Member Info for Scot126

16/3/24 @ 10:04

Hi Midnight7 - answering your points in turn.

1) Not in my experience, they don't. And I used to draft RNSs for multiple companies!

2) Agreed. Having said that, I have no philosophical problem with shorting, done it plenty of times myself. Where I have a massive problem is greedy, unethical commentators like Brevarthan/Troughsnout who rely on disseminating false and misleading information to deliver their tainted trading profits. Quite the fall for this former City employee.

3) You refer to a new short position of 1.3m shares opened on Thursday of last week. What is your source for that statement please? I can't find any mention of such a position in my usual sources. TIA

21:48 & 22:23 (corrected version)

Brevarthan/Troughsnout - the tutors at your college would be disappointed at your lack of attention to detail and to your inability to p-a-r-s-e sentences accurately. Or alternatively, you know very well there was no promise to pay both the Dec '23 and Mar '24 quarterly CB repayments solely in cash. Let's show Brevarthan what he appears to have missed.

RNS dated 14/11/23, scot126 inserts *** for highlighting purposes.

".....to long term investors to increase the company's cash resources, ***allowing it*** to pay December and march convertible bond payments in cash (the "placement"). [scot126 - "allowing it" does not equal "promise to pay in cash"]

"...we are delighted to be able to announce ***steps to remove the perceived overhang of the next two convertible bond payments*** by placing the stock into the hands of long-term supportive shareholders." [scot126 - again, no promise to pay both the Dec'23 and Mar'24 CB repayments in cash. rather the aim was to "remove the perceived overhang of the next two convertible bond payments". It is an incontrovertible fact that the aim of removing the perceived overhang as at time of writing of the November 14th RNS has been achieved. Witness the fact the shares closed at c.21p on 13/11/23 v's c.31p on 13/3/24 (being respectively the days before the November placement and March CB repayment RNSs were published).]

"... to ***put itself in a position*** to fund the next two quarterly bond coupon and amortisation payments in cash."

[scot126 - "to put itself in a position" does not equal Brevarthan's "promise" to pay both the Dec'23 and Mar'24 CB repayments in cash.]

"the company has acted now to mitigate the possible dilution for shareholders in the event that the share price continued to weaken towards the December bond payment date." [scot126 - this strategy has irrefutably delivered on its declared goal. The maths is the proof.]

14/12/23 RNS published announcing PANR's success in securing 66k acres in the latest SoA lease auction. early indications from management are indicating upgrades of 30-40% to PANR's recoverable resources. naturally these new leases have to be paid for by the agreed settlement date.

14/3/24

"...we have ***decided*** to satisfy the March 2024 quarterly instalment in shares, ***allowing us*** to apply the funds freed up towards the acquisition of 66,240 new acres awarded and announced in December 2023, payment of which is estimated to occur in late Q2 or Q3 of this year." [scot126 - once again the BoD uses the language of election rather than the breaking of an historical "promise".]

By now I trust readers of Brevarthan's content are starting to see a pattern. He's declared a short position - fine, no worries. But he is not entitled to lie or to disseminate false or misleading information on public forums. Greed > integrity for Brevarthan.

21:48 & 22:23

brevarthan/troughsnout - the tutors at your college would be disappointed at your lack of attention to detail and to your inability to p**** sentences accurately. or alternatively, you know very well there was no promise to pay both the dec '23 and mar '24 quarterly cb repayments solely in cash. let's show brevarthan what he appears to have missed.

rns dated 14/11/23 scot126 inserts **** for highlighting purposes.

".....to long term investors to increase the company's cash resources, ***allowing it*** to pay december and march convertible bond payments in cash (the "placement"). [scot126 - "allowing it" does not equal "promise to pay in cash"]

"...we are delighted to be able to announce ***steps to remove the perceived overhang of the next two convertible bond payments*** by placing the stock into the hands of long-term supportive shareholders." [scot126 - again, no promise to pay both the dec'23 and mar'24 cb repayments in cash. rather the aim was to "remove the perceived overhang of the next two convertible bond payments". it is an incontrovertible fact that the aim of removing the perceived overhang as at time of writing of the november 14th rns has been achieved. witness the fact the shares closed at c.21p on 13/11/23 v's c.31p on 13/3/24 (being respectively the days before the november placement and march cb repayment rnss were published).]

