Pantheon Resources - US Gas Play

By my calculations, if PD is successful and achieves equivalent outputs to La Playa Deep, it will be worth something in excess of $3m pa in cash to PANR. That's a payback of less than 12 months on the total drill costs.

Current market cap is £24m of which £7m sits in cash. That leaves an enterprise value of just £17m for the Padre Island and Plum Deep portfolios.

I speculated some time ago that success at Plum Deep should be worth in the order of £4-4.50 a share based upon the information produced by the broker in his recent price target. Massive upside from the 154p that we currently sit at.

Tone