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Subject: Chapter 15 - Seize the EOR and CCS Opportunity - Final LOI deadline dates
Dear Sir
Final reminder that the Letter of Intent deadline is tomorrow. No further reminders will be sent. I appreciate your time.
The data room is now open for access. Please contact Jason Knight, Managing Director. KSV Advisory Inc at jknight@ksvadvisory.com track the CCAA and Chapter 15 proceedings at https://www.ksvadvisory.com/experience/case/canadian-overseas-petroleum.
Due diligence period may be extended to 2nd May by submitting an LOI by 17th April, without any commitment at this stage.
Key dates:
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Notice of Auction: 6th May
Auction: 8th May
Skippy, this is why I stated the other day
- correct and from what I read it flowed very well and the small number of barrels collected can be understood by the fact that they were still cleaning up the well. thus they were concerned with how well it flows, not how much oil they could get, as they have already stated,
"Some 70% of stimulation fluid had been recovered at the conclusion of the test at which time water salinity measurements indicated that stimulation fluid was still being recovered and the well was still cleaning up. Oil cut would be expected to improve once stimulation fluid was fully recovered."
The collection of oil was imo unimportant the test was to understand the flow rate, not to be in oil production, they achieved this but in doing so they were still cleaning up once this question was answered.
Unfortunately it has provided ammunition for the two trolls to jump on, bit of an own goal by the company, they should really spend more time on their RNS's and understand how each word, sentence and paragraph will be disseminated by those that seek to use it for their nefarious aims.
"I and others emailed them for clarification on the 24.8 stk barrels v 42 bopd average in the USFS test, no answers given by 88e"
What you mean the company ignored a request from the important OlderWiser, hmmm yes you must be right then its obviously the ONLY explanation.
Lol Scot
"Quote to me in my post-webinar content where I have stated PANR is negotiating with more than one OFS firm? You can't because I wrote no such thing. I deal in facts, and happily so. You do not."
Perhaps it is you that has problem with understanding, perhaps you need to first quote to me where I said you did?
As regards the 250 million, I know exactly what I stated its on slide 22 fyi
- Proposal for Pantheon to sell methane from its associated gas (ie excluding NGLs shipped through TAPS and delivered as ANS crude stream) at a base price up to $1 per mmBtu at exit to Ahpun Facility1
- Minimum 20 year take or pay (ToP) contract would provide borrowing capacity of up to $250 million at Ahpun FID (50% of Real Post Tax NPV12.5)
Note a proposal, may not even come of but the intention is clear it is this proposal that -
"This is a key underpinning of our ability to mobilise non equity capital to support the development which is the lions share of the costs that we talked about as being required to get us through to cash flow break even and financial self sufficiency"
thus without this, then non equity raise is out and dilution by equity and a lot of it is assured.
Desmond, no, quite clearly it was based on past fact, I even gave the numbers and explained in the post. All calculations were provided (market Caps, shares in issue, past SP's etc.) and commented very clearly IF we did this in the past then it is reasonable to assume, using logic that it is possible in the future particularly as we are considered in a better place than previously - you need to read it without your own bias and in a position to not just keep pushing wishing to prove a point.
Yes you are wrong as regards no financial advise being offered, the implication is clear.
Additionally if a troll is successful in their attack and the price does indeed drop, does the end then justifies the means does it? I think not.
Because a bank robber robs a bank and gets away with it, does that mean bank robbing is ok.
Erm Scot, unfortunately for you, maybe in your typing of you lengthy posts, you missed some of my past ones here. I explained before, however I watched the recent presentation, oh yes all of it, Panr have lost one of the potential backers, only one left in the negotiation, the company has a plan but as we know, not all plans come to fruition.
If they are not funded in the way they hope then their only recourse will be equity, they know that and so do others, $250million is the requirement and to be honest I was generous to you, price now is 33.95p a 10% discount to that price (being generous again) would give a raise at lets call it 29p that is 862,068,966 shares. Additionally, based on the recent bond conversions that could add another 100 million shares, so getting towards a billion or doubling of the current share count. Any further drop in SP adds to that dilution and Mangrove don't seem to be to worried to be closing their short, in fact they may even up it.
My view is as people get to realise this they are likely to sell out to hold in cash till after the raise putting further pressure on the share price, its all pretty inevitable.
"Why do people abuse the likes of Scot and older wiser for stating solid contrarian opinions?"
Because Desmond you would do well to learn the difference between a contrarian opinion and an obvious attack.
Both of these posters are not invested in 88e, they have told us so, both of them have been asked multiple times, by multiple people here to refrain from their attacks they have ignored every call for restraint, indeed OlderWiser has posted over 220 posts on 88e, all negative and approximately 10 times the posts he has on his own invested stock of PANR.
