Member Info for Scot126

Oh for goodness sake, David Burton. What the hell are you doing? You're all over social media spruiking 88E when you know fine well there's another highly dilutive cash raise required to fund the budget shortfall for Hickory-1. Cash at hand now 88E will be praying and crossing all fingers and toes that PANR reports a commercial flow rate at Alkaid-2. Look for 88E to immediately move into fund raising mode if/when the Alkaid-2 numbers are good.

Think about it.

Sun 19:42
Hiya Brom - happy to be corrected.....I *understand* the gravel pad is c.300m from the Dalton Highway.

14:58
Hi Scenicview - the only matter I can attest to is that the full development plan for Alkaid envisages 8000ft laterals so we know Alkaid-2 was planned to be conservative, certainly in the drilling portion of the well.

Continued thanks to Olderwiser and marmaris for their responses borne of vast experience. I *always* read their posts with great interest.

Easy there, JS490. Head over to Twitter, look for @ijduwa and his timeline has the images and dates. Maybe quit acting like a whinging teenager, take some responsibility and get on the Google machine yourself, eh? Jeepers.

Yep, my *understanding* is Pump Station No1 is where PANR's crude will be trucked to. Also, I *think* Hilcorp will be doing any pre-TAPS treatment required for PANR's light, sweet crude (35-40 API) to be blended with other North Slope crudes and inserted into the main pipeline to Valdez. Happy to be corrected.

Hi Brom - are there any companies in which you're a high profile shareholder and/or a prolific opinion former on social media been the subject of relegation from OTCQX? TIA.

Part 2; continued from post below.

"So, in summary, if you are able to accept you are at the stage where the outsourcing of trust to the PANR BoD (and Canaccord) is a necessity and that no news (at time of writing) means just that, no news, then that's cool. If you can't bring yourself to think this way (and I 100% understand if you cannot) then the onus is on you to adjust your risk parameters and act accordingly.

"Personally, I do not believe bulletin boards should be used as a proxy for a (metaphorical) psychiatrist's chair but I *do* accept not everyone feels the same way. How could I not when so many elect to use bulletin boards in exactly that manner?!

"Anyhoo, totally up to you if you take on board this post. As for me, presumably like everyone else (?) my alarm is set for 7am and I look out for more satellite images on Twitter! GLA"

/end

08:27
Brian1234 - on a human level, of course I can understand your frustration at the perceived lack of info coming from the PANR BoD. I'm going to be really blunt now, so get ready. The PANR BoD is nothing like the 88E BoD you've followed for so long, and that's unquestionably a good thing. One views RNSs as a way to obfuscate and to add (even co-ordinate?) to the spin on social media. The other issues dry, factual information and always caveats its RNSs in a professional manner. One also uses pretty pictures and mean figures (v's P50 or Best figures) and I'll leave it to you to decide which of the two does that. I describe this comparison so bluntly because you have a lengthy and public association with 88E and you have apparently not yet recognised the huge differential in the quality of management between the two entities.

I'm now going to share a post I published over on the other place this afternoon. It kinda serves to answer shareholders' very understandable frustrations with PANR's news management policy at time of writing. It might not answer every concern but it may assist in understanding the background to the BoD's decision-making of late?

"I have a suggestion for you. In O&G companies, and *especially in small cap* O&G companies, there are times when shareholders are simply compelled to outsource their trust on operational matters, even strategic matters, to the BoD of the company in which they've chosen to invest. I do not make light of anyone's experience of the news management surrounding PANR 1.0 (Texas edition!) because it includes my own experience, but surely no objective observer can honestly state PANR 2.0 hasn't improved its transparency markedly since the merger with Great Bear in Jan '19?

"I've admitted publicly I'm in two minds about the constructive approach to the recent bear raid. Does the company keep schtum and let the data speak for itself or does it come out all guns blazing, forensically taking apart the spurious/nefarious allegations of the bears?

"Regardless of your opinion (or mine) about the correct response to the bear raid, it's now clear the company and Canaccord have opted not to engage publicly. We also must accept, using logical progression, that Canaccord would have compelled the BoD to issue an RNS if anything *materially negative* had occurred. Can you imagine for a moment the scrutiny under which the PANR BoD and NOMAD are operating subsequent to the MW short position and the press articles which followed? I have no comment to make about NOMADs working inside micro-brokers but in a firm the size of Canaccord, they are not going to risk their brand name for one corporate client when they have c.60 other retained clients. The business model and risk assessment just doesn't work that way. Corporate clients have never been more valuable to UK SMID Cap brokers (since MiFID 2) so I can all but guarantee you the Canaccord NOMAD will be all over PANR right now."

