Pantheon Resources (LSE:PANR) — New Lease Awards

0:01 Good afternoon, ladies and gentlemen, and welcome to the PANTHEON RESOURCES PLC investor presentation relating to the new lease awards. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions at any time and press send. Given the attendance on today's call, the company may not be in a position to answer every question received during the meeting itself. However, the company can review your questions submitted today and publish responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll. And if you give that your kind attention, I'm sure

0:32 the company would be most grateful. And I'd now like to hand over to executive chairman, David Hobbs. Good afternoon. Thanks very much indeed, Mark, and welcome, everyone, this afternoon. This is a great opportunity for us to share what we've been working on over the past couple of months. On the call today, we've got Bob Rosenthal, who will be going into detail describing the case that was made to the board and why we've applied for these leases and and been successful in in the award. We've also got Jay Cheetham on the calls in in case any of the q and a strays into areas that that he would be best positioned to answer. The first thing I'm going to say is a couple of people contacted us to ask why we were only pleased rather than delighted since we've been delighted in the past.

1:24 We just thought that they're synonyms of each other and and would mix it up a bit, so you shouldn't read anything into into that. Please do look at the disclaimer whether right now or during the course of of the future when the presentation is posted online. It's on our website already for you. And let let's move straight into it. Just a reminder, the new acreage is what's shown in the two blue outlines to the left, the the Kodiak Western area leases. To the right, the new Eastern leases. But, Bob, let me hand it over to you because this is really your your story.

2:13 Thanks, David, and welcome everyone to the presentation. So here we are. You can this this shows in brown the old acreage that we had for a long time, the 192,000 acres. And we picked up to the west the continuation of the Kodiak Play updip. And as announced, we believe we've got approximately 8,000,000,000 barrels of oil in place on that, and we picked up 43,000 acres. To the east, we picked up the continuation of, Ophun, particularly the shelf margin deltakes where the best reservoir are in the, Ophun accumulation, and we picked up 23,000 acres and about 2,200,000,000 barrels oil in place. This is huge amount of oil, you know, to go with the rest of the inventory that we already have.

3:18 I'm gonna take you through the story of why we picked up this acreage. So here we are. Just to highlight it, I'm gonna jump down to the recoverables. So our best estimate on the new Kodiak acreage is about 600,000,000 barrels of recoverable light hydrocarbons. At Apun East, we've got about 360,000,000 barrels. So almost a total of a billion barrels of of light recoverable hydrocarbons there. In that, I'd like to stress that particularly at Kodiak, we were picking up the up dip, again, up dip from our Theta West well and going into the area where we thought we were picking up a better reservoir.

4:17 And as you'll see, it's the same story at Pupun. So so here we have Kodiak, the new acreage. So just to remind everybody, by the way, I'm gonna be making, using a pointer here. And so let me get this on. Let's see if I can do this. So just to remind everyone, we're looking at a seismic line here. We drilled Talitha, then 10 miles, went 10 miles to the west and about 1,500 feet up dip, And we drilled the Theta West well, and, you know, we've spent a long time discussing the results there.

5:07 But importantly importantly, we can get significantly up dip from the Theta West well. And we spent a long time, talking about the effects of, you know, depth of burial of the reservoir and what happens as we move up dip from from there. So let me move on to that story. So here's a map that shows, again, the what we call the avolith response that's produced by Ecise. And this is showing what we believe is the the current outline of the lower basin floor fan.

6:00 So the new acreage, which is right in here, this is where we picked up the chimney acreage last year. This is a structure map. If you look at where Theta West is, which is boom right there, this is we we can get significantly up dip. Right here, we're at about 7,200 feet. This contour right there is about 6,000 feet, and you see a 5,000 foot contour here. We can get anywhere between, let's call it, oh, a thousand to 2,000 feet up dip from the the West well. So why is that important?

6:48 Again, just on a simple

6:52 simple geology as we take the reservoir and take it to a shallower depth or shallower, actually, d max, we are gonna improve the reservoir quality.

