Member Info for volmer

helu, yes I think it bodes well for the restructure although by Friday I expect that we will not hear about refinancing but only whether the banks agree to a waiver until 31st March 2019.

The recent RNS states:

" A similar extension of time was applied for with the senior lenders until 31 March 2019 to align the various work streams involved in the shareholder loans consolidation and the senior debt refinancing. The Company expects to announce the decision of the senior lenders towards the end of next week."

The announcement on refinancing seems to be expected at a later date.

http://metalsexploration.com/pdf/Presentation/Corporate_Presentation_Jan2019.pdf

A good view on new MD's plans.

Why do so many post their opinions as facts, their worries as facts, preconceptions as facts and accusations as facts? Is it for their own self-esteem or attempts to influence others and hence the share price? If they truly think what they say, any rational person would sell or give up investing completely.

We each have to make up our own mind on the risk/reward ratio of any investment. Any new information or facts are very welcome to most of us. Just continually griping is just griping and not much use to anyone. It would be much better to say: I have some new facts or information or I just wnat to gripe a bit or I need to let off steam. Such communication would help us all to interpret posts for what they are.

In the case of Pantheon you either like the risk/reward ratio or you don't. If you don't, do have a word with your wife (or friend) and find out whether you should sell or hold.

Thank you scot126 for recording the meeting very well. We all know how difficult it is to listen and make notes at the same time.

Both Alkaid and Winx have been covered on BB's but little said on the Talitha well discovery in 1988. It has oil in place of 2643mmbla and S508mmbls of recoverable oil P50 and is due to be appraised by Pantheon (90% interest) in 2020. No doubt we will hear more about this one next Monday at the AGM.

hxxps://www.proactiveinvestors.co.uk/LON:PANR/Pantheon-Resources-Plc/rns/LSE20181221070203_13912443

How do you reach those figures? You may have missed quite a lot. More research and analysis needed.

Continued........

I was never attracted to the prospect of Pantheon bringing in a JV partner for Texas. Never in a million years did I expect them to create a deal like this with the elite of the oil industry and of oil prospects in one of the best energy jurisdictions in the world. Pantheon’s management can only be congratulated.

Nothing is guaranteed in investing and in business but I couldn’t be more satisfied with the risk/reward situation here. In any general market conditions but the current ones, I would have expected to see a much higher share price already.

There have been some comments on this and on another board on Pantheon’s management in connection with past drilling problems, questions about the apparent reduction In the Texas acreage and resource potential as well as comments on dilution for Pantheon shareholders.

The way I see it is that Vision was the operator until now. Pantheon was an investor in the acreage and drilling activity. I believe that while Mr Cheatham may have some sway with Mr Gray when it came to discussing operations, Vision was the operator and took the crucial decisions on drilling, the quality and cost of the approach taken. I also believe that it is wrong to attribute blame to Pantheon management for the run of drilling problems. This was Vision responsibility. I believe that Pantheon’s management have acted with utmost professionalism and integrity and that they have little or no responsibility for past drilling problems. On the contrary, I think Mr Cheatham’s decision to bring Mr Gobe to the board was a masterstroke.

The reason for the reduction in acreage and consequently prospective resources is due, I think, to the fact that Vision, the operator, has not had a successor for Mr Gray since his death. It may be that leases that came up for renewal during this period were not renewed as no one in Vision had the authority to do this.i think Vision has been in a state of limbo for 6 or so months.

I note that it is intended to renew certain leases to restore prospective resource to 225mmboe for Texas.

Turning to the issue of dilution for shareholders, I just do not see it. Last summer Pantheon had around 60% of the acreage for the prospective 315mmboe. Before the Great Bear deal management had arranged for Pantheon to have 100% by paying $2.5m plus a royalty. Now we see that the acreage and prospective resource has reduced to 157mmboe (expected to increase to 225mmboe). So we have 100% instead of 60% of approximately 225mmboe prospective resource. I view this as satisfactory bearing in mind the time it will take to prove up this.

With the Great Bear deal we have reduced our percentage in Texas from 100% to around 43%, giving up 15pp of what we had last summer (acknowledging that the prospective resource has been reduced).

In exchange for this 15pp we have acquired say 43% of the Great Bear portfolio with 2.0 billion barrels P50 Technically Recoverable resource potential. GB have a 90% share in a discovery with an estimated technically recoverable resource potential of 549mbo that will be flow tested in the next 3 months. Plus 10% (with option on another 10% in the event of success) in a well to be drilled on GB acreage with estimated technically recoverable resource potential of 400mbo to be drilled in Q1 2019. Oh, I almost forgot the 90% Talitha owned discovery with a technically recoverable resource potential of 509mbo to be appraised in 2020.

If this is a dilution for Pantheon shareholders, then I would like some more of it.

I was never attrac

With Metals Exploration we all know the risks relating to refinancing the debt. It, and the sale by Blackrock, are major contributors to the current share price IMO.

On the other hand what is the upside for the next 12 months? Perhaps the company continues with production difficulties and produces 50,000 oz pa. Or maybe its operations run well and it achieves target production of 100,000 oz pa. After all this must the reason the company is appointing a new MD.

The company and its plant was set up to produce 100,000+ oz pa. At that level cash costs are thought to be around $500. So I made these assumptions - gold at $1200 oz. a USD £ rate of 1.3, admin expenses of $12m , interest of $6m and a tax rate of nil due to tax losses.

If these assumptions are achieved for 2019 then the net profit would be approximately $54.5m or £41.9m. The current market cap is £12.4m

This would allow debt instalments to be paid as well as continuation of exploration on the acreage

This risk/reward is why I invested. If a midway production of 75,000 oz pa is achieved I still might be looking at a share price of 10p after the 2019 annual results. If the target is achieved then, who knows, perhaps 15 or 20p.

These is the background to my purchase, please do your own research.

Sold here.

Now 30 days since last post, so perhaps now is the time to post as the overhang of shares seems to have finished. Phoenix has: - a market cap of around £9.5m - a $612m contained copper metal value based on a copper price of $6,768/tonne - increased The Empire Mine land position in the USA by 70% to 1,383 acres in December 2017 - a plan to start mining the copper again with an open pit mine initially The risks: - normal project delays may occur - and the normal risks set out in their listing document from June 2017 The business appears one to research as far as I can see.