Pantheon Resources - US Gas Play

talha,

Agree with you on the GGP front. However, I believe their fundraising to be much more significant than the terminology of the rns.

GGP raised just $5.74m before expenses. Netting out expenses, that will be something in the order of £2m, certainly not enough cash to take them through the sidetrack drill, the fraccing, and then into the Manzano well.

So...do they fail at PD and then raise further funds for Manzano?

Well...that would be another fundraising expense, and further dilution against the backdrop of an SP that would have dumped on bad news.

I really do not see that at all.

GGP have raised that small amount because they need cash to take them through the sidetrack, the well prep and the fraccing at PD. The fact that they are not raising additional funds for the balance of their drill programme looks incredibly bullish to me. To my mind, GGP see this as a success.

Assuming it flows at an equivalent rate to La Playa Deep, cashflow at GGP should be at over $700k per month, more than enough to fund an ongoing drill programme

Incidentally, whilst GGP have been diluting, there have been no share issues at PANR. They are fully funded for the whole of the PI drill programme!

Missed the December mine visit but spoke with Roland. Will be taking a trip to Ireland in the New Year

Tone