General Comments 88E, page-56

There are some excellent guides on how to value an oil explorer in this, cut to the bottom for the most relevant case study. 20c/barrel for found oil (contingent)v 88e still looking for oil (prospective)

https://valuesits.substack.com/p/the-real-asset-ownership-complex

Conclusion

To conclude, on a preliminary analysis PANR is a highly asymmetric real asset play, but priced like an option that could expire worthless despite it being past the exploration phase. While the ultimate value of PANR’s assets currently remains uncertain, given the facts to date it seems reasonable to conclude that they are worth much, much more than $0.20/barrel today.
For those interested, I would recommend watching the April and August 2021 webinar updates where management set out their key projects and the work done to date in extraordinary detail, which I believe provides comfort to the tangibility and recoverability of PANR’s oil resources.