"... to ***put itself in a position*** to fund the next two quarterly bond coupon and amortisation payments in cash."

[scot126 - "to put itself in a position" does not equal brevarthan's "promise" to pay both the dec'23 and mar'24 cb repayments in cash.]

"the company has acted now to mitigate the possible dilution for shareholders in the event that the share price continued to weaken towards the december bond payment date." [scot126 - this strategy has irrefutably delivered on its declared goal. the maths is proof.]

14/12/23 rns published announcing panr's success in securing 66k acres in the latest soa lease auction. early indications from management are indicating upgrades of 30-40% to panr's recoverable resources. naturally these new leases have to be paid for by the agreed settlement date.

14/3/24

"...we have ***decided*** to satisfy the march 2024 quarterly instalment in shares, ***allowing us*** to apply the funds freed up towards the acquisition of 66,240 new acres awarded and announced in december 2023, payment of which is estimated to occur in late q2 or q3 of this year." [scot126 - once again the bod uses the language of election rather than the breaking of an historical "promise".]

by now i trust readers of brevarthan's content are starting to see a pattern. he's declared a short position - fine, no worries. but he is not entitled to lie or to disseminate false or misleading information on public forums.

08:45

Hi monet2 - 'fraid your calculation is wrong. Remember the CB is priced in US dollars. I agree that the shares were issued at an effective price of approx 24.5p. That said, have a read of my post timed at 07:55 where you'll note I weigh up the pros and cons of the new leases secured in the latest SoA auction and a CB repayment made in shares. Job done, and today's RNS didn't even raise a metaphorical eyebrow in my house. Trust that helps.

08:49

Hi Stoneyloon - noted with thanks. Good to hear.

09:27

Hi tonynorstrum1 - yep, two events have been formally guided by DH as due to occur prior to the end of Q1'24. The updated Netherland Sewell IER on Kodiak, encompassing the new leases secured in December '23 and SLB's dynamic reservoir modelling. Personally, I'm looking for the Kodiak contingent resource to move up from 963mmbo to maybe 1.2-1.3bbo....anything higher than that is a Brucie bonus! The other matter guided for this deadline is for the company to announce an initial tranche of external finance, the actual amount was unguided of course. These timelines were freely guided, no coercion involved (!), so unless informed otherwise, that's what shareholders should expect to hear about by the end of March. I'm sure DH will be aware of the expectations he, himself, has shaped.

09:34 & 10.36

Hi CheckOut & Emyem79 - quite right. On strict maths alone, and all else being equal, the SP ought to have decreased by 1% today, not 4%! Hey-ho!

12:23

Hi GrumpyScouser - in the dark recesses of my mind, I seem to recall the 3D seismic data becomes available to the public in the Spring/Summer of 2024. *If*, and I repeat *if*, the latest acreage acquired in December '23 pans out as PANR management believes it will, then our BoD's secretive lease strategy over the last few years will have literally added billions of dollars of value for shareholders. Let's see what happens. We'll hopefully receive the updated Kodiak IER from Netherland Sewell by the end of this month so we'll likely get a sense of travel from any upgraded contingent resource numbers. Good stuff.

*prevarication not preparation in paragraph 2.

08:04

Hi Stoneyloon - it was not decidedly not speculation that a large number of UK shareholders were concerned about the company's prevarication on the issue of a continuing UK listing. Witness the debates on exactly this issue across all the social media forums.

What was certainly speculation on my part was whether the preparation had led to any UK shareholders selling or lightening their PANR holding in SIPPs and ISAs. Please note I clearly label the speculative element of that part of my post by the deliberate use of conditional words/phrases like, "can't help wondering...we'll likely never know....two uses of conditional 'if'".

