Member Info for SeaHawk

Great RNS at the NN that should also help you guys out as they have got flowing oil in the lower basin floor fan which you also might have a part of.

Excellent result as we were not even expecting to get a flow rate from this part of the hole. This is setting Theta West up very nicely, could be absolutely enormous. GLA

Yep Goldstinger stand by for a long diatribe of unpleasantness.

Its been like this all year Blingybird, quiet as a ghost town. There are more on the A board but even then that has split in two. There are a few unpleasant posters but you get that on all boards, but you are not even allowed a moan on here without a certain member coming on and trying to shut it down. Mistake really as discussion is a good thing and keeps people interested. A busy BB also attracts people to see what is going on and then maybe they invest. But not many people will discuss something here if they are going to be jumped all over. I do believe the Board could do a bit more to get the company out there. 88e started the ball rolling with holding a seminar in London where about 200 people attended, which proved popular and was then held every year. Bob and crew are very good with their webinars but they somehow seem to miss the public. Anyhow lots of news due soon (surprised we did not get a spud RNS this morning) lets hope its all good news and just maybe we will get more interest.

I don't know enough of how the OTC markets works but since they started trading they have been buying from our market most days with up to 1.5 million. I am guessing that the MM know at the start of each day they need have in their mitts 1m shares to move across to the US. Now I guess they have worked out that if they lower the price each day people panic and sell hence they have shares to move. Probably complete rubbish and for sure there is a seller out there at the moment unloading. Hang in there gang some good results will move it north instead of south for sure and if not I will be buying more.

I emailed the company on Friday as they have not given any hoped for rate of flow from the well. They replied that they will let us know what they hope for during the next webinar. Slightly worried that may be too late if they make flow annoucements before the webinar. I am hoping for 100+ but I am not expecting 500 or more as it is a vertical well without fracking. Hopefully everybody understands this and do not panic when thousands of barrels of oil do not come jetting out. We will still see the naysayers though. GLA

Yep nothing new in that RNS, so it is not surprising nothing much has happened with the SP. Things will get interesting in the next few days once the rig has arrived on site (should be there now). Unplug last years well, make sure its all clean and then get the coiled unit in. Then the real news starts as hopefully some oil flows. At the same time the rig moves to the new drill spot sets up and gets going. I am not expecting the SP to go too nuts until we get some oil flowing as quite a few will sell out in the off chance nothing flows. Lets not forget the oil has already been found so we are now into the how much is down there and will it flow mode. Much less risky that drilling that first hole not knowing what is down there. Hang in there and do not expect thousands of barrels of oil to flow out of Talitha A as it is a vertical hole not a horizontal (anything over 100 barrels a day will be good).

Thanks to Jazbo for this, a reminder of the programme.

1. Prepack then construct Ice Road and Ice Drillpad to Talitha A then
continue construction to Theta West #1 location 12/15/2021 1/16/2022

2. Move Rig to Talitha A and Rig Up 1/4/2022 1/15/2022

3. Rig Moved to Theta West #1 Coil Unit Moved In at Talitha A 1/15/2022 1/16/2022

4. Theta West #1 well spudded 1/18/2022 1/18/2022

5. Theta West #1 well drilled, cased, tested, and suspended 1/18/2022 4/15/2022

6. Rig down Theta West and move out 4/15/2022 4/30/2022

On time at the moment with the rig on the move today,

Talitha A Coil Unit in place 16/01/22 results should start coming in a few days later.
Theta West spud 18/01/22 two weeks today.

Loads and loads of news in Jan 22.

Judging from Twitter the ice road has now reached the first location and they are now working on the ice pad. So that's 8 miles complete and another 10 or so to go. Coiled unit and infrastructure to arrive in the next few days. Testing could start soon and then the start of plenty of news. Fingers crossed its good news. GLA

Opulentia its not about how much it costs to develop, PANR will not be developing it. Its about how much oil is in the ground and if you can prove it. Oilsearch payed just over $3 per barrel when the oil price was low and their oil field is a considerable distance from the infrastructure. PANR are right at the infrastructure therefore production cost will be considerably less. Its quite a reasonable assumption that PANR will get $5 per barrel. So then its down to how much oil is in the ground. Currently the board are understating what's potentially there but even taking their conservative figures its well over 2bn of recoverable oil so that's 10bn without trying. If they prove they can recover more than small amounts they are currently using you can quite easily see that figure getting to 15/20Bn. Now will it all work out like that probably not but that is the risk you take with an exploration company. Equally it might turn out better.

