Thread by @Scot126126

$panr $pthrf #panr @Josh_Young_1 @oilmutt @EnergyHobbs @contrarian8888 #eft #oott #Com
Some fact checks for Josh and the Josh Bros like Oil Mutt.
1) Josh refers to mud slinging when it was he who started this exchange by insinuating equivalence between the conduct of...1/

...@PantheonResour1 and the Bre-X scandal. Josh did not provide a single sentence of evidence to back up his outrageous and highly unethical tweet.
2) Josh appears to believe @oilmutt is some kind of O&G super-sleuth. He urges his Bros not to let Oil Mutt have...2/
$panr $pthrf

..."all the fun". Let's examine Investigator Oil Mutt's claims, shall we?
Allegation #1: Oil Mutt began baselessly alleging #panr hadn't reported to the market its Theta West-1 was to be P&A's at the end of the 21/22 winter season. He challenged @Gary02001438 and me to..3/

....prove him wrong. We both did, in minutes. WE referred Oil Mutt to $panr's interim report dated 31/3/22.
lse.co.uk/rns/PANR/inter…
Oil Mutt actually retracted that allegation and apologised. Brilliant. Promising signs this guy was evidence-led? Actually, no. He then made....4/

... Allegation #2! He claimed #panr raised money from the market after Theta West was P&A's in early April '22. It is a matter of public record that $panr's last fund raise was dated 8/12/22.
lse.co.uk/rns/PANR/resul…
Any retraction of Allegation #2? Any public correction....5/

...or retraction? Nope, nada. Disappointing but let's see if he grows into his role as Oil Mutt Poirot?
Allegation #3: His next "Gotcha" claim was that $panr BoD had lied about the water cut data for the successful Alkaid-1 flow test in early 2019. Gary gave him the.....6/
#panr

...final report signed off by the Alaskan Dept of Nat Resources (att'd). Surely now he'd admit he'd acted in haste and hadn't examined all the relevant filings? Nope, super-sleuth Mutt didn't retract Allegation #3, he just moved on. Anyone seeing a pattern beginning to....7/

...establish itself?
Allegation #4: Mike Smith, the inventor of Volatiles Analysis, whose two previous firms were sold to Exxon and Schlumberger and whose labs still use the equipment and processes Mike invented and built was referred to as "just one guy....7/
#panr $pthrf $panr

...in partnership with Baker Hughes." Really? Well *my* DD uncovered his acclaimed work for Aramco *and* AHS Baker Hughes work for at least two other North Slope companies including Conoco. Did Oil Mutt realise he'd gone a bit far, and it was time to h/t a professional..8/
$panr

....with >100 patents to his name? No chance. Unfortunately AHS Baker Hughes has described the Basin Floor Fan at Theta West as "a world class petroleum system" so Inspector Mutt wasn't interested. Retraction of Allegation #4? Nope.
Allegation #5: $panr management....9/
$pthrf

...is hiding the perm and porosity data from its shareholders and the market. Wow. That would be a big deal. Gary referred him to the precise webinar and slides which dealt with this exact issue. No obfuscation, no hiding behind technicalities.10/
#panr

Nope, the freely available webinar was solely focussed on the exact same topic that so concerned Oil mutt in Allegation #5. Any reply saying he'd go off and have a listen to the webinar and examine the slides? Nope, crickets. Ignore and move on.
Allegation #6: Sherlock Mutt..11/

...was referred to the independent external verification of $panr's data provided by: AHS Barker Hughes, Lee Keeling & Assoc (authors of 2x IERs on the Alkaid anomaly and the Shelf Margin Deltaic at Talitha) and eSeis (whose two founders are credited...12/
#OOTT #panr $pthrf

...with discovering the Alpine Oilfield on the North Slope. Roger Young, founder of eSeis, is formally on the record stating that #panr's discovery will be far larger than his discovery of of the 1.2bbo reserves Alpine oilfield. My heart lifted when..13/

alaska.conocophillips.com/who-we-are/ala…

..Inspector Mutt promised to phone Baker Hughes, Lee Keeling and eSeis on Monday, 26th Sept. Following the RNS published by @PantheonResour1 on 26/9/22 I urged Oil Mutt to add Schlumberger to his phone call list. Why? Because Schlumberger have access to all of $panr's data...14/

