Member Info for Scot126

15:26 and 16:22
Both Ddraig and chrisev1 will be aware a petition was organised by US OTC 88E shareholders which attracted widespread support. From following that campaign on Twitter, I *understand* the signatories were requesting the Australian regulators investigate 88E.

01:38
Ddraig - something you have never understood for over 15 months now. The minute Dave Wall confirmed formally in an RNS that 88E and PANR shared an asset, the market has had no choice but to undertake comparative analysis and to employ comparative valuation techniques on the two companies. For the market to maintain its inexorable journey towards maximum capital efficiency, the price discovery of both stocks cannot go out of whack for an extended period of time.

The fact you haven't done your homework on the comparative merits of each investment case is a Ddraig problem, not a stockmarket problem. That you don't like the fact PANR is far larger in scale, has superior reservoir characteristics, is years ahead in their understanding of the subsurface geology, is chalk and cheese when examining corp governance, is currently drilling (v's this time next year for 88E), is funded for Alkaid-2 plus next two wells (v's 88E unfunded currently)......is also a Ddraig problem and not a market problem.

There was a reason Rabito79 and I were metaphorically shouting from the rooftops for UK/Aussie 88E investors to listen to us when 88E's mkt cap > than PANR's. It didn't make any sense on paper then, and it certainly doesn't now. The only, repeat only, reason 88E goes on these unjustifiable runs is because a bunch of naive, unsophisticated US OTC punters believe (and believed) the hype spewed out by the "social media influencers" such as the convicted felon Alexdelarge, Katie in NJ, steve5stocks and all the rest.

Do the necessary reading, Ddraig, and instead of tilting at windmills and cussing out an anonymous poster you'll be on the road to fundamental price discovery.......or just stay an uninformed punter. The choice is yours.

Just a small slice of the nonsense that's gone on. Rabito79 continues to highlight 88E's use of Pmean despite it relaying an incredibly slanted picture. Some folk genuinely thought there was a 55% CoS on the full resource number for Merlin-2 being proven, when the figure of 55 was the sum of three different target's probabilities the which, when *added together* came to 55.

The latest deliberately imprecise language? Slipping out in different RNSs the cost to license the 3D seismic for Icewine. If

What about giving shareholders hope that the reservoir characteristics south of the boundary might be equal or even superior to PANR's. Hint? They're not. Look up the definition of DMAX, listen to PANR's April webinar and then ask yourself if you're hearing the full story. Anyone reading this forum wondering why PANR sold blocks to 88E in what is Icewine and PANR bought blocks which had been given up by 88E and are now part of Theta West????

Think.

22:40
Clap. Clap. Clap. Well done, Islandgirl.

That's exactly what Dave has been up to over the last 2-3 years. FWIW, I reckon the only person who made more than Dave was Erik/ELKO. Then there were the clever traders like Brom who despite an air of interest in the fundamentals and the facts of the investment case, knew exactly what was happening and traded the spikes, plural.

Yet Ddraig and Reaper007 and the other GLTHs who didn't listen to a single word of the research carried out by the likes of Rabito79, Olderwiser and I, and who've spent over a year abusing us without merit, are the ones left holding the baby.

The readers of this forum *cannot* say the strategy hasn't been spelled out to you in granular detail.

Why did the SP spike a few times since Peregrine got going? Because an internet PR campaign led to the likes of Kate in NJ and Stonks and Majik and Alexdelarge (recently convicted of fraud - fact) and stock5 and Terrytrades and a variety of other credulous ingenues hyping this up to the extent that 24k folk joined the 88E Reddit or stocktwits and a large number of them bought the fairy tale.

That's what happened, Islandgirl.

20:47
Hi RS2002 - ok, we snap our fingers, Biden's Interior Secretary signs off on Willow overnight......then what? Umiat is still Alaska's most stranded oil field, bought for $1m by 88E, discovered >70 years ago and not one commercial barrel produced in all that time.

Project Peregrine sits just north of Umiat on the way to Willow. Two drills and >$60m later and 88E hasn't discovered anything worth flow-testing never mind applying for Unit status to prepare for development.

