Gemstar I just posted this on the LSE PANR forum, it is the yin...

Gemstar
I just posted this on the LSE PANR forum, it is the yin to your yang

The important fact in relation to funding, is the timeline at which funding is required.

The quoted $150 m included 3 delineation/exploration wells in Kodiak, with $120m being for initial production in Ahpun, including G&A till then

What is required is a funding stream that draws, as required, with the bulk of it being at the back end, where drilling, hot tap and refrigeration plant are paid for. This will place the heavy expenditure close to receipts of oil revenues

Funding options, be it vendor, off taker, reserve backed lending, debt, or equity, will be accessed as needed, not some big pile of cash sitting in PANRs bank account earning less interest than it costs to have

More a commitment to advance services when required, by say the vendor client.

I understand the impatience by investors to rip off the plaster, pre fund everything now and tell the fudsters where to stick it. But that option would although satisfying, lead to greater dilution than required, so I am happy to let PANR follow the path they have laid out (minimize dilution) , continue to build the share price with more IERs and other progressions

Raise small amounts via equity if required against an ever improving share price if prudent, the end goal is clear $5 to $10 per barrel, of an ever increasing amount of resource, with vastly improving flow rates, significantly above the now ultra conservative modelling, used in the base case that delivered $10/bbl at $80 ANS oil price