Ann: Hickory-1 Flow Test Operations Update, page-196

The company previously released its volumetric estimates for the reservoir intervals prior to the drilling of Hickory-1, quoting a gross, unrisked 2U/P50 resource estimate of 134 MMstb for the slope fan system
and 224 MMstb for the shelf margin delta reservoirs. The volumes equate to a 2U/P50 net resource to 88 Energy of 84MMstb and 140MMstb, respectively.

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olderwiser

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17/03/24 13:12 Post #: 72927237

I can assure one and all that Scot and I are different people, we may share a bent for rational objectivity. Many here know this

Chrisev1 06:01

Using the established variables, based on the only result to date, the BFF shrinkage rate of 78%

If the entire stacked drilled play delivers the calculated 144mmbo, that would be compared to the market value of a PANRs barrel.

This is an aggregation of contingent barrels as assessed by independent experts, with the Alkaid ZOI supported by a long term flow test on a horizontal multi stage stimulated production type well.

Roughly 1.5 billion recoverable barrels of blended oil and NGLs. There is considerable assessed upside to this by PANR, but leave that aside for now, and work with todays market cap of £285m/1.5b gives a conservative value of 19p per barrel

Using this 88Es 144mmbo x .19p would give a market cap add of £27m

I wont argue the PANR price is reflective of its asset value, my opinion is it should be closer to 4 times this, at say 76 pence/barrel, but the market does not agree.

Even using my opinion at 76p, 88e would then have a market cap of £108m (.0043/share)

Apply the same to the zones being tested with 29mmbo and it scales back dramatically

29 x .19p = £5.5 m MC (.00022/share)

29 x .76p = £22 m MC (.00088/share)



not saying you are down ramping but just maybe your calculations are flawed.