But don't worry! Dave Wall decided to buy Peregrine (XCD Energy) at a premium on behalf on 88E shareholders.....and who was the 1st/2nd largest shareholder of XCD? None other than good ol' Dave Wall. Like all other XCD shareholders, DW received 88E shares when XCD was sold. And then Dave sold his existing 88E shares, his 'XCD 88E shares' and all his performance rights into H1 2021 prices when he left the company.

So here's my question. Dave knows more than anyone about Umiat and Peregrine (because he bought both assets when 88E MD) and yet he saw no reason to hang on to his 88E shares. and performance rights when he departed.

Tell us why you're right about Peregrine/Umiat and Dave Wall isn't?

Let's be blunt. Whether Willow is approved or not (and I hope it will be) not a barrel of commercial oil will be produced and sold from Umiat/Peregrine for a decade plus billions invested. It's a pipe dream.

17:33

Hi Brom - you kindly informed the forum that 88E management respond to your emails very quickly. I believe you 100%. Would you kindly ask them the following questions please:

1) What is the full payment to SAE for the 3D seismic data? 88E shareholders will have noted the $1m payment in shares in the initial RNS but, as described, that was only a part payment. The Q2 financial report confirmed a *further cash payment of $2m* to SAE, the seismic data provider. Is the cash license fee $2m a month, $2m a quarter, $2m every 6 months, $2m per annum or what? Bear in mind PANR/GB invested $80m in shooting 3D seismic, resulting in the largest 3D seismic package in Alaska. Brom - surely c.$3m to license the data from SAE seems, on the face of it, an incredibly low price to pay?

Or are 88E shareholders not permitted to know the full payment terms? Seems odd, doesn't it? The way the full facts of the licensing costs are dripped out over multiple announcements? Hmmm. Any ORRI attached to the license payments? Is Erik Opstad or associates or family a party/parties to this transaction?

2) I note from the Q2 report that not all bills have been paid by 88E for Merlin-2. I think Merlin-2 cost c.A$39m. What will the final tally be please? How does the cost of Merlin-2 compare with Merlin-1? And in case there's any mix up or misunderstanding, I'm talking the *total* cost of each drill which *includes* the cost to construct and maintain the snow roads. Of the circa US$55-60m cost of Merlin-1 & Merlin-2, what percentage or absolute amount was paid in cash to ELKO or any other company where the Opstad family has a financial interest? Please also confirm all share-based payments to ELKO/Opstad family businesses over the last 2 years.

3) Has the 88E BoD instructed their lawyers to release the funds from the ELKO share sales in 2022? If so, when were the shares sold, at what price and what was the total sum realised? Please confirm that ELKO did indeed sell all of the shares allotted to them for the 2022 season, just as they did in 2021?

4) Is 88E management gilding the lily when describing to 88E shareholders their hope that the common reservoirs will possess even better characteristics south of the border than in PANR's acreage.....especially when DMAX calculations appear to have been completely ignored by 88E? Do you have any concerns that 88E management are misrepresenting the relative properties of the acreage north and south of the boundary line between PANR and 88E?

Many thanks in anticipation.

Scot126

17:55
Quick, quick...Brom's just entered the building. We must have his attention temporarily so let's try to some answers to factual questions posed a few days ago!

Hi Brom - you kindly informed the 88E forum that 88E management respond to your emails very quickly. I believe you 100%. Would you kindly ask them the following questions please:

1) What is the full payment to SAE for the 3D seismic data? 88E shareholders will have noted the $1m payment in shares in the initial RNS but that was only a part payment. The Q2 financial report confirmed a *further cash payment of $2m* to SAE, the seismic data provider. Is the cash license fee $2m a month, $2m a quarter, $2m every 6 months, $2m per annum or what? Bear in mind PANR/GB invested $80m in shooting 3D seismic, resulting in the largest 3D seismic package in Alaska. Brom - surely c.$3m to license the data from SAE seems, on the face of it, an incredibly low price to pay?

Or are 88E shareholders not permitted to know the full payment terms? Seems odd, doesn't it? Any ORRI attached to the license payments? Is Erik Opstad or associates or family a party/parties to this transaction?

2) I note from the Q2 report that not all bills have been paid by 88E for Merlin-2. I think Merlin-2 cost c.A$39m. What will the final tally be? How does the cost of Merlin-2 compare with Merlin-1? And in case there's any mix up or misunderstanding, I'm talking the *total* cost of each drill which *includes* the cost to construct and maintain the snow roads. Of the circa US$55-60m cost of Merlin-1 & Merlin-2, what percentage or absolute amount was paid in cash to ELKO or any other company where the Opstad family has a financial interest? Please also confirm all share-based payments to ELKO/Opstad family businesses over the last 2 years.