07:41

Cool the beans, BeanCounting. The conversion price is set using a contractual formula as set out in the original CB agreement. Spookily, you omit to mention PANR was up 9% just yesterday so of course the average closing price over the last 3 or 10 days is going to be below last night's closing price.

Can't help but notice you haven't pointed out that the successful acquisition of approx 60k acres in the December lease auction delivered an upgrade to recoverable resources of 30-40%.

I'll take a 30-40% recoverable resource upgrade (soon to be an upgrade to *contingent* resources with 2x IERs by Netherland Sewell due shortly?) in return for 9m new shares being issued. Job done.

Wednesday @14:56

Hi jazbo - it was very thoughtful of you to copy that content over to this forum. I would not have been aware of that information had you not done so. Many thanks.

I know a number of UK-based shareholders have been concerned about the 'proposed US listing without a dual UK listing' question, especially with regard to the benefits which may come by investing via ISAs and SIPPS (plus IHT considerations, etc).

"However, I can inform you that we value our UK investor base and at a minimum would anticipate holding onto our UK listing for a number of years."

This matter could have been cleared up months ago. We'll likely never know the answer but I can't help wondering if the prevarication by management on this question has led to some loyal UK shareholders either selling out or lightening their PANR holding in SIPPS and ISAs? Such a shame if that's the case, and an unnecessary own goal IMO.

08:36

Prolific poster Ikhan1284 - tell us more about "both wells."

And after answering that point, explain to the forum why it is anyone should listen to single word you say about 88E? Dear, o, dear.

00:34

The irony. And the continuing arrogance.

Here we Brevarthan/Troughsnout seeking engagement when he has not engaged on a *single rebuttal or correction* from olderwiser. Let's see if Brevarthan is prepared to put his big boy pants on and to conduct himself as a professional analyst rather than a sideshow troll.

Here's my offer to you, Brevarthan. I'll engage with you on the points you raise in this post once you have the grace to go through every single one of olderwiser's rebuttals/corrections in turn. That's how it works when professionals interact. Or have you forgotten?

Person A (that's you, Brevarthan) publishes a "research" note filled with errors of fact, interpretation and calculation. Person B (olderwiser) publishes a number of detailed rebuttals/corrections. Person A blithely dismisses Person B's forensic debunking of Person A's note, declaring arrogantly he stands by every word in his note. Person A thereby refuses to engage with a genuine O&G professional with decades of expertise.

I can only imagine the heat of embarrassment as it rose from his neck to his face as Brevarthan read olderwiser's rebuttals and realised that his whole schtick was being exposed by someone who actually knows what he's talking about.

"Hmmm....what to do?" thinks Person A. "Do I behave like a professional analyst, behave with integrity and honesty and admit my errors, retract the note and apologise to readers? Nope, I'll just ignore Person B's brutal debunking of my note because I'm little more than a greedy troll these days, solely interested in obtaining my profit even if it means disseminating disinformation in furtherance of that goal."

Stuff that, Brevarthan. Go practice your dark arts on a less sophisticated shareholder base. Answer each of olderwiser's corrections/rebuttals and then I give you my word I'll engage on your post timed at 00:34 today. I bet you won't engage with olderwiser, but I'll be delighted to be proved wrong!

I suggest no forum members engage further with Brevarthan unless and until he engages comprehensively with olderwiser. He can't have it both ways.

In the meantime, Brevarthan, don't you worry about any Alaskan gas pipelines or offtake agreements. You've already declared categorically the pipeline will never happen, remember? Just stick to that position, increase your short and sit back, safe in the knowledge you know best. But please do stick around - we wouldn't wish to deprive you of your victory lap, would we?

Oh, and unblock me on Twitter. Too much of a coward?

Hi Gman93 - see below instructions for the FCA database of UK short positions. It's updated daily. The lse website appears to be able to scrape the data from the original source?