7:05 This is a a map showing the average pole porosity in the fan. Right? So here is Theta West. We're we're at about 10%. We move up dip. We go to 20 12% average porosity for the whole fan. Now remember, our fan is quite thick. You know, at Theta West, it was almost a thousand feet, and we can get up to in right in right in here, 14 and then 15%. Now this is the average porosity for the total thickness of the fan. What that is telling you as we're moving up dip a higher percentage of the fan is is moving from what we call unconventional to conventional.

7:57 That break off is at about point one millidarc. So we go to the next slide. And here we have an isopak that shows the the thickness of the conventional reservoir. This is so we are point one millidarcys or better in the fan complex. And right here, we are again, here's the new acreage. This is 350 feet thick right in the middle of this thick here. We're about 500 feet thick. And this is the the total thickness of the conventional reservoir in the total isopak. So as we're moving up dip, the reservoir is gonna beginning to behave like a conventional reservoir.

8:53 So here, just to highlight again, was what we picked up last year. This year, we picked up the rest of the updip portion of the Theta West fan. So we now control this, we believe, to the extent of 90 to a 100%. And as I said, that area right in there has about 8,000,000,000 barrels oil in place. We are we are currently working already working with Netherlands and Seoul to come up with a new oil in place in recovery for the whole Feta West complex. So, Bob, just just for to ask on behalf of of the less geo geotechnically gifted than you, we've we've got that green outline showing sort of where the extent of it is.

9:47 What's what's causing the extent given that it looks like it's all good news as we keep moving to the Northwest?

9:53 Why why are we stopping there?

9:56 It what actually happens is we move in this direction right into here, the the we get a dramatic thinning of the of the reservoir. So the old shelf edge is is coming through kind of like here, and we're we're actually have a dramatic thinning of the reservoir. So these contours would would kind of curve around quite dramatically outside of our acreage. So we go from

10:27 zero edge to 300 feet very, very, very quickly here. So we're And those wells are those wells across to the west are are basically dry holes, so they sure extend as far as that. That's right. We know that back through here at zero, we have wolf button, which is uses shows you how dramatic it is. Wolf button, we absolutely know it's zero.

10:52 Boom. Right there is the shelf edge. Bang. It goes right into here is 500 feet. Yeah.

11:05 Nice. Okay. So, Apun. Now Apun is is is quite interesting. So the eastern acreage that we picked up, I wanna highlight a couple of things in here. So one is here's a AVL lift. Again, a display that is showing where we have reservoir and where we believe the reservoir is hydrocarbon charged. I'll take you back at two. I wanna remind everybody, the last thing we did is two is we tested the feather edge. I mean, the very, very thin feather edge of the shelf margin deltaic and tested light oil and about a 2,000 to 3,000 GOR in terms of gas.

12:07 This is a line that goes through the pipeline state. So pipeline state is right there. So and Talitha, which is right there. This is the shelf margin deltaic section,

12:23 That bright red event that you see there is the one that's indicating that we have light oil and hydrocarbons in the shelf margin deltaic at pipeline state. And at pipeline state, we have whole core data and sidewall core data that indicates that in the shelf margin, they'll take we have good reservoir, two orders of magnitude better than than what we actually tested at the ALKADE and the ALKADE anomaly at ALKADE.

12:55 In the new acreage so here we go over to the new acreage. Here is the SMD section through here. The SMD here is has multiple events. So it has this event here, this event here, this event here. These are all part of the SMD section. They're all indicating to us that we have reservoir and and the probability of light hydrocarbons in it.

