Member Info for Scot126

06:57

Ayecuramba - where to start?

1) Cash now at AU$10m. Clever how you didn't differentiate between Burgundy's payment in USD with 88E's cash balance in AUD. Or was it another amateur attempt to misinform readers of your post?

2) Why on earth would you, or anyone else, "look forward to $30m+ later in the year"???? You clearly don't understand the nature of the Partnership Agreement between 88E and Burgundy. The US$29m investment by Burgundy you are likely referring to in yet another amateur attempt to misinform forum members is earmarked solely for funding the horizontal well and flow test at Project Phoenix in mid-2026. You are fantasizing if you think for a millisecond 88E will have $30m+ in cash on its balance sheet at any point in 2025, or 2026 for that matter.

3) So 88E now has AU$10m in cash on the balance sheet, correct? How is 88E going to pay for Stage 2 of the Farm In Agreement with their Namibian partners? Stage 2 of that Agreement sees 88E due to pay their Namibian partners US$7.5m in 2025. Put bluntly, 88E does not have sufficient cash resources to meet this obligation.

Ayecuramba - what is AUD$10m expressed in USD?

Your continuing attempts to misinform your fellow forum members in order to further your own financial interests are immoral and shameful.

Insider buying and/or insider alignment with external shareholders' financial interests is a key determinant for me when investing in small caps. Like so many others, I noted with great interest the insider buying of Jeremy Brest and Linda Havard.

Happy to be corrected but I understand JB became involved with Great Bear at or around the time Farallon purchased the GBP debt from BoAML? He's been with GBP/PANR for what must be approaching 9 or 10 years combined? Is that about right? Or perhaps his involvement pre-dated Farallon's involvement?

I'm not too au fait with the GBP shareholders' investment entitites/structures so I don't know the mechanism by which JB came about his historical holding in GBP => PANR. What I *am* pretty sure about is that JB's purchase of £750k worth of stock is his largest one-off purchase of PANR shares since the merger with PANR in early 2020.

I looked into JB's CV ages ago. He's been highly successful within investment banking in Singapore/Asia, no question. However, I don't perceive that £750k is chicken feed for him either.

So, we have a non-exec who has (i) been attached to the asset for close to a decade (ii) investing the largest amount (for him) since the merger with PANR in early 2020 (iii) in the run up to the first results from what could conceivably be PANR's most impactful drill to date.

I do not believe for one moment that these purchases were made *after* flow test data had been collected at Megrez-1 this week. Accordingly, this is a significant and highly symbolic action on the part of JB. I warmly welcome his latest investment in PANR made this week.

I repeat what I have stated on this forum in the past. From professional experience, I can assure Guild members that, on the spectrum of direct insider investment (non-gifted) in the equity of an AIM company, Pantheon is very much towards the upper end of insider alignment with external shareholders' financial interests. It truly is one of the key reasons for my continued investment in this company. Good stuff.

An extra day of meetings for Governor Dunleavy in South Korea. momentum continues to build.....

hTTps://www.kedglobal.com/energy/newsView/ked202503250006

[Part 2, continued from Part 1 below]

Earlier this year, President Trump committed to unlocking Alaska’s abundant supply of natural resources for the benefit of Alaskans and the nation, providing economic and national security for many generations to come. Through these actions and more to come, Interior is set to deliver on the President’s promise.

scot126 - I'm not certain but I *think* the third part of the order (beginning "Revoking withdrawals along the Trans-Alaska Pipeline Corridor and Dalton Highway...") means that the engineering and environmental regulations will be led by the SoA rather than the Federal govt depts. I *think* this may lead to less duplication, shorter regulatory timeframes and reduced cost.

Many of us have noted with interest recent OTR comments from Governor Dunleavy pointing to first gas being transported down the proposed gasline as early as 2028. He will, of course, have known this Order was on its way. I *suspect* but am not certain that this will facilitate a much expedited process.

Where that leaves PANR? A definitive and expedited decision on the gasline will hopefully allow PANR to source external development finance *and* will likely, IMHO, see all stakeholders needing to see further evidence of PANR's capacity to produce the required volumes of non-corrosive, low CO2 natural gas. I'd have thought that means another couple of appraisal wells....Megrez-2 and Megrez-3/Alkaid-3, depending on whether Ahpun East gas is also low in CO2?

