Member Info for tonynorstrom1

Year………….Brent Avg USD…………Avg (bopd)……..Avg SP (GBp)……..Net Cash YE (USD m)….2P(mmbbl)…….PDP(mmbbl)

2022....................101......................12,000...................30............................65.........................103....................35

2023.....................83.......................14,300...................45............................91.........................108....................41

2024.....................78.......................17,733...................42...........................103........................113.7.................52

2025.....................69.......................19,500...................36...........................139........................110.2.................37

2026 YTD*.............92.......................12,000 (guided)…...29...........................120–130*................110.2*................37*

Bull Case

1) Current forecasts are for $75 Bent for full year 2026 - this could be too low in my opinion. Analysts such as Energy Aspects are currently forecasting $75 to $80 – Base Case

2) Some analysts believe 2026 Company production guidance is too conservative and actual could be in the 13,000 to 14,000 range. Company are forecasting to be back up at around 20,000 by end of year

3) PDP is flat to growing especially factoring in write downs due to lower oil prices over the last several years - strong reserve replacement considering capital discipline. PTAL should be able to maintain or grow reserves going forward. RLI is reasonably strong.

4) Opportunity to reinstate a dividend or commence buybacks by end of year.

Bear Case

1) Water Cut could constrain Oil Production and FCF

2) Casing Leaks could constrain production if not managed properly

3) Erosion Control Project costs could escalate beyond previous projections

Conclusion

45p average per 2024 / 2025 are easily achievable by year end in in my opinion depending upon oil prices which currently look like being similar or in excess of 2024 . Target of 60p or more in sight with strong execution and oil prices - balance of risks to the upside.

"and I’ve been doing this since the early 90s" - it doesn't really show -maybe consider giving it up !

"How does the ramping negatively affect you?" - It doesnt but that's not really the point - I've explained my reasoning before but factual balanced posts are not your thing so I don't really expect you to understand.

Try and ponder this in that vacuum between your ears _-There are no rules that govern whether your posts should be positive or negative. Preferably posts should be factual and honest and that's what I try to do. Its not your job to be giving investment advice, telling posters what they can or cannot post or tell them to move on if the're not happy. I clearly dont rate your input - in fact I think your a coconut. So f@ck off - I cannot be any clearer than that - got it !

"Bitter and non-constructive! If you’re really happy disillusioned and don’t believe in the company sell out invest in something else…"

A bit of a word salad Dickbat - i'm at a bit of a loss with your nonsense - what I would say and as someone that has a bit more experience than you - its not about hope - you need to do a bit of research - simples !

Its about fundamentals and facts - not about pump and dump - just trying to help you son.

"......its killing you that we all know you are pretending to be long"..................oh the presumptive "we" - your talking for yourself, very presumptive to assume your're talking for anyone else - how would you or anyone know I'm long or short - its clearly rubbish - you dont know and that is fact.

"..and i stopped bothering to read the rest..why?...because between April 2024 and march 2025 the share price rose to 70 p!!".................I fail to understand your point here at all, as would anyone with a couple of brain cells between the ears ... the sp is 11p now which is what matters. 70p is only relevant if you had enough smarts to cash out which obviously excludes you (and me for that matter)

"you also fail to acknowledge that i have never once pumped or ramped pantheon, all i have done is outed those who are short and pretending otherwise." .........I have clearly acknowledged that you have blatantly called out posters who in your opinion only i.e. without evidence are "shorters" and "pretend otherwise". You have never taken anyone to task who have ramped PANR and there is a lot of ramping here. You have a clear bias for positive posts only regardless of where the facts point to.

The SP as you have quite rightly pointed out was over 70p a year ago and has slumped to 11p now - it doesnt take a rocket scientist to conclude that there's been a lot more disappointing news than good news in the last 12 months - the ex-chairman essentially said the same - I rest my case your Honour !

The great thing about a BB like this is that you can go back and see someones posting history. Here’s a selection of you better ones Mr Siggins:

17 Apr 2024 16:18

“For many months those talking Pantheon down have predicted imminent dilution, even claiming raising funds with a discounted SP as low as 10p and time and time again they have proven to be wrong.”

It looks like they may have called it right Siggens what do you think ? (Remind us what the last fund raise was done at.)

18 Apr 2024 09:38

“Stas20 - Is your Pantheon short position very large? ……People like stas have incorrectly predicted dilutions since last year”

Sound familiar doesn’t it Siggins – find a post you don’t like and accuse the poster of being short even when they are right.

18 Apr 2024 10:59

“Stas - Seeing as you see yourself as someone who is enlightening us, a kind of truth teller, tell us this, how big is your short????”

At it again Siggins I see!

18 Apr 2024 11:45

“DrMicho - Why are you and Stas refusing to say if you are short or not. Something very suspicious. Come on both of you,be honest.”

And again ! Perhaps its time for you to be honest Siggins !

3 Dec 2025 13:13

“....the scumbags on the other bulletin board are pulling out all the stops with their attacks on pantheon...the latest being fear mongering on a fund raise..”

The scum bags were dead right Siggins – perhaps you owe them an apology!

8 Dec 2025 14:55

“Ezhik - are you short pantheon?”

Its getting a bite tiresome Siggins – what do you think?

20 Dec 2025 20:57

“Thanks marmaris. i am long but worried.the line where they talk about additional appraisal concerns me...i thought this flow test was meant to give us an answer one way or another. i a m dreading monday..hope they surprise me”

A bit hypocritical don’t you think Siggins – anyone else does it and they are a shorting scumbag!