13:27 Now I'm gonna jump to the next, and I'm gonna point we're going to show you the the map on eventually, you're gonna see again the map that we've always showed you on the SMD here, and then I'm gonna show you the map on this event right there. So okay. So, historically, remember, again, we've had a lot of we've had a lot of discussions, in the past about the origin of the shelf margin they'll take,

13:59 and there's a prograding sequence that comes from the South and prove from the Southwest and progrades to the North and forms a shelf edge. So the the red blob that you're looking at on the which we've seen many times is off of that anomaly that you see there. That is the shelf edge. So this break

14:25 right there is this dotted line right here. And that's when we talk about the shelf edge. That's that dotted line that backs around through here. Sorry. It's right there. Sorry. Hit my little arrow and

14:41 goes around like that. The important thing is the the the onset of that we see on our acreage of this probation from the Southwest is in this the SMD that we see here. So that's the onset of it. And it is better reservoir. We've got the pipeline state well. We've got whole core. It is better reservoir than the the the than the system that is prograding from the Northwest to the Southeast. So the system that comes in this direction here

15:19 and forms that the shelf edge there. The continuation of that the continuation of that is is right in there. Right? So the next that event, the there's a the next event is that one, then there's that one. But I'm gonna show you this one here, the top one. Bang. That's

15:49 that's the new acreage. So this continuing the continued northern of the system through here is picked up on the new acreage. This is there is nothing dramatic about this. It's it's as we would expect. But the important thing is the amazingly important thing about this is there's the road. We can we can contact all of this reservoir, all of this

16:23 from the haul road. So what, you know, what's happened over the last year, again, we have tested alkane. We we've tested the alkane number two well in the shelf margin deltay. It as light oil. We understand what happens. We we we now have shown conclusively that light oil in the shelf margin, they'll take lights up like this.

16:50 Secondly, at two, we successfully drilled a horizontal well. I e, we now know we can come here, drill a well here, which is pretty much where the haul road is, and come down and access

17:13 all the hydrocarbons that are in this new acreage through here. And importantly importantly, I wanted to state this. Again, we have good reservoir in here. We've got whole core, sidewall core data throughout all this this interval in here. This is at a lower d max, so it's shallower and has been buried less than the reservoir we see here, and we're we're hoping to see an improvement in the reservoir through there. That will be all conventional reservoir in that circle that we see in there. So that will be exclusively conventional reservoir. We're working on that, and we will give you, an update on that early next year.

18:00 So that That's being rolled in with what Netherland Soule are doing on. Correct. That'll that'll be part of it. More the first step will be working with the team on on this and then working with Netherland Soule on this. So I just wanna emphasize, you know, all the hydrocarbon you know, we're we're talking about developing the hydrocarbons, APUON, which is all of this through here,

18:30 this. We're gonna be developing along along the haul road, and this will also be part of the development, which is along the haul road. So, Bob, it it it sounds like what you're saying is is all good news. I know I know there's one regret you had, which was starting off naming those shelf margin zones from the top rather than the bottom so that as we pick up the extra progressions, you don't run out of letters. Yeah. Look. This is the we will have again, I think what we you know, in in January, we're gonna take you through a much more detailed, you know, kind of picture of this technically of what's going on in here.

19:17 But this this is absolutely no different than what people are doing to the west of this in exactly the same play.

19:26 We we've tried to emphasize this, that the shelf margin, what we call the shelf margin, they'll take play here is exactly akin to the shelf margin, they'll take play. They they call them the nana shuck, and they drill each one of these events like boom. And then they would come out here and then drill this event and then drill that event and and there. And in this case, we have we're we have high,

19:52 high, high confidence that the the the reservoir, because of their Dmax, are gonna be, you know, good reservoirs and, you know, conventional through there. Great. Thanks. So to summarize, our goals and strategy remain absolutely unchanged. This addition of Acreage in part helps drive forward that program because the one of the things that could have held us back would have been

20:23 having another company come into part of the acreage and then having to negotiate, you know, joint development and and all of that that that is entailed in it. So we are still intending and still on track. And particularly with with the acreage additions now, it's a very clean application for an entire field area that we can proceed with. Pat Galvin is is starting to push ahead with that, we