In fact, these are not posts to inform, they are an attack akin to ramming an opinion down your throat whether you want it or not, calls here have told him they are not wanted. However they continue with a frequency that calls into question whether it is just one person or several, as they are frequent, day and night, repetitive and also provided to the Australian Hotcopper forum, how can someone that claims to have no financial interest be so hard working, there almost are not the hours in the day for such a sustained attack let alone the impetus to do such if their were no financial gain.
Additionally, for the most part the posts are without suitable substance as they are opinion he has made based on limited data that obviously needs further detail from the company however, he is arrogant enough to decide his opinion can be the only opinion and then continue with that ad infinitum. Scot is little different in this respect except that he replaces the plethora of posts by word count.
These two are charlatans and trolls, they know it we know it, they will not refrain from their actions, they should be reported but LSE really has no interest in looking into these things, don't believe me, send them this post, it will be ignored.
Whilst the Panr trolls seem unable to stop themselves on the 88e board perhaps they should be reminded of their own precarious position.
The large placing that's coming here, soon to dilute by about 50% if all the cash is needed.
Indeed the recent drop from high has just added another circa 100 million shares to the count, not including the 100 million from the bonds so by my calculation we are on around another 835,000,000 shares to come. The Mangrove Partners will be pleased.
If they announce that the only surviving partner has left the building, then multiple by that by a factor of 3 if they don't get it in before the SP drop.
Anyone who thinks bulletin boards do not have bearing on shareholders needs to read more. In particularly those of nervous disposition who may not have not been investing / trading long, or that might be a little undecided in their purchase or, who admittedly, have not done as much research as perhaps they should, oh yes these people can be swung by the influence of others you don't have to convince the bigger fish, enough little ones in illiquid stock is often enough.
You should realise that bulletin boards are in effect, for the shorter's in particular, the PI's Carson block report. You need to learn a lot more about thought psychology, in fact its pretty hard to convince someone to buy, but its far far easier to convince someone to sell, indeed it is all part and parcel of why winners often sell out too soon and never realise the big gains of some risers and yet many, indeed most will hold far longer than perhaps they should, you can read the psychology of trading in many places, but interestingly people are often more fearful of losing gains than they are of racking up losses! Bulletin boards do hold influence and as such it stands to reason that if they hold influence over investors then ergo they hold influence over prices.
scot lol, do you think its a shameful attack, ah maybe you can take him away for a long holiday and console him, what are you here for by the way, oh yes the same as older and wiser, industry professional oh my ****, professional charlatan yeah.
Oh look Scot another one with 66 posts in the last 30 days on 88e but no financial interest, indeed if one were to count words per post, he likely has more air time here than that other charlatan, another muppet that like to agree with himself as being correct, spends his entire time putting down 88e to ramp PANR as part of the tag team now Old git has to sleep.
Look at the price and you can answer that for yourself, I have been involved in shares for over 20 years and this is, I would say, the greatest attack on a listed company I have seen by what are supposedly PI's. No kidding have a look at this Older Wiser almost 250 posts in 30 days on a stock he has no interest in, work it out just how many man hours has this guy spent reading these boards and typing posts, he is here day and night yet not even invested, who does that!
We will no doubt get an update from the company in due course but in the meantime, this charlatan has spent every waking hour trying to put the fear of god into anyone that dares to hold a share here. He also posts the same narrative on Hotcopper, there has been no end to his vitriol here. Don't tell me all this effort is for nought. I wasn't and I'm sure most here were not born yesterday, but those that are fearful are his pry, those and the volatility he can create.
To many taken in by the Older ones narrative on the well flowing only 4 barrels, lol
So I'll repeat, ..........Or, did they flow the well, the importance was to understand how positive the well flowed, not to go into production, they know the oil is there and surely most of the flowing was recovering the fluids they injected
My understanding is flow tests are typically conducted to assess the productivity of a well, understand reservoir characteristics, and gather data on fluid behaviour under production conditions and pressure etc. The primary objective was not immediate commercial production but rather to evaluate the reservoir's potential and optimise future development strategies.
It's mentioned that the well flowed for 84 hours, inclusive of clean-up and recovery of frac fluids. This indicates that a significant portion of the flowback period was dedicated to recovering the fluids injected during fracturing operations rather than solely focusing on oil production. Therefore, the low volume of oil recovered relative to the total fluid flow rate could indeed be attributed to the emphasis on cleaning up the well and assessing its flow characteristics rather than maximizing oil recovery during testing.
I think this further answers some questions "The well produced at an average oil cut of 4% following initial oil to surface, with instantaneous rates observed during the 16-hour period varying as the well cleaned up. Some 70% of stimulation fluid had been recovered at the conclusion of the test at which time water salinity measurements indicated that stimulation fluid was still being recovered and the well was still cleaning up. Oil cut would be expected to improve once stimulation fluid was fully recovered.
Older you have no idea, absolutely none, you're a guesser, however no one needs to guess with you, you are here plain as day over 220 posts, all negative on a stock you say you have no financial interest in, hundreds of man hours for what you say is to protect others, there has never been a clearer case of bull and you are really full of it.