Member Info for tonynorstrom1

It will be interesting to see the market reaction!

"more shares issued" - I dont think so, not in EOG anyway - it states a "cash subscription" for shares in Antler.

Peakybrum,

A respectful reply but I would have to say that their is only a couple of things I would agree with you on:

1) I agree wording is important but I think you are reading more into it than I am. "Pleased" and "delighted" are a bit like happy and very happy - similar but nothing like "believe" and "confirmed". They are quite different - just look up the definition on the internet. The wording on RNS's are usually very precise - send PANR and email if you want to get further clarification on what they mean by 'believe".

2) One definition I saw on the internet for "believe" - something assumed to be true but not proven. This is the crux - PANR "believe" they have proven commerciality - but the proof of the pudding is whether the lenders agree.

3) You are free to take "believe" in any which way you want - but its quite clear that this RNS is from PANR and nothing to do with Schlumberger, Bakers Hughes or Netherland and Sewell.

The figures are correct - 6000 mcf is approximately equal to 1 boe

A question for you Olderwiser:

"Confirmation in unmistakable terms, these discoveries are commercial, the last bear argument has been declared null"

Is this really correct - look at the wording again.

"the board BELIEVES that a successful demonstration of the commerciality of its Ahpun field has now been achieved"

This is not as definitive as them saying "a successful demonstration of the commerciality of its Ahpun field has now been achieved"

This is not pedantics - I did email the Company some while ago about the latest testing and whether they had gathered sufficient data to obtain financing. The response was not to dissimilar to the above i.e. words to the effect of "We believe we have sufficient data / information to satisfy lenders but there are no guarantees"

I am a shareholder and so i do have a confidence in Pantheons messaging and ability to deliver especially with David Hobbs on board - but there are no guarantees that they come to a successful conclusion.

JD-Nau - thank you.

Do Reabold respond to shareholders - i have no emailed in two questions via their contact page on the website.

"I3e follows the price of oil down but then doesn't follow it back up? I thought we sold oil."

We sell 22% Oil, 26% NGL's & 52% Gas

Gas if you havent noticed is trading at CAD 1.90 (average for December) which is a monthly low in 2023 and multi year low.

Good news is that WTI is back around $74. So the dividend is secure imo (DYOR) and again in my opinion the cash flow / balance sheet is strong enough to announce a $8-$10m H1 capex program. Upcoming news:

1) Q4 update

2) 2024 dividend and capital program

3) Drilling update - if I was i3e I would be looking at giving a production update now if the drilling results are good. All 3 wells are drilled and the fracking should be complete also.

last years Capex program was announced on 22nd December - however, with the required quarterly financial checks - this years program may only be announced now in January unless they get a waiver from the lender.

Uggy - do you have a link to where they stated all permits by year end?

Sam Moody's salary and share awards are now secured for a couple more years - a huge weight off sharholders minds. Means Sam can now concentrate on the golf.

As a Europa Shareholder - i've been following the EGM saga here with some interest. I stumbled across the October interviews with the joint CEO's / Malcy.

If your just looking at this interview without any past history - there's quite an exciting pipeline of near term projects that could be quite transformative to the share price. Looking at the share price - under the current managements tenure, its gone from about 0.8p to 0.11p in just over 6 years - very poor to say the least.

I have sent Reabold an email to ask the question how they square past shareprice performance with ability of the current CEO's to generate returns going forward - I'll share the response should I recieve one.

I also read the recent shareholder circular - it again highlight the potential of their West Newton and Italian Gas Projects and perhaps answers the "why now" question - they say regulatory hurdles around gas have suddendly improved.

Also the comments around Sattar's behaviour in the circular if true dont paint a very unflattering picture.

I mentioned in the email to Reabold about dual CEO's being an unecessary expense - however, I also note in the circula that they bench mark Management emoluments against peers and their combined salaries appear to be significantly less than peers (atleast the ones they selected)

Could it be that regulatory sentiment, covid and the downturn in Oil since 2018 has been against them and that better days are ahead - particularly with their gas focussed strategy - interested to hear any thoughts here.

