO away if the direct analogue well a few miles north has proven inconclusive thus far?

Imagine Burgundy management on their IPO fundraising roadshow.....the fund manager or family office executive asks if there have been any local wells drilled in the SMD formation? Yep, reply Bex, just up the road where the NN has spent over $35m on a horizontal appraisal well and it's.....inconclusive. If you're anticipating a successful Burgundy IPO any time soon, with Project Phoenix as a central part of their portfolio offering, then you're a far more optimistic fella than most observers of this stock.

[Actually, being a NN shareholder, I *can* imagine how the Burgundy principals felt when reading the NN's RNSs in December!]

I have zero opinion on the Leonis or Namibian assets so I wish 88E stakeholders every success in advancing their interests in those projects. If, however, forum members are relying on a Burgundy-funded drill at Phoenix some time in 2026 then I suspect you'll be disappointed. Even if Burgundy was cashed up (which they don't appear to be hence the requirement to IPO in the US to raise capital), then why would they not wait until the NN's final assessment of the results of the Dubhe-1 well later in the year? I can literally think of no reason why Burgundy wouldn't wait before committing tens of millions of dollars on a drill, can you?

Thanks very much for that news, slackbladder.

Important announcement from Glenfarne. Note Exxon, Hilcorp and Conoco news, especially the spur gasline to Point Thomson.

hTTps://www.businesswire.com/news/home/20260122823481/en/Glenfarne-Announces-Major-Phase-One-Alaska-LNG-Milestones-with-Construction-Line-Pipe-Supply-and-In-State-Gas-Agreements

hTTps://thealaskastory.com/breaking-alaska-lng-moves-into-execution-phase-glenfarne-announces-including-enstar-agreement-for-purchase-of-gas/

This is a big deal, folks. I expect big volume for PANR today.

The Glenfarne announcement was made 2 hours before Governor Dunleavy's final State of the State address to the Alaskan legislature. Head to about the 1 hour 33 min mark and listen for the next 15-20 mins. Brendan Duval (founder of Glenfarne) was in the audience so this was all clearly choreographed. Dunleavy even got Duval to stand up and he received a standing ovation. Sounds like this is the final big announcement before FEED on Phase 1 of the project.

hTTps://www.youtube.com/live/f8X7wwshKHM?si=YIVFg1Mqaw5izg4B

19:52

Be under no illusion, SeaHawk, David Hobbs authored the RNS published on Tuesday. It is most certainly not Max's fault that the company chairman does not understand the equity markets and refuses to listen to advice about how to communicate with shareholders of a retail-owned AIM E&P company.

FWIW, the A.D.V.F.N.. "Not moderated by the Guild" forum is unreadable. The Guild, OTOH, offers shareholders valuable insight IMO. Contact "swendab1" to apply for membership. I *think* membership is around the 250 mark, fyi.

00:56

Agreed Stas20. I'd further reinforce Hobbs' following statement, "There's nothing in the flow back that takes us out of the envelope of our (management) expectations pre-well."

A very poorly worded RNS yesterday IMO. The Proactive interview is clearly seeking to address the self-inflicted damage done by the needless wordsmithery of yesterday.

Stock moves up. And I have great sympathy for those who felt compelled to sell yesterday. A poor show all round.

Just communicated with company. Any bulletin board post about wall-crossing and placings are categorically denied, on the record.

Scot126 - anyone posting these lies is coming an offence.

Buy, sell or hold PANR but do not base your decision on unlawful posts about wall-crossing and placing. Not happening. Plus, no-one in their right mind would undertake such an exercise during a period where frac fluids are still being recovered.

Happy to be quoted on this.

00:49

Hi Olderwiser - Thanks for providing the link. Extremely informative.

Amongst my many physical imperfections, my eyesight is pretty average. I'd be grateful if viewers of the Glenfarne vimeo presentation would head to 15:45 and then pause the video. Have a look at the map and try to focus in on the yellow star located on the Dalton Highway just south of Deadhorse. I cannot be certain but I *think* there's a mention of PANTHEON where a) PANR's acreage is located and b) around the point where management has suggested PANR will tap into the proposed gasline.