End of Part 1. See above f

14:30
Ok, Blackadder2708, if that's what you consider to be a sincere apology for the months of personal and vulgar abuse on lse then I will take your (digital) word for it. Your apology is accepted. We move on.

Lol, after the months and months of highly personal vulgar abuse you and others levelled at me over on the 88E forum, you're lucky I bothered to answer you at all, Slackbladder! Not a word of apology from you either, think on that.

It's also a reference to the TV show, fwiw, but you pretended I hurt your feels instead. Dear oh dear.

13:32:
Slackbladder2708: the answer is yes. They may elect to keep any farm out talks confidential but, eg. they can certainly publish the initial data from the flow test.

19:19
Good question, SunZoo. The answer is No.

Hi Rpj8438 - there's no question being so close to the Dalton Highway *and to Deadhorse* will provide significant cost benefits when Erik Opstad is budgeting for Hickory-1. However, the drill is going to be on ice, it's targeting a reservoir >12,000 ft deep (amongst others) and the company has undertaken to execute at least one flow test. I think it's possible the drill could cost $17-19m in total, but more likely it'll be in the range of $20-25m, all in US dollars.

NB 88E reports its cash position in Aussie dollars. AUD:USD is 1:0.66 currently.

Without using blunt vocabulary, Brom is correct in describing his assessment that Hickory-1 is not yet funded. I agree with his observation that a farm out seems highly unlikely. All references to farm outs have ceased, haven't they? Of course you're right until you're wrong but I'm struggling to see any financing option for 88E other than another highly dilutive fund raise. Best guess? 4 billion shares at 0.4p.

We all observed a co-ordinated ramp a couple of weeks ago, didn't we? The usual UK "momentum" or "swing" traders were all over social media , plus a couple of planted articles. It worked for a day or two but petered out pretty quickly. There was little, if any, follow through on the OTC. Even the naive OTC punters appear to have got 88E's number by now.

Be under no illusion, Ashley Gilbert and "external" corporate finance firm, Dave Wall's Inyati Capital, will be praying for success at Alkaid-2. Praying. If Alkaid-2 fails (and for the record, I believe it will succeed) then I assess it will be almost impossible for 88E to fund Hickory-1. Who on earth is going to fund a well where one up the road has just failed?

Need any further proof? Head over to the PANR forum on lse where Brom is beavering away! lol. Although he has a long road ahead of him if he is to reach >26k posts over there, hehehehe.

17:27
You're kidding right? This the best you've got, chrisev1? Jeepers.

Genuine question. When you frack a well, does that mean fluids and therefore measurable data is *entering* the well or egressing from the well? So the first rebuttal to your hopelessly inadequate response is that the NOMAD permitted the director sales because there was no data (positive or negative) which was capable of being captured at that time.

The second part of my reply is that you don't get to play "whataboutism" when comparing the governance of PANR v's 88E. Do you have any idea what the shorters would make of Dave Wall and Erik Opstad if they alighted upon 88E? My God, chrisev1, you truly have no idea what's gone on here, do you?

17:32
Because it's for members of this forum, and the wider shareholder base, to grasp the nettle themselves. It's all good and well whinging about me. You should be furious with the oversight provided by your BoD, like apoplectically furious.

Many of you not unreasonably retort that everyone's an adult and responsible for their own decisions. I "get" that. The trouble is that there are those amongst you who are relying on the naivety of the majority in order to take financial advantage of their credulity. The standard of truth telling on this forum is pathetic.

Am some knight in shining armour? Not particularly. But I was *compelled* to undertake comparative analysis the minute Dave Wall confirmed the shared asset. Don't like it? Then go whinge to Dave Wall, not me.

This isn't some board game of stockmarket monopoly. This is reality. And the tough reality is that the underlying asset(s) of E&P companies, when delineated and assessed, are reflected in the valuation of the company's equity. Don't like it? Then go play roulette down your local casino.