I would encourage all to read the latest sharholder circular if you havent already done so.

Thank you

"why would that be relevant"

First off I will state that I own PANR shares as I see a lot of potential here but its not a home run yet. PANR is not without risk and is why Canaccord list it as a "speculative buy".

But if you read his James's posts - he seems to gloss over the risks and promote PANR as easy money. So more just a reminder to any new investors to do your own research and take some of what you read here with a pinch of salt. Its not easy money as James has proved himself - if he were to sell now then he would be losing money as would be many investors who got sucked into PANR on its rise to the 140p range.

You wouldn't happen to have the link to the latest Webinar - I cannot find it on the PANR website.

Take a read of this - some of the best reserach out there:

https://4043042.fs1.hubspotusercontent-na1.net/hubfs/4043042/Content%20Offers/2023.Q3%20Commentary/2023.Q3%20GR%20Market%20Commentary.pdf

"Oil: From Uninvestible to Must Own"

"We now calculate the Permian has also produced half of its reserves and expect sequential growth to turn negative within the next few months. With a growing degree of confidence, we expect 2024 will be the peak in Permian production"

"The Great Convergence: North American Natural Gas and the Looming Shift in Global Energ y Economics"

"Our models suggest the North American gas market will switch from structural surplus to structural deficit in six months. "

cannuck - i've figured out your problem - you need new reading glasses !

and for anyone worried about us shale and the saudi's flooding the market - uncle eric responds to your concerns:

eric nuttall

@eri****tall

·

dec 12

why is us production growing so much this year and is it repeatable? is shale "surging" and is opec losing control of the market? is demand cratering? what do stocks look like at $70wti and when will the pain end? a replay of yesterday's webcast is now available:…

show more

link to the podcast can be accessed via his twitter page.

"Where else can you make this kind of money for very little work ."

Someone summarized your trades a week or so back and you are down significantly on many of the buys you have posted on here - what are you talking about?

Have you read it correctly though my Canadian friend. WHI dont state that it is "stay flat capex" and indeed it is not because it is way too low.

I think what they have done is come up what they think would be an affordable capex budget using the "car crash" oil and gas prices whilst still maintaining the current dividend and its not that conservative as it is pretty much cash neutral - i.e. they pay all the bills but dont add any cash to the bank ( but they dont draw down on cash either)

17% decline per note 9 on page 5 of the November presentation is YE 2022 based on P&PDP so I think includes all the 2022 production additions which were substantial (+/- 6500 boepd at peak). As per the graph on page 10 - only about 950 boepd have been added in 2023 year todate albeit with a high decline rate. That means approximately 20,000 boepd of production are from wells that are a minimum 11 months old with the majority being much older.

Refer to the coorporate presentation from April and that includes a chart showing decline rates that include for what they define as "base" production (production brought on stream prior to YE 2021) and this is stated as sub 12%. So you can see that decline rates flaten out over time - add it all up and it suggests that YE 2023 corporate declines should be lower than 17% .

"17% decline rate, if real, would allow for sub $10M capex and still production at 21K bboe/day."

I think the decline rate will be less than 17% on the current production as no new wells have been added in 8 months or so. But assuming 17% is still the correct number, based on 21k boepd - thats around 3600 boepd that needs to be replaced. At the capital efficencies listed in the last presentation - I come up with significantly more than $10m so keep production flat.

How do you come up with Sub $10m capex ?

Lets see what the market makes of it James.

Checking the cash flow at AECO CAD 1.70 / GJ and WTI $68 it still appears that they generate sufficient cash flow to make the debt payments, cover the dividend, tax and have a small amount for Capex.

With their new policy of quarterly reviews and basing dividends on historical cash flows i.e. previous quarter where Oil and Gas were considerably higher than the above figures - there should be no problem of declaring the Q4 dividend (paid out in January). Obviously if Oil and particularly gas stay at the current levels - then they will have to review budgets carefully.

Not easy to predict what i3e will do - but if I were in their shoes:

1) Declare the Q4 dividend at current level

2) Announce a H1 Capital budget in the region of $7-$10m with the view to expanding if prices pick up