3) Has the 88E BoD instructed their lawyers to release the funds from the ELKO share sales in 2022? If so, when were the shares sold, at what price and what was the total sum realised? Please confirm that ELKO did indeed sell all of the shares allotted to them for the 2022 season, just as they did in 2021?

4) Is 88E management gilding the lily when describing to 88E shareholders their hope that the common reservoirs will possess even better characteristics south of the border than in PANR's acreage.....especially when DMAX calculations appear to have been completely ignored by 88E? Do you have any concerns that 88E management are misrepresenting the relative properties of the acreage north and south of the boundary line between PANR and 88E?

Many thanks in anticipation.

Scot126

PS I'll post the same questions on the 88E forum in case you miss them on this thread, ok?

15:59
Hi maxwell1 - got to be consistent so have to fact check you here. The "miles from infrastructure" challenge applies to 88E's Umiat, Peregrine and Yukon projects. Icewine East is located immediately south of PANR's Alkaid and Talitha Units.

88E informed the market they intend to drill Icewine some time in 2023. They cannot finance such a drill by themselves (whether they opt for a less costly summer drill or not) so 88E shareholders are looking at an incoming dilutive cash raise and/or a significant percentage of Icewine given away to a farm in partner in order to finance the 2023 drill. Would potential farm in partners wish operatorship? Would they wish 50%+ W.I.? Remember 88E only owns 75% of Icewine currently.

Anyone implying the PANR:88E relationship is a relationship of equals is either barking or trying to pull the wool over your eyes. Fact.

continued from below

For the record, I will be delighted if 88E is a massive success. But there are ways to go about it, where ethics and the truth are cornerstones of a code of conduct. I will not cease to highlight the clear blue water between the two investment cases which include but are not limited to: PANR reservoirs are *far greater in scale* than 88E's; PANR reservoirs are of better quality than 88E's (88E punters *must* investigate what DMAX means within an O&G context); PANR are *literally* years ahead of 88E in their processing of 3D seismic and stress-testing their geological model against hard data collected by *5 wells* over 10 years; PANR owns pretty much 100% of their acreage, 88E does not; PANR is fully funded for the current Alkaid-2 drill and for two wells thereafter, 88E cannot afford to finance one drill; 88E will be compelled to undertake another highly dilutive cash raise and/or farm out a decent proportion of Project Icewine to attract external finance; PANR is drilling right now, as I write this, and 88E will *perhaps* be drilling this time next year. /end

10:01
Such - factually incorrect. Last placing was at 65p in Dec '21. Since that date the SP has seen an intra-day high of 152p, currently at c.93p. On the 88E forum you appear disinterested in facts. Don't believe for one second you won't be challenged robustly if you attempt to disinform/misinform the readers of this PANR forum.

13:37
Slawsofgold - apart from being mathematically nonsensical, I challenge you to provide this forum with even the merest whiff of evidence to support your belief. Or are you yet another lost soul from the 88E forum who does not have the capacity or inclination to read the clear differences in the fundamentals of the respective investment cases of the two stocks? To repeat, using all industry-accepted metrics and valuation techniques, I cannot justify on any given day using the information currently available, 88E trading at anything more than 1/7th of the mkt cap of PANR. NB. That's the *maximum* value I can reach for 88E v's PANR.

15:53
As Ddraig knows fine well, it was Dave Wall of 88E who first confirmed formally the fact that PANR and 88E share an asset. It was from that date only that I began sharing my research and interpretations on both companies. Being a fundamental investor where two companies share an asset, I am intellectually *obliged* to undertake an exercise in comparative analysis. The fact that Ddraig et al. don't enjoy reading my content is their problem and none of mine. FWIW, had Ddraig and hundreds of others engaged with me and olderwiser and Rabito79 on the ***facts*** of the 88E investment case, they would have saved themselves ten of millions of pounds of lost wealth. Fact.

12:33
Excellent suggestion, Sailplane. I concur.