09:04
Thanks for the link, Brom. On the assumption you're better at budgeting than Erik Opstad (and let's face it, who isn't?!) and 88E continues to target the Kuparuk at c.12,000ft, what's your guesstimate for the *full* cost of the drill (including all civils) and one flow test, as described by the company? I'm thinking $17m-$19m at best, $20m-$25m the most likely range. Sound about right?

Still no word word on whether the 88E BoD has released the proceeds of ELKO's 2022 share sales from escrow? I suspect if the funds hadn't been released from escrow we'd have heard about it by now, don't you?

Not one member of this forum prepared to call out publicly this outrageous policy to allow Erik Opstad's ELKO to sell shares DURING the drilling and logging of Merlin-1 and Merlin-2? Perhaps I have been mistaken not to rephrase the question. Does everyone realise that Erik/ELKO will have been privy to *real time* drilling updates *and* logging results either on site or remotely via a sat feed? Were 88E's UK shareholders offered real time info at the time? Any Aussie shareholders given access to that real time data? And we know the OTC punters weren't privy to this info because they were largely the buyers of ELKO's stock, weren't they? Oh, and Brom's share sales too of course!

16:25
Yes he does. /end

Oh, it's definitely due to a co-ordinated bear attack, that's for sure. And the other alternative you offered has *unquestionably* been one of the planks of the bear case.

Kinda in the same way Erik Opstad's ELKO sells *every* single share issued to it DURING (ffs!) the drilling and logging of wells for which it was the prime contractor. Except that the three PANR directors who sold in Sept did so when the multi-stage frack was being executed (all ingress to well, no egress) and the market had been fully "cleansed" by publication of the results from the vertical component of Alkaid-2. And the other major difference is that unlike ELKO which *sold every share*....and unlike Dave Wall who *sold every share and performance right*....and unlike Ashley Gilbert who elected to take his full bonus in *cash* v's shares, the three PANR directors sold only c.11% of their combined exposure to PANR's equity.

So, yeah, pretty much identical.

chrisev1 - is there ever a time when you think to yourself, "You know what, this pest scot126 is posting easily provable facts, complete with evidence, and I end up looking like an idiot fighting back with no proof to back me up?"

C'mon man, surely you've worked out by now that Brom doesn't push back on the *factual* content within my posts because he has the intellect to recognise facts v's opinion? When there's crickets from Brom, and you find yourself the only one pushing back, does it not make you wonder why you bother? Your call of course. It's all good'n'well being a loyal defender but eventually the facts overwhelm even the strongest of defences, non?

Dear All - in these trying times when PANR is under a sustained bear attack and 88E wonders how to fund Hickory-1, I thought we could all do with a wee chuckle. The following is an excerpt from the Petroleum News story on Erik Opstad and Jade Energy which the forum's most prolific poster was kind enough to post.

"2. Supply Chain Issues, Inflation, Sky-Rocketing Interest Rates, Declining ANS Oil Prices and Lack of Investor Interest - “Unfortunately, the supply chain problems related to COVID have simply been exacerbated by the war in Ukraine. Delivery times for many products are excessively long and some are simply not available at this time,” Jade said in its Nov. 1 filing.

“Unlike the large North Slope operators, Jade doesn't have the financial resources to acquire and sit on large inventories of tangible supplies. Additionally, with month-to-month inflation running a 40-year high, *****we have found budgeting to be nearly impossible.*****"

*****we have found budgeting to be nearly impossible."*****

I'm still laughing now, about an hour after first reading it.

Alaskan O&G veteran, mover and shaker, successful dealmaker Erik Opstad must have many skills in life but budgeting is most definitely not one of them, lol. Project Peregrine saw an initial budget of $12m for two drills using a light weight rig. That was revised upwards to $15m....but for only one drill. Merlin-1's final cost? A whopping $30m, hehehehe. Then came Merlin-2 earlier this year after which the cost of drilling Merlin-1 and Merlin-2 totalled an eye-watering $59m!!!!!

So from an initial guided budget of $12m for two wells, the final total was $59m. Yep, I think it's definitely fair to say Erik and budgeting are not close bedfellows!

And some on social media state with unswerving confidence that 88E has sufficient cash on the balance sheet to fund Hickory-1? Perhaps Erik taught them maths?!

11:33
100%

10:37
Noted with thanks, marmaris. *Seems* to be a case of so far, so good.