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Pantheon Resources - PANR
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
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Re: Pantheon Resources - PANR
Massively oversubscribed, wanted 18m and got 30m.
Excellent.....onwards it goes now.
https://www.investegate.co.uk/pantheon- ... 00049985F/
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Excellent.....onwards it goes now.
https://www.investegate.co.uk/pantheon- ... 00049985F/
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
Canaccord update on PANR today following the placing.
"Funded for high-impact appraisal drilling in Alaska" TP 76p
"Canaccord Genuity view
Pantheon Resources has raised $30.2m (gross) through an equity raise at 31p/sh. The raise was upscaled and oversubscribed.
The new equity enables Pantheon to drill and test all four anticipated reservoir zones at Talitha-A, in the company's Talitha Production Unit (Pantheon, 89.2% interest) onshore Alaska. Importantly, the upscaling of the raise will allow the drilling of a horizontal section through the Shelf Margin Deltaic sequence, the uppermost reservoir of the four expected in Talitha, which has independently determined 304 mmbbls gross recoverable resources. The total projected recoverable resources in Talitha across all zones is estimated to be over 1 billion barrels.
The combination of extensive well logging, multi-zone testing, and a horizontally drilled section, will provide considerable information regarding potential commerciality and development metrics for Talitha.
We expect Pantheon to drill and test Talitha-A in Q1 21, and those results will provide the backbone of potential development plans, and ongoing work programmes across the company's acreage.
Talitha-A appraisal well
We anticipate that the Talitha-A well will be located about 4 miles from, and updip of, the Pipeline State-1 (PS-1) discovery well. PS-1 was drilled in 1988 by ARCO and it encountered oil in three zones. It was not tested due to hole problems. With the benefit of 3D seismic, extensive geological and geophysical evaluation, and considerable advances in drilling and completion techniques, the Talitha project is now much better defined and derisked. We expect Talitha-A to be drilled and tested in Q1 21.
Talitha development potential
Crucially, Talitha lies very close to oilfield services and infrastructure that would allow rapid conversion of resources to cashflow once a development green light is given. Talitha lies about 20 miles south of the giant Prudhoe Bay field where all required oilfield services are available. The project is also right by the Dalton Highway (easy access) and the Trans Alaska Pipeline (TAPS) through which Alaska North Slope crude is transported southwards. TAPS is currently operating at c.25% capacity.
Valuation and rating
We maintain our risked NPV10 based valuation target price of 76p (unrisked 171p) and our Speculative Buy rating following the equity raise.
Our target price includes a risked valuation of only the independently determined recoverable resources at Greater Alkaid (77 mmbbls gross, WI 100%) and Talitha (304 mmbbls gross, WI 89.2%). We assign 60% and 40% chance of success to these projects respectively - Greater Alkaid has already successfully tested oil; Talitha has not yet.
But our full valuation for Talitha alone, which includes only three of the four anticipated reservoir zones, is 139 p/sh (unrisked 434 p/sh). Given the close proximity of Talitha to TAPS, we would expect a successful appraisal in early 2021 to substantially derisk the overall project valuation and transform the company's outlook."
"Funded for high-impact appraisal drilling in Alaska" TP 76p
"Canaccord Genuity view
Pantheon Resources has raised $30.2m (gross) through an equity raise at 31p/sh. The raise was upscaled and oversubscribed.
The new equity enables Pantheon to drill and test all four anticipated reservoir zones at Talitha-A, in the company's Talitha Production Unit (Pantheon, 89.2% interest) onshore Alaska. Importantly, the upscaling of the raise will allow the drilling of a horizontal section through the Shelf Margin Deltaic sequence, the uppermost reservoir of the four expected in Talitha, which has independently determined 304 mmbbls gross recoverable resources. The total projected recoverable resources in Talitha across all zones is estimated to be over 1 billion barrels.
The combination of extensive well logging, multi-zone testing, and a horizontally drilled section, will provide considerable information regarding potential commerciality and development metrics for Talitha.
We expect Pantheon to drill and test Talitha-A in Q1 21, and those results will provide the backbone of potential development plans, and ongoing work programmes across the company's acreage.