Henley Alaska is enormous; distance from Fairbanks to Deadhorse is 500 miles a bit like comparing the weather in London and Berlin. It has been and continues to be extremely cold where we need it to be cold.

Without doubt he has the biggest ego I have ever come across.

There I was getting all excited, but this RNS is obviously aimed at you Scot.

What an unpleasant person you are, however, you will not drive me off the board which is obviously your aim.

"No sense of civility towards the directors or your fellow shareholders?" just maybe you should take your own advice on board. This is a discussion board that means we all get to discuss matters. I am allowed my thoughts as are you, we are allowed to disagree but you just take it to a different level of unpleasantness. Shame really as you are technically knowledgeable but come across the wrong way with anybody who you disagree with. I suspect you have overcommitted yourself here. Hopefully it all works out well for all of us.

Oh boy Scot you sure think of yourself as somebody very special don't you. Its no great surprise that quite a few people on the various boards you frequent dislike you intensely.

So lets dissect some of your rude, belligerent, rebuttal.

"they should have just got on and done it late summer.” Ok, so they would have needed to raise $50m, agreed? At what price? 40p? 45p? 50p? Your fellow shareholders wouldn’t have thanked you for that extra dilution, would they?"

Okay Capt hindsight we the share holders at the backend of summer had no idea where the SP was going to be in Nov and therefore we would not have been upset. Who knows had they raised 50m in Sep and everything was now set up for this winter we may in fact have been plus of a quid by now, instead of people being concerned about a 1m loan and winter already arrived with no funding yet.

Uncertainty is a killer on Aim, but you know that right?

Your second point is just so much rubbish and you accuse me of "shoulda woulda"

As for point 3 I don't know if they put an end date to negotiations, but there again you don't know that they did. If they did put an end date, then they have put it way too late into the year. Funding for this years winter drilling and testing should have been put in place at the latest a month ago. If they had they would not be raising concerns about supply lines and having to borrow money in a rather odd way and at what seems to be very much last minute.

The board dropped the ball and have caused a significant drop in the SP and if they have to raise money know we will all know what could have been.

Lets hope for an announcement real soon that suits all our needs and the company can push on with its winter plans, and that to me is a flow test followed by a drill, followed by another drill in the summer.

Come on Seagull if they knew they had a discovery that second drill right next to the first would have kept going until they came across the discovery again. You do not abandon a discovery!

You hit the nail on the head Mindbender its not what has been said its what you can read into the RNS. I am sure you know who will be here shortly to write another essay but this should have been sorted during the far earlier. Most PIs would have been content with a cash raise and they should have just got on and done it late summer. It does not stop you from being able to conduct farm out talks, if anything it puts you in a far stronger position. Lastly if they are determined to go the farm out route they should have put an end date the negotiations and basically said if we aint done by this date we will be going it alone. This just feels like its been done poorly, hopefully all they are doing is dotting I's and crossing T's and all will be good very shortly. If not I will want to know what the hell they have been doing all summer.

Ha Ford that's why I put in loads of caveats and said worse case scenario. I would hope not to see any deal giving away more than 10%, but we need to remember there is still risk, so any company is going to negotiate hard for more. Yes we should get more per barrel as oil is more expensive but then you have to take into account all the green stuff going on which was not so prominent 4 odd years ago. If you are buying an enormous oilfield which this is you are going to have to try and work out if you are going to get to sell all of it before its effectively not needed. I am sure as long as they do not take to long over this there will be plenty more money to be made in this share.

Well the company was confident enough that it would have the money to contract a rig. I believe it is going to be a farm out and that whoever it is has been waiting for COP26 to finish just to ensure that Biden and crew don't throw yet more difficulties in the way. Now we are in the clear I expect an announcement at any moment, hopefully with one of the biggies and that they are keen to expedite the whole adventure. The key for the company is how much it has to give away. Still there are supposed to be 2Bn barrels of recoverable oil, lets say they have to give up 40% (I hope its a great deal less) that still leaves them with 1.2Bn barrels. If you sell that at the same as Oilsearch payed for theirs $3 = $3.6Bn. Divide by 700M shares = $ 5.1 per share or roughly £3.5 per share. That in my mind is worse case scenario (providing we prove up the oil), and we should get much more out of this circa £8. The potential here is still huge we just need to be a little bit patient.