The link below will take you to Senator Sullivan's speech before the Alaskan legislature a few hours ago. Pretty much half of his speech centres on the gasline and export project. It's worth listening to in full. Interestingly, when Senator Sullivan read out Secretary Burgum's Order, the whole room started whooping an' a hollering, so it does seem to be a meaningful step for the Dept of Interior to convey the tracts of land mentioned to State ownership?

hTTps://www.youtube.com/watch?v=NtFbZY0MewY

Personally, I'd be intertested in PANR's reaction to all this macro news but I do *fully understand* that they may not wish to comment whilst their attention is fixed on delivering a successful flow test of TS1. Let's see what happens. /end

Dear All - I'm not sufficiently educated on this topic but gauging by the reaction from all Alaskan politicians it appears to be a true game changer. Please see immediately below a link to an order by Doug Burgum, Secretary of the Interior.

hTTps://www.doi.gov/pressreleases/interior-secretary-takes-steps-unleash-alaskas-extraordinary-resource-potential

Interior Secretary Takes Steps to Unleash Alaska’s Extraordinary Resource Potential

Washington, D.C. – Department of the Interior Secretary Doug Burgum is taking immediate steps to unleash Alaska’s untapped natural resource potential and support President Donald J. Trump’s vision of American Energy Dominance.

Under the Secretary’s leadership, the Bureau of Land Management will pursue steps to expand opportunities for exploration and development in the National Petroleum Reserve in Alaska and the Coastal Plain of the Arctic National Wildlife Refuge. The BLM will also work towards partial revocation of public land withdrawals that will help solidify the path forward for the proposed Ambler Road and Alaska Liquified Natural Gas Pipeline projects.

“It’s time for the U.S. to embrace Alaska’s abundant and largely untapped resources as a pathway to prosperity for the nation, including Alaskans,” said Secretary Burgum. “For far too long, the federal government has created too many barriers to capitalizing on the state’s energy potential. Interior is committed to recognizing the central role the State of Alaska plays in meeting our nation’s energy needs, while providing tremendous economic opportunity for Alaskans.”

In this initial suite of actions to implement Executive Order 14153 and Secretary’s Order 3422, both titled “Unleashing Alaska’s Extraordinary Resource Potential,” the Interior and BLM will pursue:

- Reopening up to 82% of the National Petroleum Reserve in Alaska available to leasing and expanding energy development opportunities in the approximately 23-million-acre reserve. This plan would balance the Secretary’s responsibilities to provide for oil and gas leasing, exploration and development consistent with the energy needs of the nation and protect important surface resources in the reserve.

- Reinstating a program that makes the entire 1.56-million-acre Coastal Plain of the Arctic National Wildlife Refuge available for oil and gas leasing. This program would fulfill Congress’ intent in the 2017 Tax Cuts and Jobs Act and advance American Energy Dominance, while maintaining strong protections for important surface resources and uses in the Coastal Plain

- Revoking withdrawals along the Trans-Alaska Pipeline Corridor and Dalton Highway north of the Yukon River in order to convey these lands to State of Alaska. This action would help pave the way forward for the proposed Ambler Road and the Alaska Liquified Natural Gas Pipeline project, two projects that stand to increase job opportunities and encourage Alaska’s economic growth.

20/3/25 @ 12:49

A few other articles concerning Taiwan's intent not only to purchase LNG from Alaska, but to invest directly in the project. Great stuff.

hTTps://www.upstreamonline.com/lng/taiwan-agrees-to-invest-in-major-us-lng-project/2-1-1795622

hTTps://oilprice.com/Latest-Energy-News/World-News/Taiwan-Signs-Up-for-Alaska-LNG-Export-Project.html

hTTps://www.energyintel.com/00000195-b3b5-d775-a9df-f3bddf560000

All else being equal, this marks a de-risking event for PANR and the value of PANR's equity *ought* to increase on the back of this news.

19/3/25 @ 00:08

To repeat:

"Please see link below to Senator Murkowski's address to the Alaskan legislature a couple of hours ago. She refers to the LNG project during the speech and the Q&A afterwards. I'll add the pertinent times as and when."

hTTps://www.youtube.com/watch?v=R7xAAHx9jWI&t=1422s

If you wish to head directly to all mentions of the Alaskan LNG project then here are the approximate times: 57:30, 1:01:50 & 1:29:00.

In fairness to Senators Murkowski & Sullivan and Governonr Dunleavy, they could not have been more clear that they wholeheartedly support the gasline and export project. It seems to me that the local politcal is present this time around. Combine that with the Trump tariff threats to Japan, South Korea, Taiwan, Philippines and Thailand and you can see why Frank Richards, boss of the Alaska Gasline Development Corporation, assess the chance of the gasline being built is now 80%. Good stuff.

