Member Info for Xataxx

Drslicer- No worries it's good to hear both sides of the argument.

This is clearly a high-risk investment and everyone should assess it accordingly. Equally, if the company executes and key milestones are delivered, the upside could be meaningful.

Have a great weekend.

DrS-Not claiming to be an expert — just trying to separate possibility from certainty.

You asked a fair question:

"If it's attractive why haven't the big boys bought?"

Because oil deals rarely happen at either extreme.

Too early → risk too high. Too late → price too high.

That gap in the middle is exactly where farm-outs exist.

And no, nobody said "better equipment suddenly makes oil flow."

Commerciality changes through:

Well design, completion strategy, development approach, infrastructure access, financing structure, scale.

Otherwise no field in history would ever move from appraisal to development.

You may end up being completely right on Pantheon.

But "nobody has bought yet therefore nobody ever will" isn't logic either.

The market cap is ~£210m, not £20m.

Clearly some people think there is value and others don't.

That's what makes a market.

No singing required.

I think you're mixing up two different questions:

Is Pantheon de-risked enough today? Is Alaska investable?

Those are not the same thing.

You're arguing "big boys will wait for bankruptcy."

But at the same time Alaska is actively trying to advance a ~$44bn LNG/pipeline development.

Nobody commits that sort of effort if the entire region is viewed as uninvestable.

That doesn't mean Pantheon automatically wins.

But it does challenge the idea that: "Alaska = no capital = wait for insolvency."

Big capital doesn't always wait for bankruptcy.

Energy companies regularly farm into assets before commerciality because:

they want acreage, infrastructure position, optionality, long-term reserves.

Pantheon's challenge isn't proving oil exists.

It's proving economics and development.

If they prove that, waiting may become expensive.

If they fail, then yes — buyers wait.

That's why the market exists.

I believe another director buy may appear soon. Good things happens in 3s. Jokes apart, so far with Spencer on Board, it looks like we will get somewhere better in the near future.

You never know if Mr Spencer is increasing his stakes more. But I would be pleased to see Management members buying ( depending if they are in a closed/open) period. GL

Hello Scot.

Thank you for taking the time to post such a detailed response. I think we agree on more than we disagree.

On the timing point, I agree that if TW2 is to be drilled during the 26/27 winter season, then a JV would likely need to be substantially progressed before 31 December. My interpretation of the RSU condition is not that management expects to sign a deal at year-end, but rather that the Board wanted a clear and measurable deadline for the award.

I also agree that not all farm-outs are equal. Securing a partner is one thing; securing a partner on terms that properly reflect the value of the assets is another. Shareholders should judge any transaction on its economics and long-term value creation, not simply on whether a deal is announced.

On remuneration, I understand the concerns around the scale of the awards and the absence of more explicit performance hurdles. I would certainly welcome meaningful open-market purchases by management. I think most shareholders would view that positively, as it demonstrates direct alignment and personal conviction.

Where I perhaps differ is on the purpose of these awards. My reading is that the Board is trying to retain a team through what could be a transition from appraisal into development. If a JV is secured, Pantheon's challenges do not disappear. In many respects they become greater. The company would potentially move into partner management, development planning, drilling execution, commercial negotiations and ultimately field development. That is a very different task from where the company sits today.

For me, the most important point remains that the Board has specifically linked part of the CEO's long-term incentive to securing a JV partner. That does not guarantee success, nor does it guarantee attractive terms, but it does suggest that the Board continues to view a strategic transaction as both achievable and central to unlocking value.

I also appreciate your comments regarding Spencer's CFD purchase. We may have different views on remuneration, but I think it is important that the forum remains focused on facts. The RNS clearly shows that his economic exposure increased, and I am pleased we are in agreement that the suggestion he was shorting the company is simply incorrect.

Ultimately, I suspect we both want the same thing. A transaction that properly reflects the quality of the assets and creates meaningful value for shareholders. The remuneration debate is interesting, but the real test will be whether management can deliver that outcome.

Thanks again for the thoughtful discussion.

X

Its evident Qube are betting on failed talks all around. Lets see if they get it right time.

A few key takeaways from today's RNS that seem to be getting overlooked:

• The CEO has been awarded 2 million RSUs that ONLY vest if Pantheon secures a JV/farm-out partner by 31 December 2026.