20:52 are lining up the the long lead time items and equipment that we need in order to be able to hit the ground running as soon as we have FID, and we continue working the long term financing. We're not intending to say any more about that today just because we've updated you quite recently, and the focus today is simply on helping you to understand what we've been successful in having awarded and why we applied for it in the first place. The

21:22 with that, I think, Mark, let me turn it back to you before we move into q and a. That's great, David. Bob, thank you indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions Just using the Q and A tab situated on the right hand corner of your screen, which is why the guys take a couple of moments to review your questions submitted already. I'd like to remind you the recording of this presentation along with the cover of the slides and the recording will be available via your Investor Meet company dashboard. David, if I may, you received a number of questions ahead of today's presentation along with a number throughout. So if I may just hand back

21:51 to you just to read out those questions, of course, where it's appropriate to do so, and I'll pick up from you at the end. Thanks very much indeed, Mark. So the first question, why are were there no other bids for this acreage, and can you really have acquired nearly another billion barrels of recoverable oil for just $2,000,000? Bob, I'll I'll let you jump in on that. I may have something to add.

22:13 Well, three bullet points, I think, to that question is, one, we've spent $300,000,000 of proprietary information,

22:24 which includes the three d. The second the the second part to that is one of the certainly, one of the drivers for going for the Eastern acreage this this sale was, you know, the results of the alkade test, the results of the horizontal drilling, which, again, we, you know, we have all that information. But the the three d that was going to be released next fall was the 2,014, which covered that acreage. So, you know, it's you know, you don't get you you you know,

23:01 going for acreage is data dependent, and we had all the data. Yeah. No one else has it. Okay. I don't need to add to that then. That's that's fine. If we add up the volumes you've disclosed, I recall 17,800,000,000 barrels before the chimney acreage. Since then, you said the chimney added about 5,000,000,000 plus today's addition of 10,000,000,000 barrels in place.

23:24 Do I have it right that that means you were talking about 30,000,000,000 barrels of oil in place? And and we are not in a position to comment on the total because we're in the process of reworking it. With that proviso, though, Bob, is there anything else you'd like to add? Well, with that, you know, somebody's a good adder, but I'll that's all I'll say. Okay. Yeah. I I I I'm sorry. I think my proviso may have just stopped you from from answering, but that may not be a bad thing. Yes. But but just to reiterate, so so in terms of the total Kodiak that you're working with SLB in Netherlands to have

24:02 an update on the totality of that in the first quarter of next year. And and then the the is still on on track for by the middle of the year. And that that obviously has some more detailed development planning work and and stuff going on in that context. Yeah. Just just to I I think just because because I'm sure that a follow on question is why why the why middle of next year for Ophoon? I think, David, you you just distressed the point that you made.

24:34 You know, Ophoon is gonna be a development plan, and it's just it's, you know, you know, very detailed development plan. And that's, you know, why it's gonna take slightly longer. Yeah. You've sort of covered this one. It seems that the Western Acreage is an extension of a known field, and that's why you've given it better than 90% chance of success. I understand that. That's not me saying that's that's the question. The Apun acreage looks like exploration. Why did you bid for that acreage? I think I've I think I've answered why we bid for it, so I don't wanna go through all that again. Yeah. It's in the in the world that we're living within the North Slope, this would be in a it's part of the you know, there's a development, and we we've picked up acreage that would have what I would call appraisal risk.

25:33 That's it. Yeah.

25:35 What progress have you made on financing other corporate things like US listing?

25:42 When is the share price going to recover?

25:46 I I'm I'm certainly not gonna get into the last bit of that. As you know, we have previously said that we're intending to finalize our year end results by the end of this week. We are I don't think we'd want to release them on a Friday, so I think we're looking to release on Monday, maybe Tuesday. But but it's we're basically on track for the middle of the month, which is what we've said in the past. And and therefore, there's nothing really we can say about about any of the matters that we covered in that ahead of that release, but but expect a release in in the near future that that covers the year end results.