NB. As many others have stated, the construction of the gasline is ***not*** essential for PANR's acreage tpo be developed. However, the gasline *would* likely give a meaningful turbocharge to those plans.

Please see link below to Senator Murkowski's address to the Alaskan legislature a couple of hours ago. She refers to the LNG project during the speech and the Q&A afterwards. I'll add the pertinent times as and when.

hTTps://www.youtube.com/watch?v=R7xAAHx9jWI&t=1422s

The momentum behind the Alaska LNG project continues apace. See snippet from Larry Kudlow interview of Senator Sullivan of Alaska.

hTTps://x.com/i/status/1901773179401482378

Looks like good news from Apache/Armstrong/Santos at their location to the north-east of our acreage.. More to follow.

Some key quotes, in no particular order.

- "We've already re-entered the well.....but haven't begun flow testing yet." CEO, Max Easley.

- Commenting on the flow rates guidance of 200-2000bopd moving from the deepest to shallowest intervals, Max stood by this guidance and added, "the 200 figure *could* be lower, but I doubt it". On the upper figure of 2000bopd, he stated it "*could* be higher". To be clear, he was fully supportive of the 200-2000bopd guidance, depending on the depth of the horizon. Management went to great pains to emphasise the reservoir properties improved the shallower the depth. That should be crystal clear to all PANR stakeholders and the wider market. (CEO)

- "The cost of each production well is broadly $10m." (CEO) [happy to be corrected on this...was he referring to a production well at Megrez only?]

- "The purpose of drilling and flow testing Megrez-1 is to a) help delineate Ahpun East and b) demonstrate commerciality." (CEO)

- DH restated the guidance that "everything from the Prince Creek formation and down is the subject of volumetric guidance of 700-900mmbo (initial estimate of 609mmbo with upgrade of 15-50%). The shallowest three zones will provide additional volume of oil over and above the existing 700-900mmbo guidance." (Chairman)

- "Each production well can contribute approximately 10mmcf/d. Initial demand from the gasline is expected to be 100-200mmcf/d, so we're looking at having 10-20 production wells in operation at that time." (Chairman) [bit of paraphrasing here]

- "The permeability of PANR's reservoirs is between 100x and 10,000x better than the permeability found in the Permian Basin." (CEO and Chairman)

- "We believe every flow test at Megrez-1 will prove the commerciality of that individual horizon." (Chairman)

Excellent presentation. It's all about execution now.

Dear All - it's early days but new CEO, Max Easley, appears very comfortable and assured when interviewed. I look forward to hearing in greater detail (perhaps during the AGM?) exactly what gave Max the confidence to make the move from Petronas Canada to PANR. Let's face it, Petronas is highly unlikely ever to derail your professional status or financial well-being, hard-earned over a multi-decade career. What was it about the PANR drilling/geological data, which Max must presumably have seen during the appointment process, that gave him the confidence to make such a decision? For example, does Max agree that PANR may have (or has already?) "discovered the second or third largest onshore hydrocarbon accumulation in US history"?

See link below for BlytheRay interview with Max Easley.

hTTps://www.youtube.com/watch?v=ZTsD21j_B2w

Yoji Muto, Japanese Minister of Economy, Trade and Industry is visiting Washington DC from 9-11 March. The following was copied over from Flight's Discord server.

"Now, nothing within Geo politics is EVER a given right. So read with caution but….

My friend Contrarian8888 posted this morning in Flights Investment Server a message from a contact:

From a hedge fund friend who’s very active with Japan. BTW you saw Trump talking yesterday in the Oval about how “we have to defend Japan and they don’t have to do anything to help us” bashing. This is about the METI minister who is coming next week to talk about what presents to give Trump to hold off on the worst of the tariffs. I will meet them next week in NYC as well. They appear to have put together a huge package for this natural gas pipeline in Alaska as the centerpiece of their offering, with the requisite trading companies all in with their banks. Sounds like good news for PANR….

Best

Flight"

hTTps://www.japantimes.co.jp/business/2025/03/08/economy/japan-trade-minister-us-tariffs/

scot136 - *if*, and I repeat *if*, a formal announcement from Japan is made confirming either a long term LNG purchase agreement to buy Alaskan LNG and/or a direct investment in the project then, all else being equal, the value of PANR's equity *should* increase markedly. By markedly, I see no reason why 80p+ wouldn't be in order, fwiw.

AGM is on Wednesday, 12th March from 3pm, London time.

Boss of Glenfarne, Brendan Duval, part of panel discussion at CERAweek, also on 12/3/25, from 9.15pm - 9.55pm, London time.