14:06
Hi Villa01 - really simple explanation. There are those on the 88E forum such as Brom who know at least as much as Rabito79/olderwiser/I does/do but he seeks to use that knowledge and partisan commentary to take advantage of the credulous naivety of other market participants. To be clear, that's fine.....but he hates being exposed for his tactics. There are those who don't have the capacity or inclination to do any reading around their investment/trade and simply wish these internet forums to be a place of high jinks and good fortune, where they've placed their chip on red and can't be bothered doing any comparative analysis on the investment case for black. They delight in the hype across multiple internet forums as it a) reaffirms their (misplaced) confidence in 88E and b) serves to increase the interest in 88E and thus give them greater likelihood of trading out at a profit. This cohort dislikes any content which goes against the positive only sentiment they expect to read.

And then there's Ddraig and Reaper007 who ate true believers. At the back of their minds they know Brom/DW/Erik have taken advantage of their trust and who dislike being confronted with the *facts* which prove they've been duped, and duped repeatedly. 1/

As part of an update to the commodity outlook, Canaccord has today increased the PANR TP to 300p from 280p.

PANR offers the greatest % upside from the current SP to TP out of all stocks covered by Canaccord UK O&G research.

19:55
Ah Neversatisfied - thank you for your profound concerns about my Vitamin D intake. If it's all the same to you, I'll look after my own health and well-being and leave you to look after your own too.

Such - isn't that odd? It appears to be *you* who is attempting to deflect readers from the facts of the 88E investment case. Or are you another one who cares little for facts, intent only on speculation and hoping not to be left holding the stock when the music stops? Just keep pumping the hype, those US OTC punters will lap it up, eh? Shameful.

Please note Such doesn't even attempt to engage on any of the matters of fact and of fundamental importance to each company. Sad.

10:34
Hi Paris1981 - Ha! I think the saying you're referring to is this one: "Enjoy the party, but dance close to the exits." Lol. Yeah, I guess I was correct about Project Peregrine, and for the right intellectual reasons too. Had folk listened to my fundamental research they would have saved themselves literally tens (hundreds?) of millions of $s. I don't mean this in a big-headed way (although it will sound like it) but you would think users of this forum would have noted my historical research (and that of Rabito79 and former 88E shareholder olderwiser) and decided to engage with those of us prepared to do the fundamental research so they may better assess the relative risk/return of the two companies who share this Alaskan asset.

10:40
Hi Rktech - happy to stand by my description of PANR being miles ahead of 88E when it comes to understanding the subsurface geology of Alkaid/Talitha/Theta West v's Icewine. PANR/GB invested >$80m in shooting 3D seismic (>7 years ago). PANR possesses the largest 3D dataset anywhere in Alaska. This is a fact. Thus, PANR is miles ahead in the amount of 3D data in their possession and miles ahead, using the data from the 5 wells drilled (by GB and PANR) in the processing required to present an accurate and robust package to potential partners. Also a fact.

Quality of the processing? I made no statement on that subject, none. However, I would like to highlight to users of this forum that PANR's seismic partner, eSeis, that its two founders are credited with the discovery of the 1.2bbo (reserves) Alpine Field in the North Slope. They are viewed by industry as world class AVO practitioners. But to repeat, I made no such qualitative claims in my earlier post.

11:31
Such - to answer your question directly, the answer is no. Two reasons. Both BoDs confirm 88E and PANR share assets in Alaska. Secondly, I'm a fundamental investor and so comparative valuation techniques are not only desirable but, in the case of shared assets, surely an essential tool for me to use?

14:32
Such - I see you are an adherent of the "evil market makers know everything and decide our success/failure in the market". Nope, not by a mile. Thing is, Such, I sat beside UK small cap market makers for over ten years. I can assure you that 95 out of 100 market makers, probably more lol, wouldn't have a scooby where Prudhoe Bay is located never mind Alkaid and Icewine. The people who value companies, especially UK small cap E&P companies, are people like you and I, and Reaper007 and Ddraig and Brom, and everyone else who collectively make up the market. Fact.

07:02
Hi Such - a couple of quibbles.
1) The vast majority of posters on this forum are disinterested in fundamentals and often appear allergic to empirical facts. I'm not convinced you can label the majority of 88E shareholders as "investors", surely "punters" or "gamblers" is more accurate?