Talitha-A appraisal well
We anticipate that the Talitha-A well will be located about 4 miles from, and updip of, the Pipeline State-1 (PS-1) discovery well. PS-1 was drilled in 1988 by ARCO and it encountered oil in three zones. It was not tested due to hole problems. With the benefit of 3D seismic, extensive geological and geophysical evaluation, and considerable advances in drilling and completion techniques, the Talitha project is now much better defined and derisked. We expect Talitha-A to be drilled and tested in Q1 21.
Talitha development potential
Crucially, Talitha lies very close to oilfield services and infrastructure that would allow rapid conversion of resources to cashflow once a development green light is given. Talitha lies about 20 miles south of the giant Prudhoe Bay field where all required oilfield services are available. The project is also right by the Dalton Highway (easy access) and the Trans Alaska Pipeline (TAPS) through which Alaska North Slope crude is transported southwards. TAPS is currently operating at c.25% capacity.
Valuation and rating
We maintain our risked NPV10 based valuation target price of 76p (unrisked 171p) and our Speculative Buy rating following the equity raise.
Our target price includes a risked valuation of only the independently determined recoverable resources at Greater Alkaid (77 mmbbls gross, WI 100%) and Talitha (304 mmbbls gross, WI 89.2%). We assign 60% and 40% chance of success to these projects respectively - Greater Alkaid has already successfully tested oil; Talitha has not yet.
But our full valuation for Talitha alone, which includes only three of the four anticipated reservoir zones, is 139 p/sh (unrisked 434 p/sh). Given the close proximity of Talitha to TAPS, we would expect a successful appraisal in early 2021 to substantially derisk the overall project valuation and transform the company's outlook."
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
25th January is the planned spud date :
https://dog.dnr.alaska.gov/Document/884F61A2ACB24DE5A23B90F3E2005016/Talitha_A-Plan_of_Ops_App?
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https://dog.dnr.alaska.gov/Document/884F61A2ACB24DE5A23B90F3E2005016/Talitha_A-Plan_of_Ops_App?
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-
- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
-
- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
-
- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
WHI November note on PANR
In case anyone could not download from the uploadfile.io site, I have not put it also on GoFile. Link to the PDF note is below.
https://gofile.io/d/FQVbvS
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In case anyone could not download from the uploadfile.io site, I have not put it also on GoFile. Link to the PDF note is below.
https://gofile.io/d/FQVbvS
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
Looks like a PANR RNS is coming on Tuesday morning.
Rig move is now booked for Jan 5th. So things are moving.
Roadwork / Maintenance Dalton Hwy STARTING JANUARY 5th: Planned Road Closure on Dalton Hwy, Deadhorse to MP 386.7 for moving large drill rig.
https://511.alaska.gov/list/events/traf ... dir%5D=asc
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Rig move is now booked for Jan 5th. So things are moving.
Roadwork / Maintenance Dalton Hwy STARTING JANUARY 5th: Planned Road Closure on Dalton Hwy, Deadhorse to MP 386.7 for moving large drill rig.
https://511.alaska.gov/list/events/traf ... dir%5D=asc
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
We know its #PANR as their Talitha Ops document says Ice Road to commence from MP386.7
https://dog.dnr.alaska.gov/Document/884 ... of_Ops_App
....Approximately 8 miles of ice road connected to the Dalton Highway at Milepost 386.7 will be required to access the Talitha A site.....
https://dog.dnr.alaska.gov/Document/884 ... of_Ops_App
....Approximately 8 miles of ice road connected to the Dalton Highway at Milepost 386.7 will be required to access the Talitha A site.....
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
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Re: Pantheon Resources - PANR
Talitha Plan of Operations DNR Approval on 28th Dec 2020
Here is the link to the PDF file :
https://dog.dnr.alaska.gov/Document/F98 ... tion_Phase
Lots of info in there.........planned spud date still 25th Jan 2021.
Here is the link to the PDF file :
https://dog.dnr.alaska.gov/Document/F98 ... tion_Phase
Lots of info in there.........planned spud date still 25th Jan 2021.
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
https://www.londonstockexchange.com/new ... e/14808571
...Update on the upcoming Talitha #A well, Alaska North Slope (89.2% Working Interest)
Pantheon is pleased to announce that it has secured all necessary permits and authorizations to commence the construction of the ice road to the Talitha #A drill site, and that ice road construction has already commenced. Pantheon is on schedule in obtaining the necessary permits, contracts, and services to commence the drilling of the Talitha #A well, which is estimated to spud, subject to weather conditions, in January 2021.
