Pantheon Resources plc (lon:panr)
Pantheon Resources Where Is It Going, 20p or 200p?

Pantheon Resources plc Financials

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Pantheon Resources plc Share Price
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Title: Pantheon Resources Where Is It Going, 20p or 200p?
Company: PANR - Pantheon Resources plc
Share Price Then: 46p
Author: Ian Smith
Date: Thu 10 Aug 2017
Comments: Pantheon Resources are engaged in oil and gas with a working interest (50% - 58%) in four prospects in Tyler and Polk Counties, East Texas.

Their share price has poodled along at around 25p from 2008 to until late 2015 when it shot up to 180p and now seems to be dropping back, but to where?

A lot of the pre 2015 history seems to be in projects that did not result in sufficient income to pay dividends and have died off.

So we are looking at just the four Tyler/Polk wells

The latest interim report contains
The operator has been forced to change its third party suppliers on numerous occasions in the last nine months after experiencing avoidable errors including suppliers delivering the wrong equipment, unjustifiably long lead times, repeated equipment failures, supply of incorrectly specified drilling materials such as cement and mud, and other poorly executed service operations

I am not sure if they are expecting to need another share issue or if the one in July 2017 means that there are sufficient funds once production starts.

If the first of these mines comes on line VOB#1 will generate over $700,000 a month of free cash

It seems likely that if production does start then there will be a big share price spike, but when will this be and how much further will the share price drop.

So It seems to be a matter of confidence, it appears that all four wells should be producing soon, but it is also very easy to see that they might not.
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