Thread by @Scot126126

$panr $pthrf #panr @CG_Driven
Pantheon Resources (PANR LN) – Stock down 16% - Muddy Waters short attack: Weekend press staying that Muddy Waters is in the process of a short attack on Pantheon. They have not published anything (that we can find) for the company to make any...1/

...specific push-backs on, so in the meantime, all we can do is reiterate our thesis.
=> Well-testing remains key: I revert back to our research note from Oct 26th.
=> Alkaid#2 update - encouragement and challenges: No details beyond that the well produced..2/
$panr #panr $pthrf

...at initial fluid rates "in the thousands of barrels per day" with around 10% average oil cut.
=> The operational issue: Frack sand production has been higher than expected with limited handling capacity in the temporary test facilities. More positively,..3/
$panr #panr $pthrf

...the sand ingress into the well-bore has been identified as frack sand not reservoir sand. That indicates a solvable issue through careful test management rather than potentially greater problems that might have been caused by sand ingress related to...4/
#panr $panr $pthrf

...a poorly consolidated reservoir.
=> The forward plan - Three steps: 1) The larger permanent facilities (cf. the initial temporary facilities) are now being hooked up. They will have greater sand handling capacity. 5/
#panr $panr $pthrf

2) The arrival, expected soon, of a coiled tubing unit, will provide the means to clean out the well-bore. 3) Careful flow rate management such that the facilities' sand handling capacity is not stressed.
=> Timetable: We now anticipate...6/
$panr $pthrf #panr

...initial 'representative' test flow rates in late November. So far, only about 10% of the total frack fluid has been recovered. Representative rates typically come after substantially higher recovery of c.40%.
=> Overall: Encouraging to see oil production...7/
$panr #panr

...at this early stage of the test, but it is still too soon to draw any significant conclusions. The operational challenges have in our view raised, by half a notch, the risk level related to establishing a 'representative' test in this well, and the additional...8/
#panr $panr

...operations have understandably increased costs, though not significantly. /end
#panr $panr $pthrf @AlaskaPanr

NB NB NB. I should have said the above content comes directly from Canaccord today.