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Why should it concern you Scot?

By the way, just sold my remaining PANR @ 19.2304 with a healthy short term profit. Don't usually do this but spurred on by dai2belts.

So glad I didn't take your advice SCOT when you told me to but PANR at 34p ;)

Brombarb, generally there has been a shortage of Helium and it has many uses, the shortage worse since the Russian invasion. So maybe this is a good time to look at the companies finding/flow testing/storing it.

Did I read somewhere that UK Oil and Gas were looking at storage for Helium? And dia2belts mentioned GEX with the usual AIM warning.

I was fortunate dai2belts, missed 15 but bought low 16s and sold high 18s. I agree that there is still room for upside so going to hold my other half for a better return.

My main is still 88E and although no news recently other than performance shares I still think they will improve greatly when the reservoir news is released. May not reach my 0.69 avg but could make on my more recent purchase.

I'm usually long term but making a quick return for a change was nice ;)

Dai2belts, managed to sell half my PANR this morning at +14% and will let the other half ride. Nice to see a profit on an oil share :)

I guess many on PANR board listened to SCOT over the months and years so are in from 120p and hurting :(

'Looking at this issue from another angle, if Burgundy don't pay the $3m then, in effect, they are stating that Project Phoenix is worth less than US$24m'.

Here we go again, Scot the mind reader. You know they are trying to raise the cash? If they don't pay it's not because the didn't want to it's because they couldn't raise the funds, so maybe you should look at it from that angle :(

And Scot, why is it you are happy to tell us all that we are investing in the wrong company when you can't even tell us your own avg in PANR. You are a mind reader so what am I thinking? ;)

Dai2belts, I have recently bought more 88E, but have had my majority holding for more than 5yrs, cutting my avg to 0.69p so still in a deep hole there. However I also have more eggs in my basket buying PANR and thought I should diverse to bank shares (Lloyds). I'm top heavy in oil (CEG) so need to keep an eye on prices and get rid when appropriate. I rarely sell at a loss as the money I invest I don't need so happy to sit on it for a while (Entain). Downtrends are for professionals to worry about, but I did sell COPL at the right time which gave me more to play with :)

I don't believe you Scot, based on previous posts you think you know what you are talking about but really you are as much in the dark as the rest of us.

Will you add in part two that you have been suggesting that 88E holders ditch and invest in PANR since they were 120p? Or maybe explain why Burgundy raising cash means you are right? If PANR do strike a deal with the gas pipe line then 88E reservoirs become even more interesting to potential partners, who I'm sure would be happy to commercialise the area. And lets not forget that 88E are still to release the updates regarding Phoenix so you may be proved wrong very soon :)

'Most' observers include you I guess and that does not fill me with much confidence.

What price do you still think PANR are good value, 120p or 16p?

Was aware of that Brombarb but Bob sounded very confident and had a value (the gas) to it. I just think that whatever PANR manage regarding the pipeline or contract 88E will have the same options without doing all the legwork.

He also mentioned 10-$15 per bo which is much better than the $5 banded about earlier, and the fact that they have agreed a contract for the gas which may be of interest to 88E

As much as I want to believe Bob he says success is only 70%. How does that compare with previous fields? Even on reflection though I am happy being in at 16.

Well so much for PANR reaching 16, missed 15 and now 14, how low can it go? I'm in at 16 :(

88E needs a positive release very soon, then a follow up on reservoirs.

Finally invested in PANR @ under 17p, but if I had listened to Scot it would have been at twice that. So glad I didn't as I believe Scot was pumping PANR @ 120p so he must be hurting.

As for 88E and performance shares, there is no justification for this, especially after the last raise at 0.16 and the sp now languishing at 0.10 Unfortunately nobody to police this sort of behaviour as even the expected oversee committee has no members so basically the Directors decide themselves.

Still a LTH but unless there is good news by year end (Namibia and Phoenix/Leonis) I may have to rethink.

Forgot to mention the good news from Longhorn where they managed to produce 400+bopd recently and expect similar going forward so a better income towards ongoing costs.

Good morning Older, took a well earned break and now that I'm back I see nothing has changed.

My understanding regarding outstanding costs is that only 20% remains unpaid for flow tests and should be paid very soon. That the company are still fully funded for the next 12+ months is plausible based on previous cash figures boosted by the recent raise and leases returned/postponed.

88E are expecting to release updates on reservoirs (Phoenix) by September this year, cutting the wait from 2H.

What I did find interesting was that Burgundy are in the process of raising funds to cover their share, but on top of that they are also trying to raise enough to basically swap positions with 88E and become the producer. If that happens that may well be the shot in the arm needed to boost economic interest in 88E.

I also note that PANR did actually touch 18p, and my entry point, but I needed an extra week to arrange so missed out. There may be a further drop there soon so still hoping to get in at the bottom.

After watching the webinar over again (PANR) it was clear that the finance guy had little to nothing to say, in fact his silence spoke loudest regarding the structure of payments ahead. No plan on raising the $60-85m needed and that total did not include covering the debt, reliant on FID covering costs and investment for a gas pipeline that may never happen, already discounting the gas in the hope that Alaska can point them to cheaper loans, and this all 3-4 years away even if it goes ahead. Poor Bob missing in action, he did look unwell during the last webinar so I hope for the best.

No wonder the SP tanked after saying the gas was still a liability especially if the pipe does not go ahead. All future earnings are based on oil sales at the moment with no gas, but when it came to raising funds gas was priority. Initially they needed $300m+ but with gas pipe they only need $60-85m.

They also spoke about only being worth 2c per barrel but that it will reach $5 pb once they are fully funded and commercially attached to taps. I get that to 250x the value today but maybe LTI can check my maths ;)

Another thing picked up on was that they said raising $60-85m is much easier for a company that's now worth over $300m than when it was only worth $100m, but on Friday it was only worth $200m which means any dilution would have to be for many more shares than they expected.

Talking about PANR as they are at the moment our big brother, same family, same outlook, same area, but they don't want any JV with 88E, no plans for that going forward.

LTI, 20 is not zero, don't worry as I see that they have strengthened the team at PANR with another finance guy. Maybe I wasn't so wrong after all ;)

As for humour I'm still laughing at your maths :)

Brombarb, the only difference between 88E and PANR is that 88E know they can't go forward without a partner. PANR have $24.5M debt with a quarterly payment that can only be covered by dilution. They are very close to the 1B shares outstanding with 88E having 25x that. Value PANR and 88E are sitting on liquid gold but neither can do anything about it so both worth a punt at this low SP. Whoever finds the partner first wins the hike in price. Forget the gas pipe line for both.

AS, thinking along the same lines, 18 sounds likely then hopefully they get their act together and find a new finance guy, maybe a new board member.