Talitha #A will target four distinct horizons which the Company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the ultimate potential of the lower targets.
Jay Cheatham, CEO, stated:
"The Talitha #A project is targeting a resource of enormous potential, with four independent targeted horizons. The ice road is currently under construction, putting us on track for January spudding which is a fantastic achievement and testament to the hard work of our entire team. If we are successful, Talitha #A can dramatically change our Company, and we're all excited about it."
...Update on the upcoming Talitha #A well, Alaska North Slope (89.2% Working Interest)
Pantheon is pleased to announce that it has secured all necessary permits and authorizations to commence the construction of the ice road to the Talitha #A drill site, and that ice road construction has already commenced. Pantheon is on schedule in obtaining the necessary permits, contracts, and services to commence the drilling of the Talitha #A well, which is estimated to spud, subject to weather conditions, in January 2021.
Talitha #A will target four distinct horizons which the Company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the ultimate potential of the lower targets.
Jay Cheatham, CEO, stated:
"The Talitha #A project is targeting a resource of enormous potential, with four independent targeted horizons. The ice road is currently under construction, putting us on track for January spudding which is a fantastic achievement and testament to the hard work of our entire team. If we are successful, Talitha #A can dramatically change our Company, and we're all excited about it."
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
Greater Alkaid
❖Confirmed Oil Discovery with 35+deg API oil
❖Contingent Resource 76.5 MMBO recoverable
76 million barrels x 4$/barrel valuation = 304m US$ or 222m GBP
Current market cap is 250m GBP.
So the whole of the Talitha project (Circa 1.2 billion barrels potential) and all the upside from Alkaid, and also the other leads.......are all in currently for 28m GBP.
PANR share price should be around 60p to 70p currently imo.
And as had been said, each of those 4 zones at Talitha, if proven, are worth around 60p each to the share price in the event of a discovery only (on the basis of 300m barrels each zone at 1.5$/barrel valuation post discovery)
Its going to to be fun ahead.
If, just for fun for the top upside, they all come in you could value :
Alkaid 76m barrels @ 4$/barrel = 40p a share (excluding all upside)
Talitha SMD 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
Talitha Kuparuk 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
Talitha Slope 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
Talitha Basin 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
So......
If all four zones were to come in, thats 260p a share using well discounted values and with Theta West and Leonis and any upside all in for free.
Michael Spencer is no fool - and he has a large holding in PANR. The upside is staggering, the story is compelling, the risk is there but the ride will be fun.
❖Confirmed Oil Discovery with 35+deg API oil
❖Contingent Resource 76.5 MMBO recoverable
76 million barrels x 4$/barrel valuation = 304m US$ or 222m GBP
Current market cap is 250m GBP.
So the whole of the Talitha project (Circa 1.2 billion barrels potential) and all the upside from Alkaid, and also the other leads.......are all in currently for 28m GBP.
PANR share price should be around 60p to 70p currently imo.
And as had been said, each of those 4 zones at Talitha, if proven, are worth around 60p each to the share price in the event of a discovery only (on the basis of 300m barrels each zone at 1.5$/barrel valuation post discovery)
Its going to to be fun ahead.
If, just for fun for the top upside, they all come in you could value :
Alkaid 76m barrels @ 4$/barrel = 40p a share (excluding all upside)
Talitha SMD 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
Talitha Kuparuk 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
Talitha Slope 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
Talitha Basin 300m barrels @ 1.5S/barrel post discovery = 60p a share (exc.upside)
So......
If all four zones were to come in, thats 260p a share using well discounted values and with Theta West and Leonis and any upside all in for free.
Michael Spencer is no fool - and he has a large holding in PANR. The upside is staggering, the story is compelling, the risk is there but the ride will be fun.
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
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Re: Pantheon Resources - PANR
Going to be a busy year with first Talitha-1 and then July/August 2021 drilling of Alkaid-2.
So Feb/March/April loads of news from Talitha-1
Short break....
Then July/August drilling Alkaid-2 and pilot production from September 2021 to mid-2022.