26:32 You recently brought Linda Harvard onto the board. Just to correct you, it's Harvard. There's no r in there. It's so it's h a v a r d onto the board. I see she worked for Arco. So is she really independent or another friend of Jay Jay's? Well, firstly, I'm not sure I accept the the characterization

26:54 of of anyone on the board as being just a friend of Jay's. Secondly, we as a board, we have a nominations process. We looked at potential candidates, alighted on her as as having all the necessary skills to become a very solid chair of the audit committee. We invited her to participate in our last board meeting. And and, Bob, I think you can probably endorse what I'm about to say, which is I think she's a friend of the company, not of any of the specific directors

27:24 in the in all our conversations. It was quite clear where her loyalties lay. Yeah. I mean, definitely. I mean, I was I was amused when I saw that she's an an, you know, an incredible professional. Yeah. And we I I I think we're very lucky to have her, and and I think that it's it's a statement of intent on our part in terms of where we're going with the governance of the organization, which is as we move towards that US listing, and we previously said a fifteen month process that that should see us listed in the by the end of the first quarter of twenty twenty five. I think Linda's experience will will be a key part of it as will some other hires that we'll be making to to help manage that process.

28:11 Next question. There are plenty of people saying this is a scam and that there's a massive fundraising coming soon. How do you respond to that, and why don't you confront the trolls head on? Again, I I the the language here is is indicative. I think on on social media, people are always planned to are always prepared to be blunted than they otherwise would be face to face. The is it Taylor Swift who's got the the idea trolls are gonna be trolls are gonna troll. So I'm I'm now probably going to show myself to be as out of touch with popular culture as as any old man. The so the answer is we'll be judged by what we do, not what we say.

28:58 I I very much doubt there's anything I could say to someone who thinks that that the company's a scam that's gonna cause them to say, oh my goodness. You were right. It's not a scam. Whereas if we do all the right things in the right order without worrying about what the share price is day to day, but instead focus on on doing the business right, then we'll you know, people will see, and and they'll they'll arrive at their own conclusion. You said previously, we're releasing year end results by fifteenth. It's the fourteenth. Sorry. You're on track. Well, I've done I've dealt with that. Bob, did you say we've added a billion barrels of recoverable, which on David's plan, just to be clear, it's not my plan, it's the company's plan, would be worth 5 to $10,000,000,000 to shareholders.

29:45 Is that correct? And if it is, then shouldn't that be considered a huge win? You this is your opportunity to smile. Yeah. But the answer is yes. You know, we're we we picked up some very valuable acreage. And, you know, we it's very rare that you get to pick up 40,000 acres in a in a in an accumulation up dip from where you've already proven. You've got light oil. So, yes, it's it's it's good news. Yeah. The why do you think the share price remains stumbling low and do you envisage a recovery of the share price in the near term? I think I've sort of covered that. The share price is not a a function that we can control.

30:35 All we can do is we can share with you transparently and honestly what we're doing. The market will arrive at its conclusion. And if we keep doing the right things in the right order in due course, you know, the the share price should reflect what we've done. Will PANTHEON have to negotiate a joint development with eighty eight Energy? Interesting question. Obviously, it'd be much easier to address the question intelligently after the the tests that they've got planned. Bob, I I can't remember off the top of my head what they're they're testing which which zones and and to what extent I I don't I I have an eye I have an idea of which zones they're testing, but I don't I don't believe they've come out with their final plan on on the different zones they're testing. So I I I just have to just have to plead you know, let me say I can't answer if if that question.

31:37 Yeah. No. Okay. And and the answer is if if it was shown that there were hydrocarbons in pressure phase communication with our hydrocarbons, that's the normal definition used for for requiring unitization. If if the reservoirs are tight enough that there isn't any communication with with areas that they'd be draining, then then Correct. I can imagine there wouldn't be a need for a joint development. And if there was evidence that the reservoirs were good enough to create that pressure communication, then then probably it would make sense to to jointly develop.

32:15 Does listing in The US mean delisting in The UK?

