I guess the question is whether those that bought in at 18p are going to materialise a profit and we'll see a level of resistance or whether we will see further increases as momentum starts to take hold. I would like to say change of sentiment as well, but there is nothing to suggest that just yet...
Padmaster - if you had ever been on a rig, you would know that the operator selects and supervises contractors. If a contractor isn't properly supervised, they will get away with what they can. Do you recall Pantheon grumbling about poor services provided by Halliburton and Schlumberger (both world-class companies). That was down to rotten supervision by Vision and (probably) not paying their bills on time.
Operators also select equipment. Do you recall that the EagleFord reservoir ate up drill bits in one recent Pantheon well? That was down to poor bit selection by Vision.
A contractor (probably Schlumberger) will conduct wireline logging. If you pay them, they will interpret the logs as well. But guess what - Pantheon and Vision interpret the logs, so as to save money. Penny-wise, pound foolish.
Vision's track record is appalling.
ZeroV - if you are looking to invest in AIM oil & gas companies, take a look at Echo, Hurricane, Savannah, Sound & Trinity (all properly run Operators with professional staff). If you want even higher risk, look at Chariot, Europa, President & Providence.
Thanks 1048KB. The operator doesn't seem to be particularly competent, but then again, I'm not familiar with what their constraints are...
I'm assuming your recommendation would be to get another outfit on-board with more experience of modern (frac?) practices? Would this have changed the outcome if they have opened up a line to a water reservoir?
I see from one of your previous posts that you are not invested in PANR (which may or may not still be the case - assuming still the case from your sell recommendation), and I see by your other posts that you comments are generally of a skeptical nature (nothing wrong with that). So, I'm assuming you don't just read and comment on these boards as a general interest, but that you are invested somehow within AIM, and given your O&G background, who would you recommend?
Pantheon's operator, Vision, is old-fashioned, inefficient and out-of-touch with 21st Century practices. Yet this is who Pantheon are giving money to for operations!
Pantheon are quick to boast about their collective expertise and the number of wells they have looked at. It is therefore surprising that they did not have the right testing equipment for testing VOBM-5. It's not as if this was the first time (eg wrong bits, wrong casing, wrong tubing, wrong mud, wrong geology, wrong hydrocarbons blah blah).
Jay Cheatham showed investors information from the VOBM-5 well on his recent tour. It was obvious he had no idea what the data was showing.
In my opinion, Pantheon has no technical understanding of what Vision are doing. This combination of a useless operator and a partner who keeps throwing money at problems is toxic.
Ah, a bit of controversy! That should ruffle a few feathers and get a few responses .
Thanks all for the responses. I think it's safe to say that all we know is that there were good oil shows on VOBM#5 (extremely good even) , so something black is down there. Until we are told anything else, it's pure speculation, but a reservoir of water with oil shows is as valid as any other theory I guess.
I'm surprised with the radio silence here - is that usual for panr or does this suggest something else going on behind the scenes (positive or negative)?
Well my predictions were wrong and the momentum didn't really go anywhere and it's struggled to get past the 5 day ema. It will be interesting to see what happens when it breaks that.
I'm surprised it is so quite here given all the activity that's happening with the shareprice - LSE seems to have some healthy discussions - is this generally where people reside for this share?
Some strong upwards momentum building which is good to see - lots of activity at close in both directions... I was starting to wonder whether the produced water had permanently dampened anything exciting happening! At least we've identified the support levels!
We have closed pretty much at the 5 day EMA point (23.38), so next target 10 day EMA (28.78). - I would suggest that without news, that is likely to be where we will sit +/-.
I would have expected that the heaters would be in place by now - not sure they can make water into oil, but at least we would be able to categorically say that we need to drill again / side track. Presumably, since water and oil is relatively in-compressible, the freezing is due to the expansion of gas that is coming up? Again, any O&G SME's able to advice....? (Echo.... Echo.... Echo!).
Looking very oversold at the moment... could be a good buying opportunity in the shot term?
I'm assuming that the water they are experiencing is of such volumes that it's not what has been pumped down as part of the frac... so if that's the case then is the assumption that the well has been opened up to an unknown water source, and if that's the case would I be correct in saying that this can't be reversed? Does this mean that the location of the water source would need to be identified before attempting a re-drill?
If there are any O&G experts that can answer, would be much appreciated.
well called rogadar and bad top call by me in early/mid 20's p recently .. apols. ...
I'm way down now but on a small position only thankfully.. so I sit and hold and watch how low this will go.. fortunately it still has a decent wedge of cash in the bank and so even if it has to drill a new well at VBOM 5 it can afford it.. and then some .. so it's not going under any time soon at least.. and in time they will do something right.. somehow.. hopefully..
....... and 8% today....so far. Must be approaching bounce territory soon.....after all, it wasn't a 'duster', but may need re-drilling to get better access to the net pay. Just that it's been a catalogue of minor disasters which has driven sentiment to an all time low. Still remember Jay mentioning 'cracking the code' and an exit price of $5........seems a long time ago now.
Totally correct it's not a "duster" but not sure how much you get for water these days .. the problem is they just don't seem to get it right .. with all the experts and years of experience!! Cmon jay pull this out of the bag then ??
Malcay is certainly having a very tricky time of it for the last year plus now. But he had a glorious 2016 so hopefully things turn around generally for his picks soon .. and with the ongoingly strong Poo backdrop most all oilers should be going up meaningfully now.. but alas they're not at all, so far.. no Institutional money switching back in because of a lack of trust I guess... but that can change quickly..
PS: I had to laugh when that LSE interviewer asked Jay at the end of todays interview what he anticipated the exit value now would be and Jay said between 3 and 8 and the guy asked him was that p and Jay aghastly said no pounds..
Betting on this is hard core gambling.. so b very careful and having some anti venom in your back pocket might would be extremely useful too.. imho..
"WTI $62.06 -$1.48, Brent $67.11 -$1.22, Diff -$5.05 +26c, NG $2.70 +3cAt the moment oil is behaving like a number of commodities, i.e. the continued tariff war between the USA and China as well as the spat between Russia and most of the Western ..."
I had a rump position here - never had a big position here fortunately and got out of most at a small loss previously - and while I think performance has been poor to awful here so far I do feel there is still some hope here and that this mornings fall might be overdone and so I have added a small amount more just now at 23p.. and might add one more tranche soon here too... sure there is bad execution but there's bad luck to an extent too and there are, I expect, good resources in the ground.. so hopefully, eventually, they have some meaningful success.. and did a big raise not too long ago and so I guess have some funds still to give them more chance of getting right without a raise around these 'low' levels..
Couldn't sell first thing and then at this price I don't see the point .. well jay for all the hype, expectation and expert advice there has just been one muck up after another .. I have a very low level of confidence in panr and the people calling the shots to ever turn this one around .. enjoy your inflated salaries guys, but not exactly sure you deserve them ...
Based on the flow rate given in the 9th March announcement on VOBM-1, it will take two years to claw back the cost of the well. But it isn't going to flow that long, and there are operating costs on top of that.
"SDX EnergyHeading home and have spotted the announcement from LSE:SDX:SDX which details a gas discovery at the SAH-2 well on the Sebou permit in Morocco. This makes a success rate of 5/7 and here the company found 5.2 million of net conventional ..."
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