2) You simply ***must*** be having a laugh stating PANR management will definitely make money but what about shareholders? That's a really good joke, a cracker, almost broke a rib laughing. Here's a few *facts* for you to chew on. The PANR CEO has not sold 1 share in all his years employed by PANR. In addition, all the directors have taken part in the various fund raises since PANR merged with GB since Jan '19. On the other hand (i) Dave Wall led 88E's take over of XCD (of which he was the largest or 2nd largest shareholder) at an unjustifiable premium (ii) he has sold all of his 88E shares and performance rights (iii) ELKO drew up a budget for Merlin-1 which came in 130% over budget. But don't worry, they were paid in shares in advance and were permitted to sell those shares DURING THE DRILLING PERIOD WHERE ELKO WERE PRESENT ON SITE WITH ACCESS TO ALL THE DATA (iv) same with Merlin-2 except the cash realised from the share sales was held in trust by the company's solicitors, but are now sold (v) ELKO sold all the shares allotted to them in 2021 and 2022 (vi) new CEO, new broom? Hmmmm, not so sure. Ashley Gilbert elected to take his bonus in cash v's shares, and yes he did have the choice.

Such - there's plenty more corporate governance issues with 88E, I can assure you. For you to retain any credibility whatsoever on this forum, you surely *must* wish to withdraw your comments concerning the relative alignment of PANR/88E shareholders' interests with their respective management teams? This is one of those relatively rare black and white issues. There truly is no grey area on this comparison, is there?

07:35 Yes, I do expect the majority to stick around. Proof? It's largely UK PIs who have absorbed the 150m shares sold by Farallon since January '21. Also, it's as plain as day the PANR shareholder base is chiefly (though not uniformly) made up of fundamental investors where the consensus suggests the investment case is underpinned for growth over the next 12-24 months. OTOH, I think we can all accept those interested in 88E are uninterested in the fundamentals and are chiefly punters by nature.

Btw and for the record, I have zero issue with share punters or gamblers. What people do with their £ or $s is their business and none of mine. I have stated this tens of times on this very forum - fact. What is a problem IMHO is the disinformation/misinformation disseminated by so many posters about 88E. I hope many of you have read $eeenf tweets on Twitter? The tales of mug US OTC punters who have lost their lifesavings are heart-breaking. If you wish to take advantage of others naivety that's fine. But to do so employing lies is out of order.

Wed 12:00 and 12:07
Hi theiceberg - just to help in shaping expectations:

1) The SMD is the shallower of the two target horizons in the vertical component of Alkaid-2.

2) I agree 100% that management expects Alkaid Deep to extend below the depth at which they had to pull up stumps at Alkaid-1 as a result of a weather-related emergency. Sounds like you and I are both expecting a decent resource upgrade to the Alkaid Deep horizon once the vertical component of this drill is completed.

3) There is no plan to flow test either the SMD or Alkaid Deep in the *vertical* component of Alkaid-2. Logs and maybe cores, but no flow testing is planned. Reason? Management wish to minimise the risk of bore integrity being compromised. The primary ambition of Alkaid-2 is unquestionably to get a lateral drilled, initiate a multi-stage frack and then put the well on a Long Term Production Test (LTPT).

4) It is my firm understanding the company will publish an RNS(s) with data from the vertical component of the drill prior to kicking off and drilling the horizontal element into Alkaid Deep.

Hi Sailplane - thanks for your suggestion about possible timing. I 100% accept all your points, especially the summer v's winter environment. The only thing I might add (and I do not know the answer to this question) is that because Alkaid-2 is to be a production well, will they begin with a larger diameter drill at surface thus meaning we can't read too much into previous drill times? I don't know the answer, just putting the question out there.

Tue 10:08
This sentiment is of course uneducated, emotional nonsense from this forum's resident petulant child. Ddraig goes on to correct GS's gibberish a couple of posts afterwards. Ddraig rightly points out that had Farallon not continued to finance Great Bear in the years following the State of Alaska's moratorium on the exploration tax rebate scheme then PANR wouldn't be anywhere near this >23bbo OIP, >2.3bbo recoverable resource asset. And that, readers, is a categorical fact. So, if you don't already, please dismiss this latest piece of g0bbledyg00k from GS.

Quick response to Ddraig's questions about Farallon and TR-1s.

