Member Info for sirmark

READY :)

Nice 848k buy order on the book as well 10.80

Just 2 orders on the book sub 11p ... could be the last ever 11p stock right now !

Back she comes .... 11.14 KEY level to break ! and it it get's broken 18p is next on the cards over the next few weeks IMO

Trying to bring the bid down to release some stock from the lose hands... don't fall for it ...look at the offer...it's not moving, tells you all you need to know next leg up in bound ...they're trying to free up some stock for the large buy orders.

11.14p is the clear break out.

Level 2 flying 11p a bout to break !

Nice 1.5mln buy stateside tonight, should bode well for tomorrow

Evaluating Pantheon’s acreage involves moving from "lease cost" to "enterprise value." While you paid ~$32–$196/acre for the dirt, the de-risked value is significantly higher due to the $400m sunk cost, infrastructure advantage, and data.

Based on current North Slope transaction benchmarks, here is how those factors impact your valuation:

1. The "De-risking" Premium

By spending $400 million on 5+ wells (like Kodiak and Ahpun) and 3D seismic, you have converted "exploratory" acres into "appraisal/development" acres.

Sunk Cost Value: At minimum, a buyer would have to pay the $400m just to get to where you are. This adds ~$1,544 per acre in replacement value alone.

Success Rate: 3D seismic and successful flow tests (like the recent Ahpun results) typically 3x to 5x the base land value compared to untested "wildcat" acreage.

2. Infrastructure & Location (The "Dalton" Factor)

Proximity to the Dalton Highway and the TAPS (Trans-Alaska Pipeline) is a massive fiscal multiplier.

CAPEX Savings: Repsol’s NPR-A assets often require massive ice road construction or new permanent roads. Pantheon’s "roadside" access can reduce development costs by $5–$10 per barrel.

Valuation Impact: In Alaska, "advantaged" acreage (near TAPS) typically trades at a 20-30% premium over isolated blocks because the "First Oil" timeline is years shorter.

3. Estimated Market Valuation per Acre

If we look at comparable North Slope deals (like the Santos/Pikka valuations or ConocoPhillips’ Willow-adjacent land):

Raw Lease Value: $30 – $200 / acre.

De-risked/Appraised Value: For acreage with 3D seismic and proven flow tests, the market often sees valuations between $2,500 and $6,000 per acre for a minority stake or farm-in.

Total "Street" Value: With ~259,000 acres, even a conservative $3,000/acre valuation (reflecting the $400m spent and infrastructure) would imply an asset value of roughly $777 million.

The "Value Gap"

The primary difference between Pantheon and Repsol is Infrastructure Readiness. Repsol is paying for "potential" in the NPR-A, while Pantheon’s $400m has bought "certainty" next to a highway.

This was a better break down, bear in mind the average purchase for the new leases of $122 last week vs ours $31.83 We had 3D seismic data and close proximity to the pipeline roads etc and we know oil is there due to spending $400ml finding it so I would say our acreage should be worth a lot more than the $122 just paid

THIS WAS AI's take

Pantheon Resources (North Slope)

Total Acreage: Holds a 100% working interest in approximately 259,000 acres.

Acquisition Price: Recently acquired additional leases (66,240 acres) at an average of $31.83 per acre.

Initial Acquisition Cost: In 2018, Pantheon acquired the Great Bear Companies, which held over 250,000 acres, for $49 million (roughly $196/acre).

Lease Terms:

Annual Rental: $10 per acre.

Royalty Rates: Typically tiered between 12.5% and 16.67%.

Strategic Advantage: Positioned near existing infrastructure, which Pantheon claims reduces pre-cashflow funding requirements.

Repsol (National Petroleum Reserve in Alaska - NPR-A)

Acquisition Price (2026): In a record-breaking March 2026 lease sale, a Repsol and Shell joint venture bid nearly $94 million for 42 tracts.

Average Bid Per Acre: Based on the sale's total of 1.3 million acres for $163.7 million, the market average was roughly $122 per acre.

Specific Bids: Nearby competitors in the same sale, such as Forte Energy, submitted bids at $27 per acre for adjacent land.

Portfolio Value: Repsol and Santos have explored selling or farming out minority stakes (20-25%) in their Alaskan assets, including the Pikka field, in deals estimated at $1 billion

Repsol Alaska Acreage (Historical & 2026)

2026 Lease Sale: A Repsol/Shell joint venture was a top bidder in March 2026, bidding nearly $94 million for 42 tracts.

Historical 2011 Acquisition: Repsol previously paid significantly more for entry, including a deal valued around $768 million for a 70% stake in roughly 2,000 square kilometres (approx. 494,000 acres) of Alaskan acreage in 2011.

Premium Pricing: Recent 2026 federal lease sales in the National Petroleum Reserve-Alaska (NPR-A) set records for revenue, with major oil companies paying premium prices for acreage, generally higher than independent acreage acquisitions on state lands.

Comparison

Price Per Acre: Pantheon’s cost of roughly $28–$32 per acre is drastically lower than the implied, much higher per-acre costs incurred by major players like Repsol in high-stakes bidding for specialized, federal, or high-potential tracts.

Strategic Focus: Pantheon's strategy was to "high-grade" acreage near existing infrastructure (TAPS/Dalton Highway). Repsol’s activity includes both strategic partnerships for established development (like Pikka) and winning bids in competitive, record-setting auctions.

Disclaimer: The 2026 Repsol/Shell lease sale figures reflect competitive bidding for federal, not state, lands and the $94 million bid is for a specific set of 42 tracts, not a direct total acreage purchase price.

I meant 9.82 for 490,000 shares

MS will be pushing to get the best deal for himself and with the world going crazy for safe oil we will do extremely well !!

Was about to say they are offering 4.92 for 490k

Hang on to your shares everyone they are in demand !!! don't be the liquidity.

MrH I own a huge document over 1% of the company on TXP ... very happy there, also hold a massive chunk of PANR and some other Nasdaq stuff... unlike yourself there's other stocks out there other than EME ....

MRh more waffle and another push at the .04 narrative

“ others in the know have said 0.04p not me! why would they lie?!”. Who are these people you talk off who know what a share price is going to be on the future …..utter waffle…. Proof very simple we was .05 and now .061 22% increase from the recent low

Someone’s got it wrong … these people we can’t speak off lol

Just 1 MM left on the .065 and we’re on for 0.07

MrH very transparent … there goes the slant and re mention of the .04 shameful absolutely shameful you’ve been found out so shine and trying desperately to talk it down while others have loaded up and your feeling all left out as you have said your waiting for a lower entry …. All the while the stock bounces and you’re being left at the station !!!

Those that are buying and have been buying very well done 👏 buy and hold all the way back to .10

MrH "Makes no difference as we are all LTHs here. Patience will be rewarded :-)" lol Speak for yourself !!!! Some are here to make money despite you slight negative rhetoric " Even if this does drop to the 0.04p ‘some’ on here have been suggesting" ...lol, just because you're not fully loaded yet ...

Some of are and we're ready for the rise that is starting as we speak !!!!

Yep looking good for the 0.08-0.09 retest ... that will be my target SP

Decent volume this morning so far trying to push on

Level 2 still unchanged from Friday as 4v1 suggesting an up tick once the .055 is done not sure how much he’s got left

Might trying for an additional 17mln to take me to 50mln