....in order to complete a 3D visualisation of the five stacked reservoirs to be made available to for the dataroom process. Despite a couple of reminders, Oil Columbo has gone oddly quiet on that front today? Perhaps he had other tasks to complete? /15

lse.co.uk/rns/PANR/opera…

Actually, no. He still had time to shit post at how much fun he's having uncovering the fraud which is $panr. Any retraction of Allegation #6? Nothing so far. Perhaps a few of you could poke Oil Mutt in the ribs and remind him of his promise?! After all, /16
#OOTT #panr $pthrf

...@Josh_Young_1 didn't want Oil Mutt to have "all the fun" by himself!
Allegation #7: on various occasions, Oil Mutt just couldn't get his head around why #panr's wells had to be abandoned when they could have collected more data or actually produced and sold oil. Sadly../17

...but by this point not too surprisingly, it had to be explained to Detective Cagney (or is it Lacey?) that there's an extremely heavily regulated winter exploration season in Alaska. Drillers have to off the frozen tundra by end of April, give or take. He also...18/
$panr

....didn't understand that the five wells drilled by Great Bear/#panr prior to Alkaid-2 were vertical test wells designed solely for data collection and not located or planned for a LTPT => proof of commercial flow rates. Complete silence, no recognition of same. I can...19/

...only hope he now recognises that Alkaid-2, #panr's first production well, a 5200ft lateral with 30 multi-stage fracks, will be the first well to undertake a LTPT? Fingers crossed!
Allegation #8: Detective Crockett's next Gotcha moment came when he didn't believe Great....20/

...Bear had farmed down Winx to Otto, 88E and Red Emp. Various stock exchange filings were sent to Detective Tubbs proving that 88E was the operator of the Winx well but he didn't take a backward step. I was lying apparently. 21/
#OOTT #panr $pthrf $panr

Allegation #9: Detective Starsky then alleged some gibberish about $panr leasing thousands of acres in Texas after Alkaid-1 was drilled. For the life of me, I couldn't work out what on earth he was going on about but then I finally got it. He thought something....22/
$pthrf

...was going on, right? Yeah, trouble is he didn't realise Alkaid-1 was drilled in 2015 by Great Bear *before* the merger with London-listed $panr in January '19, after which it was re-entered in March'19 to conduct the successful flow test. /23
#panr $pthrf$panr @Josh_Young_1

I went on to explain the SoA moratorium on exploration tax credits, Farallon's purchase of GB's corporate debt, the debt for equity swap, the merger with $panr, the subsequent sell down by the Farallon debt fund but it didn't seem to register. I urged Detective Hutch../24
#OOTT

...to ask @Josh_Young_1 about this explanation of corporate finance and merger but, yes you've guessed it, crickets. Then again, seeing as Josh didn't understand the simultaneous exercise and sale of company options (Josh - did you study CFA?) and instead alleged some...25/
$panr

....bizarre corporate finance sleight of hand whereby the company "replaced" the shares sold by the three directors last week (c.11% of their combined gross exposure to #panr's equity). Not nothing but not Fort Knox being robbed either. /26
#OOTT #panr $panr $pthrf

Allegation #10: Detective Mutt Kojak alleged $panr switched or amended their production model and well plans from verticals to multi-stage fracks of medium-to-long term horizontals. I didn't know quite how to respond to that one. It's been the model since the early 2010s....27/

....and every single presentation or webinar hosted by the company has *always* referred to such a plan. Perhaps Oil Mutt's brain was hurting by this point and he reached the stage where he started just making stuff up as he went along? Who knows? 28/
#OOTT #panr $pthrf $panr

Detective Magnum Mutt finished off with a flourish today. And it's a fair point. If the $panr story is so good, how come someone hasn't "scooped them up"? Reasonable question. The #panr BoD are on the record (webinars in January and April '22) describing to shareholders...29/

...that a 3 stage farm in agreement had been agreed in November '21, contracts all drawn up, which would have seen US backers provide an investment of $1bn for 30% of the total asset base, giving $panr a pre-money valuation of $2bn. That valuation was agreed ***before***...30/

...the 21/22 winter drilling season which saw the company confirm the Basin Floor Fan is c.900ft thick and >10.5 miles in length. The financiers pulled a fast one at the last minute, suspecting #panr had no other financial options to deliver a 21/22 winter programme. They...31/

