Member Info for SeaHawk

Everything ticking a long nicely, just need that funding announcement. There have also been some very big buys in the last couple of days so somebody is extremely confident and prepared to put their money on the line.

If they get that far without selling up they intend on producing 90000 barrels a day. 1.3 billion or there about profit per year. That would make for an extremely nice dividend.

The answer unfortunately Rabito is nobody. There are much more viable options available to be bought that are bigger and nearer to infrastructure and more importantly not on Federal land. I have been in 88e for 7 years and right now I do not see a way forward for the company. I am sure there will be more money to be made as the US investors pile in again as drill times get close again, but even if they eventually manage to raise some oil to the surface (for the first time) who the hell is going to buy it if Willow is not going forward in the next few years. It will be just another dollop of oil in the middle of nowhere that is not worth extracting.

For me I would be happy for a straight cash raise for 50M which according to the board would get us 2 new drills and a flow test. One of the new drills next to the road would be turned into a production well providing it flowed. That would leave us with all the oil field and a production well covering daily costs of the company. If it goes well then we are in a great position to sell off what could be an enormous oil field.

If a company is super keen to come in and would provide us with extra experience eg one of the bigs then fine but considering the potential size of this oilfield and its worth 1.9B x $30 = $57B as a minimum then I do not want to see more than 10% given away. Potential to make 5.7B for a 50M investment is a pretty good return.

I see Farallon Holdings are at it again big time today, such a shame.

Absolute rubbish Scott, my raising the point, I want them to get on with it as its getting late, will have zero effect on the SP. Especially as this board is hardly followed. Anybody with any sense at all who has money in these shares will also be concerned with how long this is taking as regards to closing in on the drilling season.

Scot you are very good with facts so you should stick with them. Telling me that its not appropriate to discuss my concerns about how long the farm out/cash raise is taking on a discussion board is cheek in the extreme. You have very big ideas about yourself. Drilling firms with multi million pound rigs do not sit and wait on the hope that a company can raise the cash in time. If a contract comes along in the mean time they will take it. Especially as if a firm like Conoco comes on board they will almost certainly use their own rig.

Yep Scot I understand all that but this year they are trying for a farm out. How long do you wait for the company/companies to make a decision. We are now hoping that a rig will put itself on standby and not take any other contract that might come along. If they are prepared to do that we must be paying them something because other wise if somebody else comes calling they are going to take that contract. Cannot afford to go with what is left, look what happened when 88e went with a poor company, huge overrun and and for all intents a duff hole.

This winter is a huge one for the company, I just do not think we should be leaving all this to the very last minute.

Biden has been begging Russia and OPEC to produce more oil and gas. Having stopped various oil and gas activities in the States they have gone from needing no other countries energy to now begging for it. Oil and gas are going to be around for a long time yet. However, PANR need to get on with it thy cannot afford to spend to long getting this sold off. We need urgent action on either a Farm out or a money call. Rigs need booking, roads built and tons of paperwork done for the two new holes they want and the flow testing of last years hole. They are getting very late this year and true fully I would have liked a cash raise last summer and us steaming ahead with early drilling.

I see they are at it again today selling off in chunks of 12500. I must admit its frustrating watching it happen as it is holding us back big time. Still always happens with aim companies they always owe money/shares to somebody who are always selling to get their money back. Farallon must be laughing though as they will have made a huge profit from this little interaction.

Ddraig that's a shame , how come the hole cost as much as it did if it wasn't cased. I thought it was normal to case as you go otherwise you risk the hole damage?

Aah the great Icewine 2 drill where we were all arguing about if it was going to produce 700 or 2000 barrels of oil a day, then we had the sudden shut down with zero warning because it had got cold. That was the day we all lost about 50% if I remember correctly. 6 months later it was opened back up again with new equipment and then shut again having produced the enormous amount of zero oil, not even a bloody thimble full. Not a great time and it has sadly continued that way. I really hope for those left including the long timers that it works out this winter, its due that is for sure. I am surprised the company is not going back to last years drill and completing a flow test, any one know why?

I am really hoping one of the majors joins us this winter or next. Whoever it is will almost certainly be the one to buy us out, if we hit the jackpot so they will need deep pockets. Actually due to the size of this oilfield it may take several majors to take it on. The absolute bonus of its location is that they will be able to bring it online extremely quickly, this will not take 5 years or so any big company will be able to start selling oil within a year or so. Hopefully if required PANR will be able to open up a couple of wells next summer that will be able to provide finance for the future, eg no more cash raises. This could be sold next summer if all goes well or the following year after a few more proving up wells, we will see. There is every potential for this to get well over £10 per share in my opinion.

The fundamentals here can only be described as fantastic. Is the SP low, yes it is but it has climbed very nicely this summer. This is just a case of being patient and picking up more on the dips. If I could wait 15 years for Dragon Oil I can wait a couple of years for this which will eventually be massive. I think at the moment the figures are just too big for PI to understand and they are only going to get bigger. Anyhow it matters not what investors think its worth it matters what industry think its worth and they will evaluate this as massive, especially as its not on Federal lands and that the infrastructure costs are going to be so much lower due to location next to the road and pipeline. Good luck all.

I still think Farallon are selling, today there is a seller selling constant batches in the £12 thousand range. To much of a coincidence!

We were supposed to be doing three drills and possibly four. It was very strange that during the drill of the first well we were not getting updates for the preparation for the next drill. I have no idea what has been going on with this company but it quickly turned into amateur hour and with very little explanation of what has happened.

Very much depends on what they have to give away to get that farm in.

On another note they do need to get a move on as it is now getting late in the season to start getting all the permissions, especially if they are looking for 3 drills. They really need to get the drill near the road going as if they can start to produce oil it will solve the money raising problems.

Not sure I agree with you Mindbender, but it will come down to the terms of any Farm Out. I would hate for them to have to give away 30/40% to raise the money. Personaly I would rather they raised it themselves and we remained 100% owners of an awful lot of oil. At the current SP you would not dilute to much to raise 50m and at the end of the drilling season if it has gone well then we will be worth a considerable amount. Again totaly depends on the Farm Out details and who they are. Big company with lots of money and experiance would undoubtably be of benifit.

Who is laughing now, sure ain't you.