• The Board could have chosen production targets, reserve targets or share price targets. Instead they specifically chose securing a JV partner.

• That suggests a farm-out remains the primary strategic objective and the Board considers it realistic enough to tie executive rewards directly to it.

• Michael Spencer's recent CFD purchase is again referenced by the company as increasing alignment with shareholders. The RNS does not support the claim that he is "shorting" the company.

• Spencer's new 4 million options have an exercise price of approximately 24p (US$0.318), well above the current share price. He only benefits if the share price rises materially from here.

• Yes, there is dilution from the RSUs. However, 11.5 million old options were also voluntarily surrendered and cancelled.

The biggest takeaway for me:

If the Board thought Dubhe was dead, Kodiak was uneconomic, and no partner interest existed, why would they structure management incentives around securing a JV by the end of 2026?

Not proof of a deal, but certainly not the actions of a company giving up.

There’s been a lot of discussion about whether the Chairman’s recent CFD purchase implies insider knowledge of a farm-out or other material deal at PANR.

Based on UK market abuse rules, a few key points are worth clarifying:

Directors can only trade if they are not in possession of inside information (i.e. non-public, price-sensitive information that would likely move the share price significantly).

If a farm-out was agreed, highly probable, or in final negotiation stages, that would typically be considered inside information and would normally restrict trading entirely.

The transaction was disclosed via RNS as a PDMR dealing, meaning it went through standard compliance and disclosure requirements.

The key distinction is that directors often have awareness of ongoing strategic discussions and company progress, but that does not automatically constitute inside information under MAR rules.

CFDs also represent economic exposure to the share price, so the purchase still reflects real financial risk and alignment, even though it is not the same as buying physical shares.

In summary:

The purchase is a confidence signal, not evidence of a confirmed deal.

It does not legally imply insider knowledge of a farm-out.

It does, however, show the Chairman is willing to increase exposure at current price levels, which the market may interpret as supportive.

I am cetrain now that Spencer's mates jumped in before him and more will follow.

Ddraig- You literally took wordS out of my mouth. Ageed. Lets see YANKS!!

Over £700k Invested further. He is a billianaire but he would'nt throw good money after bad, if it was. Very promosing. Added more here.

If there was some material news it should have come out by now. I suspect this is either funds building up because of the data room book build up or mates being told to load. The rise is gradual this not PI (s) selling on making a few grand. Whatever , its working for us.

If there was some material news its should have come out by now. I suspect this is either funds building up because of the data room book build up or mates being told to load. The rise is gradual this not PI (s) selling on making a few grand. Whatever it is working for us.

Just my opinion I have a feeling we might see a TR1 soon. I could be wrong.

One more thing to remember. The Billionaire is in a locked period not his mates.

I doubt if its got anything to with oil prices we have seen these prices in the past weeks. It seems like a leaky ship and someone has insider information. If we look at Shorts during Dubhe-1 they were confident, how and why? No brainer. This is AIM. It is also possible due to renewed interets from Major oil giants, middle east war, trumps visit to Alaska and China. Whatever it is the Sp can get into 30s, 40s or even more in no time.

Finally a man on board who has skin in the game. Thats promising he will not farm out cheap. We may now see kodiac price action in the Share price soon.

I see the new appointment to solidfy the farm out and strategies. Top man on board. Very pleased.

West Coast Silver has delivered outstanding drill results from its Elizabeth Hill Project, confirming a laterally extensive, bonanza-grade silver system. Highlights include 27.4m at 1,314 g/t Ag, with peak grades of up to 33,107 g/t Ag (1,064 oz/t) and visible native silver in multiple holes, demonstrating both exceptional grade and continuity. Importantly, high-grade mineralisation has now been identified in granite host rocks, extending beyond the historically mined ultramafic zones and indicating the system remains open to the west and northwest, significantly expanding exploration upside. These results validate the historic Elizabeth Hill mine and support the potential for a much larger, high-grade silver system, with further aircore assay results due mid-February and follow-up drilling planned.

These grades sit comfortably alongside the best silver intercepts drilled anywhere in the world in recent years.

This is not a marginal exploration hit.