...thought wrong. I know the identity of the leader of the proposed farm in party. It's up to him if he wishes to declare himself but save to say, he and his Technical Team spent months in the dataroom and approved the data and project for the financial guys. /32

Ok, what does all this mean?
a) Oil Mutt may be a great guy, give 99% of his income to charity, etc, etc but his baseless allegations belie a lazy and blustering attitude to research. It is also crystal clear that however much he knows about the O&G sector, 33/
#OOTT $panr $pthrf

...he has pretty much zero knowledge of corporate finance and listing regulations.
b) I have said this before and I'm happy to repeat it. The $panr investment case may go on to be a stunning success, unveiling the second largest conventional oilfield in US history...34/
#panr

...and worth tens of billions of dollars *OR* the company's geological model doesn't work and the SP goes to 0p....but whatever the outcome this BoD are not criminals or fraudsters.
c) I have been shocked and, indeed, saddened that supposed market professionals think...35/
#OOTT

...it's fair game to seed social media forums, where they have a huge profile, with baseless, evidence-less allegations of fraud and criminality. I am outraged on behalf of the UK private shareholders of $panr that the conduct of @Josh_Young_1 and @oilmutt is not only..36/
#panr

...seen as no big deal, but it's actually championed and congratulations offered to this charming subset of Neaderthals. What happened the old City adage of "My word is my bond"? No wonder Main Street detests the Finance Sector if this is how they behave.
d) I have a final...37/

...offer to make to the Josh Bros. Continue to be sceptical AF. State that you haven't yet seen sufficient evidence to prove the commerciality of the >23bbo OIP on #panr's acreage. Elect to ignore the external verification provided by AHS Baker Hughes, Schlumberger...38/
#OOTT

...the State of Alaska Dept of Natural Resources, eSeis and Lee Keeling & Assoc. That's fine. In fact it's a perfectly honourable course of action. What is completely unacceptable is to make allegations of a fraudulent conspiracy with the merest hint of evidence. 39/
#OOTT $panr

That's lazy. That's unethical. And it's cowardly. If anyone of the Josh Bros actually gets off Twitter and uncovers empirical data which questions company guidance instead of the big "Gotcha" moment, post the evidence and ASK A QUESTION. Say you don't understand X document...40/

...or Y information in the April webinar is inconsistent with Z presentation slide. If there's a magic bullet which proves Jay Cheatham is Al Capone in disguise then bring it to the hashtag $panr attention. I'll give out a metaphorical medal if someone points out...41/
#OOTT

...a smoking gun with hard evidence. I mean it. But enough of the baseless claims of criminality. Enough.
e) Peel Hunt sell note. I've met the analyst a couple of times. He's a nice guy. Peel Hunt was offered the brokerage of $panr at 18p. They've missed...42/
#OOTT $panr #panr

...out on fee income and an outperforming SP. I have a few thousand words debunking the Sell note. I am not exaggerating when I state with conviction that the note is lettered, and I do mean littered, with tens of errors of *FACT*. I didn't want to disseminate publicly.43/
#panr

...my forensic debunking of the Peel Hunt analyst's note because it's not "personal" for him. He's just doing his job and I have no evidence of personal animus towards the $panr BoD, it looks like he's jsut doing what he thinks to be the right thing. Notably, he doesn't....44/

...allege a criminal conspiracy at any point, unlike the Josh Bros.
I'm not on reddit or discord, but I'll tidy up my notes and forward them to another UK shareholder who is a member of those forums. I'll tweet out a link once it's published. 45/
$panr $pthrf #panr #OOTT

Well done if you've got this far! And so sorry for the length. These clowns have sadly had an outsized effect on the value of #panr equity so I had to tear apart their bogus thesis, bit by bit.
Breathe. Read the Alkaid-2 flow test results when they're published...46/
#panr $pthrf

...in the next 3 weeks or so. It's time for the science and empirical data to do the talking, enough of this baseless bluster. /end
@Josh_Young_1 @EnergyHobbs @oilmutt @Gary02001438 #OOTT #COM #EFT #panr $pthrf $pthrf

EDITS to the thread above.
3/ *P&A'd
18/ ....have to move off...
25/ ...corporate finance and merger activity...
39/ *without NB!!
43/ *littered

Correction to post 5/
Date on which $panr last raised money from the markets was December 8th, 2021 (not 2022).