It may be a smart move by 88E BoD to hold back on more drilling...

It may be a smart move by 88E BoD to hold back on more drilling expenditure until PANR announce their own next step drill plan. Something strong like 'pre-production drill and oil flow assessment' with suggestions on how the final step of Production could happen in 2024.
Being a little superstitious, we should note the BP fledgling business (before BP name) did six drills all of which failed. The seventh was a fortunate afterthought, and was successful. The rest is history as they say.
The next drill for 88E will be their seventh.
I hope 88E and PANR are communicating significantly on the geology region they have about half each of.
88E could decide to not drill in 2023 saving cash by deferring the usual big risk of 88E's yearly drill expenditure.
And we can all hope that PANR do drill in 2023 with excellent results.
That would be certain to give the 88E SP a big lift to make a 2024 drill more financially viable.
Meanwhile, the Texas project is producing oil and progressing nicely. Focus on that during 2023 may be a wise move.
Phrontist