Google "FCA short positions excel"

Hope that helps.

12:49

You have *got* to be kidding me, Brevarthan? Do you not have an ounce of self-reflection? Or has your greed removed any semblance of good character? You have seeded disinformation. You have impugned the professional and personal reputations of countless sector professionals. You do realise that for you to be correct, there must exist a conspiracy numbering in the dozens of sector professionals; encompassing employees within SLB, Netherland Sewell, AHS Baker Hughes, eSeis, GeoMark, IHS Markit, WoodMac, SoA DNR, Lee Keeling as well as PANR employees.

That you think it appropriate to publicly question the honesty of so many professionals in the pursuit of personal financial gain is symptomatic of a man whose sense of right and wrong has deserted him. The disdain with which you slander baselessly the ethics and professionalism of so many professional is repugnant.

You stand by all that you have written, do you? You don't even have the grace to acknowledge a single one of the litany of errors of fact and comprehension outlined by Olderwiser. Your arrogance offends me.

You're damn right you deserve the opprobrium you're receiving. You and your co-conspirators are a disgrace to the finance sector. No wonder the rest of society has such a low opinion of us. Shameful.

10:42

Once again, Brevarthan/Troughsnout, you're asking us to believe you know more than the people round the table making the decisions. It's becoming more and more obvious your knowledge of the subject matter is superficial at best. It's also patently clear that you've always been an external commentator looking inside the room from a faraway vantage point. Best you leave the decision-making to those who have the technical education, who possess the industry experience and expertise and the full dataset from which to make informed calls.

Oh, and no need to wait until 2035, Brevarthan. Just stick around for the next 4-16 weeks. In the meantime, I'm really hoping you increase your short position to the max.

Now then, Brevarthan, you posted yesterday some flowery prose inviting factual corrections and to be alerted to any errors of interpretation. Olderwiser, who unlike you is an O&G industry veteran, dismantled your so-called "research note" and provided multiple corrections. Isn't it odd you appear to have overlooked his rebuttal of your disinformation. Need to go to SpecSavers?

Show some honour, Brevarthan, and correct the record. Withdraw your note with an apology, acknowledging your errors.

Did the City lead you down the path towards dishonesty and greed, Brevarthan......or were you always that way? Perhaps bitter that those you deem less talented always seemed to get ahead and you didn't? Lol, you're a disgrace.

Sorry SunZoo - forgot to answer your second question. I'm looking at the gas question this way. Absolute base case for PANR is even if the company gives the gas away for free, it solves an engineering question for PANR's project.

It is currently envisioned PANR will need to drill one gas re-election well for every three production wells. In one fell swoop, PANR's capex could be reduced by up to 20% if the produced gas is to be delivered into the proposed gas pipeline.

PANR management has already stated their development plan delivers an IRR of 20% at $40 POO. Removing 20% of headline capex by removing the requirement to drill, say, 500 gas re-election wells will have a massively positive effect on the project's economics.

Whatever revenue is earned by selling the gas is an extra bonus. Win, win. Good stuff.

Tuesday @ 12.00

Hi SunZoo - so far, Netherland Sewell has certified a contingent gas resource of >4.5 Tcf for the Kodiak Unit only. Remember we're due to receive an updated IER on Kodiak from NSAI incorporating the new lease acreage secured by PANR in the December auction. This IER due by the end of Q1'24.

A maiden NSAI IER on Ahpun is due to be published by the end of Q2'24. Once again the new leases around Ahpun East will be incorporated, as will the SLB dynamic reservoir modelling. If think it's reasonable to expect in the light of the proposed Alaskan gas pipeline NSAI will be doing some work on the gas contained within Ahpun also.

Remember that Netherland Sewell is a globally recognised author of IERs and CPRs, accepted by lending banks, governments, regulators, etc. Brevarthan? Not so much. Actually, make that not at all.