Plenty of scope for material news this week? GLA

Yet another news article signalling support for the Alaska LNG project from a US ally in the Pacific, this time South Korea.

hTTps://www.koreatimes.co.kr/www/nation/2025/03/113_393363.html

We already knew Governor Dunleavy and Senator Sullivan have been very active in lobbying Asian allies about the project. This latest article confirms a recent meeting in DC at ministerial level with two Trump cabinet members. Momentum continues to build IMO. Good stuff.

Dear All - this recent Dunleavy interview at CPAC (published 24/2/25) escaped my attention. I'm glad I caught up with it, however, because it's potentially got some really, really, really impactful news for PANR.

hTTps://www.youtube.com/watch?v=4O4NkZMvnT0

hTTps://www.dailysignal.com/2025/02/24/alaska-governor-trump-has-rescued-states-energy-industry/

It's worth listening to the full 9min interview. For those forum memebers who are short of time, listen to the 15 seconds between 3:15 and 3:30.

"Phase 1 as we call the [gas]line, we believe we're going to be able to start construction, we hope, early next year, and get that completed and hopefully get gas flowing through that in two years as we're concurrently working on the other two components [export facility at Nikiski and gas pre-treatment plant on the North Slope]."

Don't know about anyone else but that's the first time I've heard of such an accelerated timeframe to first gas?

Oh, and Governor Dunleavy went on to add that Alaska had sufficient natural gas to supply its Asian customers for the next 50-60 years.

Repercussions for PANR? Someone, be it the SoA, AGDC, AIDEA, Alaskan utilities, Federal govt, Asian customers, Glenfarne & associated investors will presumably have to offer PANR financial support to drill the wells necessary to guarantee sufficient non-corrosive, low CO2 natural gas supply to the gasline. Wow!

HTTps://www.youtube.com/watch?v=mAYJbaMMHcc&t=2497s

Dear All - the link above takes you to Flight's/JessieDuke2's latest panel discussion, this episode featuring Frank Richards, President of the Alaska Gasline Development Corporation. I strongly encourage all forum members to listen to this latest episode. Mr Richards is very easy to listen to, authoratative and entirely comprehensible. His answers to the many pertinent questions posed by the panel will give Guild members an excellent education on the history of the Alaska LNG project and the context within which Pantheon finds itself a cornerstone stakeholder in Stage 1 of the process.

Perhaps, unlike many others, I've been lucky enough to have the time to research this subject. I learned bits'n'pieces from this episode which is always welcome. However, the most striking answer Mr Richards supplied to the panel concerned the attitude of the Trump administration to permitting/regulatory timelines. Head to 40:00 - 41:35 to review this specific Q&A.

Frank Richards replied to a panel member's question, "I believe that under the Trump administration you're going to see a shorter timeframe for the execution of Environmental Impact Statements." I think it's fair to presume Mr Richards is in close contact with Governor Dunleavy. I would imagine Governor Dunleavy has heard Trump express directly his determination to shorten the EIS application process. This would be a major positive for PANR.

If you keep listening after 41:35 you'll immediately hear Mr Richards confirm PANR is more than welcome to supply its natural gas to Stage 2 of the Alaska LNG project, along with the likes of Exxon, Hilcorp, Conoco, etc.

I suspect there's quite a few man hours tied up in every episode. Keep up the good work and thanks again, Flight/JessieDuke2.

Holy Guacamole! Upper range of permeabilities in excess of a Darcy....upper range of modelled flows is 2000bopd.

If the company delivers data which confirms flows in a single interval of 2000bopd then management is describing an absolute barnstormer of a well. If data is retrieved ***from multiple intervals*** (two intervals or more) which are there or thereabouts, c.2000bopd, then it would be a genuinely world class well.

"...even exceeding a Darcy in the shallowest horizons."

HORIZONS, plural.

Bring on the flow tests! All else being equal, the SP increases today.

PS. It's worth reading about oil reservoirs with permeabilities in excess of a Darcy.

00:11

HSG - because 88E doesn't have sufficient cash to fulfil their obligations for the second stage of the partnership agreement in Namibia.

19:11

M1Rob - tell you what, why don't you share your risked/unrisked model with us and we'll have a really comprehensive and grown up discussion on the subject?

06:51

Except you didn't use "possibility", did you Ayecuramba? That was me, not you.

"yeah because everyone knows a pair of shoes will be worth 3 times as much in a year LoL"

You have some b@lls ridiculing anyone else on this forum, Ayecuramba.