The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares

Join ShareProphets at less than 2p per article

> All the big AIM fraud exposés

> 300 articles and podcasts a month

> Hot share tips

> Original investigations by our experienced team

> No ads, no click-bait, no auto-play videos

Find out more

Zac "The Knife" on Pantheon Resources... exactly Mr Maestro

By Tom Winnifrith | Wednesday 11 October 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

The Bulletin Board Morons are starting to froth once again about Pantheon Resources (PANR). I cannot see why. Its latest operational update is, at best, opaque. The City's No 1 oil analyst, Zac "The Knife" Phillips of SP Angel puts it far better than I can. Over to the maestro who opines:

Pantheon Resources (63p) – Confused Operational Update: Today’s operational update still does little to clear up the confusion surrounding exactly what stage the Company’s assets are at. While the commentary surrounding the gas plant reads like a development programme, the well results are still being reported in the manner of an appraisal programme.

While we can appreciate that the management are applying “rule of thumb” metrics in assessing an individual well’s commerciality, which we don’t necessarily disagree with, but a rule of thumb doesn’t qualify under SPE’s PRMS guidance for commerciality and reserves classification, which demands technical rigour and a concerted development plan. To our mind the markets are no different.

Consequently, management owes the Company’s owners and the wider market: (i) more guidance about their forward programme, with milestones, delineating what the well results will demonstrate; and (ii) what it means for recoverable volumes and all-important declaration of commerciality and reclassification of what at best is Contingent Resources in to Reserves.

To our mind, these were urgent things to address some time ago, but with each new confused announcement, it becomes more pressing.

Filed under:

Never miss a story.

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

More on PANR


Comments are turned off for this article.

Site by Everywhen