Ref the Alaskan gas pipeline. This isn't solely about Alaska seeking a new revenue stream by exporting its abundant natural gas via LNG. The stronger motivation is actually to secure long term gas supply for the Alaskan population and industry due to the exorbitant costs and difficulties surrounding Cook Inlet, which historically supplied gas to Alaskan domestic infrastructure. Well worth reading up on this subject. There are both push and pull angles to the recent progress on the gas pipeline proposal.

17:45

Tsk, tsk, tsk Brevarthan. Much more research required. The LNG moratorium does not apply to LNG exports from Alaska because it has already been approved by the Feds. Do better.

Oh, and be sure to read Olderwiser's evisceration of your "research note". Click on Olderwiser's name and go back to the date you published your note. Warning: you'll cringe in embarrassment when reading your nonsense being forensically dismantled by a genuine sector professional. Eek!

If you are being paid by anyone to write this so called research then they deserve a refund. If your note is an attempt to sustain your personal short position, then as Marko from Trapoja so succinctly stated, "Good luck."

1) Unblock me on Twitter, Brevarthan. Too scared of being shown up for your pitiful "research"?

2) Last chance to retain what's left of your honour. Admit the multiple errors of fact, interpretation and calculation contained in your note. Publish an apology accepting Olderwiser's corrections and retract your "research note". But you won't.....

Troughsnout = Brevarthan

Olderwiser has decades of O&G experience. Admittedly, Brevarthan's classical education taught him how to compose flowery prose. However his college tutors would be ashamed to see him deploy such deceptive tactics in furtherance of his own financial gain, and all at the expense of others. Shameful.

Whoever mentored you when you trained as an analyst, Brevarthan, would be appalled at your conduct. Either s/he didn't teach you that "Your word is your bond" in the London equity market and to behave with ethics, honesty and integrity or you didn't listen to a damn word they taught you.

Either way, I'm appalled at your behaviour. Shame on you.

Everyone else - buy, sell or hold PANR but I strongly recommend you read Olderwiser's forensic dismantling of Brevarthan's disinformation campaign before attaching any weight to this charlatan's content. Brevarthan comes from the financial world and has nowhere near the educational or industry expertise of Olderwiser, David Hobbs, Bob Rosenthal et al. Fact.

PS Brevarthan is so far out of his depth here that I'm tempted to call the police because there's been a dead set murder committed here today......and Brevarthan's now out of the game. Toddle off, Troughsnout, and go practice your witchcraft on some other stock.

Troughsnout = Brevarthan

Olderwiser has decades of O&G experience. Admittedly, Brevarthan's classical education taught him how to compose flowery prose. However his college tutors would be ashamed to see him deploy such deceptive tactics in furtherance of his own financial gain, at the expense of others. Shameful.

Whoever mentored you when you trained as an analyst, Brevarthan, would be appalled at your conduct. Either s/he didn't teach you that "Your word is your bond" in the London equity market and to behave with ethics, honesty and integrity or you didn't listen to a damn word they taught you.

Either way, I'm appalled at your behaviour. Shame on you.

Everyone else - buy, sell or hold PANR but I strongly recommend you read Olderwiser's forensic dismantling of Brevarthan's disinformation campaign before attaching any weight to this charlatan's content. Brevarthan comes from the financial world and has nowhere near the educational or industry expertise of Olderwiser, David Hobbs, Bob Rosenthal et al. Fact.

but he's so far out of his depth here that's I'm tempted to call the police because there's been a dead set murder committed

.....has somehow hacked my lse account or has persuaded the moderators to somehow limit my posts. Ok forum members, it's over to you to demand this pest be dealt with. I am over on the other place with a gas pipeline explanation. Guild.

Dear All - please see below a link to Flight's tweet about the possibility of the long-mooted Alaskan gas pipeline getting to the starting line.

 

hTTps://x.com/Flight_Useful/status/1764862523243635113?s=20

 

Why is this a game changer for Pantheon Resources?

 

A) PANR's gas is