1) Although HQ's in San Francisco Farallon is a regulated entity in the UK and their investment in PANR is a UK listed company. Thus, Farallon is *required* to follow UK regulations in this instance. As/when they sell down, we can therefore expect two further TR-1s when they drop below 4% and then 3%. That's when their reporting requirements will cease, under UK regs.

2) Without question, Farallon omitted (whether deliberately or not) to forward 4x TR-1s to PANR since their TR-1 dated 16/11/21. We know that Prolapse has emailed the AIM team within the LSE about this matter. I do not recall reading if he received a reply? My reaction? Whilst I came to suspect the selling volume since the April webinar came from Farallon (and shared this suspicion with the other place), it was intellectually reassuring to have that suspicion confirmed. On the other hand, I am p1ssed off with Farallon because I *suspect* we UK PI shareholders would have been somewhat more resilient and phlegmatic had we received the 4x TR-1s as we ought to have done. Instead, we've had some headless chooks running around spouting all sorts of nonsense which can be summarised as follows: What's going on? It just doesn't make sense? Are management lying? Can we believe a word the BoD says? What's the point in investing in PANR if the equity market won't reward shareholders when, objectively, the upside risk increases and the downside risk decreases?

Regular readers will be aware I don't give financial advice. All I would say at time of writing is that if you were happy buying some of the c.100m shares Farallon sold @30p in Q2/Q3 '21, then you should be *more* comfortable buying their PANR shares @ 90p. How so? The data retrieved this winter, especially confirmation of the BFF extending ***10.5 miles*** from Talitha to Theta West, IMO makes PANR's equity *cheaper* now, on a risk/return basis, than it was in Q2 '21. Make of that what you will.

Fri 19:17
Perhaps a tad clumsy but I think I "get" what Fly66 is trying to communicate. Happy to stipulate the vast, vast majority of folk currently interested in 88E are punters, refugees from their local casino or poorly educated, credulous US OTC amateurs. That said, I wish to be completely blunt with all readers of this forum. PANR reservoirs are *far greater in scale* than 88E's; PANR reservoirs are of better quality than 88E's (88E punters *must* investigate what DMAX means within an O&G context); PANR are *literally* years ahead of 88E in their processing of 3D seismic and stress-testing their geological model against hard data collected by *5 wells* over 10 years; PANR owns pretty much 100% of their acreage, 88E does not; PANR is fully funded for the current Alkaid-2 drill and for two wells thereafter, 88E cannot afford to finance one drill; 88E will be compelled to undertake another highly dilutive cash raise and/or farm out a decent proportion of Project Icewine to attract external finance; PANR is drilling right now, as I write this, and 88E will *perhaps* be drilling this time next year.

With all that said, of course if Alkaid-2 is a spectacular success there'll be a knock-on effect for 88E. No argument there whatsoever. The way most of the punters on this forum post, you would think that there is *never* any association between the punter tsunami of speculation v’s fundamentals. This is, of course absolute gibberish. Think back to the 88E SP spike of H1 ’21. It spiked at US 9c. Why didn’t it spike at 19c, or 29c or 99c? Because even the least educated of punters realise that the further the elastic band stretches, the closer it is to the music stopping and the unlucky ones will be left holding the baby! [I tried to mix as many metaphors as poss in that last sentence. Hope you enjoyed it?!]

Back to Fly66. What I suspect s/he is trying to say is that if anyone on this forum genuinely does believe from their reading that PANR has a high probability of success at Alkaid-2, then mathematically it makes far, far more sense to be a shareholder in PANR rather than 88E. If you feel some primeval attachment to 88E, and I know some of you do, then knock yourself out. However, be under no doubt that any upswing heading 88E’s way as a result of success at Alkaid-2 which is in excess of either the % gain or absolute increase in PANR’s mkt cap is purely, solely, unsubstantiated froth from punters playing the game of pass the parcel. These are the folk who thing “buying a share at 1p v’s 100p means the cheap share has a better chance of making a profit for me”.

If you think that way, or if you simply wish to take advantage of the less-educated who do think that way, then you're not an investor. You're also a punter.

13:30
What you do with your investment £ or $ is none of my business, JppJ.

13:04
Ah Islandgirl, I'm a fundamental investor and you're a self-admitted casino-style punter. Fundamentals always out in the end, it's just a matter of time....and I've got plenty of it.