4 Feb 2026 10:31

“Stas has switched sides many times..anti panr..pro panr..anti panr....and his reason for first appearing here was laughable....who does he think hes kidding”

Sounds familiar - Who are YOU kidding Siggins !

25 Feb 2026 10:05

“I hope the lse are doing their jobs and reading what accusers are saying about pantheon. to accuse this company of being a con is a disgrace and those people should be held accountable. why dont those cowards making the accusations do something about it,rather than making wild accusations ,thinking they dont have to back it up...”

I like this one a lot Mr Siggins – remember who you were talking about – It's our friend James ! Pity you don’t have the balance or integrity to call out his pumping!

If I'm transparent then you don't just sound stupid - you are stupid - I have posted the details of several recent buys (albeit small) immediately after placing the order - details only I could have known just to prove that people such as you are propagating falsehoods.

Just by trying to discredit posters that keep it real - you are effectively part of the pump brigade. I'll repeat myself for the umpteenth time - If I post something false or misleading - call me out and ask me to back it up - you and your like never do.

Anyway - happy Easter weekend !

Oil no Barron my Ar$e :

"i cannot wait for new isa allowance on Monday just hope I can purchase sub 12p" - I'm with you nearly peeing my pant in anticipation !!

No really - if its a buy at 11.9pwith all this oil in the ground and analyst price targets of 34p - surely it's a buy st 12.1p. I don't see the purpose of the post and the magical 12p mark other than another pump.

"Sorry i am new to this board are you one of those resident nutters that everyone else ignores - my bad for replying." - this is the written equivalent of shouting. When you resort to this - you know the argument is lost.....you know !

Hey and "my bad" - how old are you - 11?

bull****,

30p to 11p - i think the people that count agree !

"Another lovely update from canna - looking great here..gla"

What a load of cobblers - It would be great except for the fact that this is all old news !!

Cost reduction and shelving the IPO whilst prudent is step back not forwards although you have to adjust the strategy based on where you are at. I think the drop from 30p to 10p reflects this.

The only recent positive IMO is there appears to be real interest / momentum in the data room.

I dont want to say too much for fear of upsetting the ramp brigade but FFS - "Wooowww!!!" - ill let the market do the talking. !

Oilbarron - i dont take investment advice from coconuts. Call me old fashioned - but thats the way i roll - check your filter - its not working - your still responding to me!

Cbarron - tut tut - factual information is not appreciated here! Please refrain from posting this kind of stuff - please stick to the agreed narrative - "over sold, way under valued and 4 quid a share !

Just placed a minor top up for 16,000 shares at 8.47am

I think only I would know that as order takes a little while to show up - only purpose of posting this is to highlight that Siggins, Cattle no Oil Barron my ar$e, Dickbat and others are posting non factual information and trying to discredit any posters that are unwilling to ramp the share for them.

Thanks cbarron

My psychology is one of not misleading people and posting factual information - it appears Dickbat/Siggins et al have no problems with posting non-factual information as long as it is positive.

I have no problem with people posting positive views - im just asking for explanation to see whether posts are credible or not - it seems some are happy to take at face value as long as they are positive - I would say the psychology of these kind of people are similar to a pick- pocket. I'm not a pick-pocket - but you guys feel free to join them !

Dickbat - | I'm not sure what you mean. I have always stated that if I post something nonfactual or controversial - then pull me up and ask me to explain. No one has ever done this - if you were being fair then you would have to acknowledge this.

I have challenged the serial rampers several times to justify or explain their posts - they never do and people like you never challenge them because it's what you want to hear - that's really sad !

Theoilbarron,

"and 32p is an opening gambit there long position is £4 a share" - you posted it - perhaps you can explain it.

At face value - its an outrageous ramp and indicates you don't understand what you are reading.

Made the decision to trim my Serica holding slightly and put the funds into this baby - I think this has the potential to double or more over the next 6 to 12 months. Still bullish on Serica but its up over 100% already in the last 12 months. A decent buy this morning - its me !

Squirrel - Your a bit of a tit if you dont mind me saying:

"My mussings" - I thought I made it clear that what I posted was an AI (Copilot) response to a specific question I asked. You could see the question and then the response - I don't see the problem. I would add that I thought the AI response was interesting, made some well thought out points and was intended as a discussion piece - I wasn't peddling anything per se - this is a BB / discussion board isn't it?

A couple of points that seem to have escaped you in your rush to "peddle" your research piece and throw in a couple of barbs - Copilots target prices were higher than the "recognized" broker you were "peddling". Not sure then why you would throw out a lower number and then make the accusation that I'm "try to sow discord against the near term positive recovery" - makes no sense much like a lot of what you've posted - a word salad indeed !

I'll make the point again in case you missed it - your broker that you are promoting is a "sell side broker" meaning that they sell investment products or market information to investors rather than investing its own money. What you have obviously missed and someone made the point - these pieces usually have a disclaimer to the effect that "this is paid for promotional material". Certainly, the author that penned your piece has written many of these promotional reports.

As you say "just for the benefit of the people" - you tit !

Squirrel - Everything should be taken with a pinch of salt and crosschecked with your own research. Just for the benefit of the people (you are claiming to support) - you've added zero insight again - What are the reasonable assumptions you are claiming that Oak Tree have made that have not been heard before and would be invaluable to current investors - please go ahead and let us know.

It would be appreciated for you to share your expertise .