*If* my eyes aren't deceiving me and Glenfarne is including this detail in its public presentations/slides, then I admit to feeling much encouraged by this news. There is no question in my mind that, next to PANR shareholders, Glenfarne will be waiting intently for the results of the Dubhe-1 flow test. It's pretty clear Glenfarne's path of least resistance to delivering the Alaska LNG project on time and on budget relies, in no small part, on PANR's capacity to provide non-corrosive, ultra-low CO2 natural gas to Phase 1 of the gasline.

FWIW, these last few days whenever the visibility is good at Deadhorse airport, the flare is fairly easy to spot. So far, so good.

[Scot126 - on the other forum, folk are indeed confirming GREAT BEAR PANTHEON is a detail on Glenfarne's map. Great stuff.]

23:01

Is that right, chrisev1? Preposterously, the RNS dated 20/11/25 did not inform shareholders the cost of securing those leases. I'll admit to being genuinely surprised that none of the UK advisors, especially the NOMAD, didn't compel the company to to be fully transparent as to the costs of the leases secured in the latest auction. Then again, we're talking about 88E here, aren't we? "Transparency" and "88E" are not often found in the same sentence, unless "lack of" is kicking around too!

Still, chrisev1, I'm sure you'll have already inserted the cost of these latest leases into your financial model of 88E. I'm sure your fellow forum members will be grateful when you share that number with them. Perhaps the forum's most active member, Brom, will steup up with this fundamental information. Brom is extremely well versed in manouevering around the SoA govt websites so I'm sure he'll be only too happy to help. Funny how he's moved over to the NN's forum.......

07:56

Hi WindInTheWillows - agree with your testimony about the flare over last 48 hours. So far, so good.

06:06

Agreed Bonzo93. This latest series of images from Deadhorse airport displays the most consistent evidence of a sustained flare since PANR began the flow testing of Dubhe-1. So far, so good.

07:58

Agreed.

07:17

Yeah, Rocket79, absolutely identical. Apart from the fact the SMD horizon has been penetrated by at least 5 wells previously and successfully flow-tested at Alkaid-2 v's Megrez targeting ***virgin ground***. Idiot.

If you're going to troll, at least do us the honour of doing minimal research and getting your facts correct.

Logical thought for forum members to consider? If events at Dubhe-1 were not going according to plan, Max would not be speaking/presenting at a public conference in Alaska tomorrow. IMHO the NOMAD would have pulled the plug on public appearances if things were going anything other than "according to plan".

22:01

Hi Sean1151 - it's rare to view, in real time, a cretin's downfall as he forgets to switch usernames before hitting the "send" button. Today I am truly grateful we were given the privilege of witnessing a stunning example of the ineptitude of the modern day troll. That said, I reckon I'd be equally embarrassed by spelling courteous in this splendidly preposterous manner: "curtious". Hats off to you, leesteuk/marcianofan, what an effort!! Lolololol! No need to darken this forum ever again, eh? Still, I suppose you'll get your sub-IQ rocks off in some other corner of social media.

08:48

For the love of God, gaztop49, just stop repeating your made up nonsense about an operational RNS being tied to news on the completion of the proposed US listing. I digitally brutalised you for repeating this gibberish in the past. Does this forum *really* need me to repeat the exercise? Just stop it. Every time you repeat this fantasy you confirm your ignorance. Best to remain silent, eh?

Baker Hughes announces partnership with Glenfarne.

Outstanding news.

hTTps://investors.bakerhughes.com/news-releases/news-release-details/glenfarne-baker-hughes-announce-definitive-agreements-advance

The smaller white light a) has a very similar appearance to that of the Alkaid-2 ZOI flare, although in a different location of course, and b) has been present on the camera footage for a few days now. Showing fairly intermittently at first but becoming more sustained as time goes on.

All *appears* to make sense.

Hi Marmaris - if you follow the arrow to its end point, there's a smaller white light at around 2 o'clock of the runway orange light. Trust that helps.