......The plan in the unit application calls for construction of a gravel driveway and pad for the Alkaid No. 2 next June, mobilizing a rig to the well site in July, drilling in July and August, moving hydraulic fracturing equipment to the site in August, with fracture stimulation in August and September and a pilot production test from September to mid-2022.....
So Feb/March/April loads of news from Talitha-1
Short break....
Then July/August drilling Alkaid-2 and pilot production from September 2021 to mid-2022.
......The plan in the unit application calls for construction of a gravel driveway and pad for the Alkaid No. 2 next June, mobilizing a rig to the well site in July, drilling in July and August, moving hydraulic fracturing equipment to the site in August, with fracture stimulation in August and September and a pilot production test from September to mid-2022.....
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
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Re: Pantheon Resources - PANR
Sealed bids in the latest oil and gas lease sale on the North Slope have to be in by 4pm Alaskan time today with results published first thing next Wednesday , 13th January .
Obvious that PANR are bidding for nearby licenses and thats why they have not updated on the other two zones as yet.....
Once the bidding is over, the news flow will come thick and fast.
Here are two relevant links FYI .
https://dog.dnr.alaska.gov/Documents/Le ... _Slope.pdf
https://dog.dnr.alaska.gov/Documents/Le ... r_2021.pdf
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Obvious that PANR are bidding for nearby licenses and thats why they have not updated on the other two zones as yet.....
Once the bidding is over, the news flow will come thick and fast.
Here are two relevant links FYI .
https://dog.dnr.alaska.gov/Documents/Le ... _Slope.pdf
https://dog.dnr.alaska.gov/Documents/Le ... r_2021.pdf
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
-
- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
Short term I see :
News blackout of Basin Floor Fan and Shelf updates. This being due to the ongoing bidding for new license areas.
The news blackout suggests that PANR might be bidding to expand the Alkaid and Talitha Units.
Bidding ends today (7th Jan 4pm Alaska time), so from tomorrow onwards there is no reason to hold back news on the two missing upgrades/updates.
The rumored USA marketing push, obviously would not happen whilst news is held back due to the bidding process being active.
So, with rig news, spud news, Basin and Shelf updates to come and a Webinar (and also potential news on the bidding round results and any new add ons on the 14th Jan UK time)......its going to be a very active few weeks now......the silent period is over and if the USA marketing push happens to get US investors onboard with PANR, the share price might start to pick up in the coming weeks.
All IMO, DYOR !!
News blackout of Basin Floor Fan and Shelf updates. This being due to the ongoing bidding for new license areas.
The news blackout suggests that PANR might be bidding to expand the Alkaid and Talitha Units.
Bidding ends today (7th Jan 4pm Alaska time), so from tomorrow onwards there is no reason to hold back news on the two missing upgrades/updates.
The rumored USA marketing push, obviously would not happen whilst news is held back due to the bidding process being active.
So, with rig news, spud news, Basin and Shelf updates to come and a Webinar (and also potential news on the bidding round results and any new add ons on the 14th Jan UK time)......its going to be a very active few weeks now......the silent period is over and if the USA marketing push happens to get US investors onboard with PANR, the share price might start to pick up in the coming weeks.
All IMO, DYOR !!
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
Updated WHI note in the link below (PDF file)
Fair value upgraded to 82.8p. Enjoy.
https://gofile.io/d/noDDHe
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Fair value upgraded to 82.8p. Enjoy.
https://gofile.io/d/noDDHe
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- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
-
- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
-
- Lemon Quarter
- Posts: 1372
- Joined: November 15th, 2016, 6:04 am
- Has thanked: 58 times
- Been thanked: 389 times
Re: Pantheon Resources - PANR
Pantheon Resources (Great Bear Petroleum) pick up 66,240 acres. The have done very well in refreshing and renewing all the important areas they needed to. News should be coming in due course but they have played a real blinder here.
http://dnr.alaska.gov/commis/pic/releas ... ases%2Epdf
https://dog.dnr.alaska.gov/Documents/Le ... eived.xlsx
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http://dnr.alaska.gov/commis/pic/releas ... ases%2Epdf
https://dog.dnr.alaska.gov/Documents/Le ... eived.xlsx
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