32:19 That is, I think, the only outstanding question in terms of the work that we've we've had done by our tax lawyers and and looking at structuring. We we have confirmed that we there are no impediments to doing it. The the question then becomes sorry. From a corporate perspective, the question then becomes for us, what are the impacts on our shareholders? Because we don't want to needlessly impose burdens on our shareholders. And so we are doing an evaluation, and that that will involve consultation with the investment banks, financial advisers that'll be handling the listing to get an understanding of whether or not the strategy we choose is of a net benefit to all rather than discriminating between shareholders.

33:09 And and so I I don't have a firm answer for you, but we certainly haven't decided to delist in The UK at this stage. That's something that the analysis will sort out. Bob, I think this one's for you, but it's probably gonna be a no comment. What is the management's estimate for all recoverable resources now? Previously, it's been as high as 2,300,000,000 barrels. I I don't recall putting out 2,300,000,000 barrels, but, anyway, go go ahead. You know, we we're in the process of we're we're putting out a number right now. I I think you've seen the numbers for the new acreage. We're we're gonna be coming up with a, you know, total resource reevaluation of Feta West. You know, we're, you know, we're incorporating the new we're gonna be incorporating the new acreage and what that means to the East.

33:58 You know, putting out a number right now, I I think it would a new number would Exactly. Be be a mistake right at the moment. And and particularly on a webinar, it would be an even bigger mistake if we hadn't previously released it Yeah. Announcement. Yeah. The shout out to our shareholders in Huddersfield. That's I'm not gonna read the question, but you know who you are. When you're when are you hoping to give shareholders the results of the PVT data from the l k two reentry, Bob or j or Bob or j. I I'm not sure. Who knows? We we're hoping to pull the pull the pressure data out pressure bomb out of the hole within the week. So we we haven't got it yet. So that's so But in terms of the sample data, that went off to GeoMark.

34:47 That's gone off. Yeah. Well, that's gone off to GeoMark. They take time. I don't have an I don't have a a good timing on when that'll be ready. Okay. You've said that two or three wells in the Kodiak field are needed to meet The Netherlands Seoul contingency for reserve backed lending. When do you think the those rules will happen with the new acreage and the untested chimney section? How does that fit into the

35:14 trashy? Does it still have to wait for upwind development? Let me let me just kick off there and then hand over to to Bob and Jay. Maybe you can you can join us. I know you're you're on on the call because I think it's referring to one of the the short videos you made. But we're not waiting for the opponent development before appraising Kodiak because that appraisal of Kodiak needs to happen prior to FID. So so we've got a time frame, and and our appraisal program for Kodiak will not delay the FID from the the plan of 2028. But at the same time, we we have to have prudent financial management, not spend money earlier than we need to spend it in order to achieve the strategic objective. Bob, over to you.

36:06 Yes. So we still do need to do need to drill the two to three wells. Right? That's there's no doubt about it. We, you know, the we we have a huge acreage position that is up dip from Theta West, and, you know, we have to appraise that. The timing on that, you know, I think David has just answered that. But that adding the new acreage doesn't increase the number of wells that we need. It just just says, you know, we've always had in the back of our mind, this is what we're what we're gonna end up with, and this is what we were gonna need. Yeah. And and I think the sorry, Jay. I go ahead. Yeah. I was just gonna say the the but the the original RBL reserve back lending that obviously is gonna will be at, and we have said we need three, four, five potential wells such that But that's yeah. That that's development wells rather than the Crazy wells. Yes. I think I think there was some confusion.

37:12 Also, I saw people people emailed us originally that there was some confusion about the difference between three or four wells as it related to Kodiak. But but sorry. Two or three wells on Kodiak in order to get to a point at which we could achieve FID and reserve designation. Whereas for, the contingencies that we would have to move from contingent resources to reserves are not the same five contingencies as we have for for Kodiak. So the different different contingencies and and, of course, when when the reserve sorry. When the when the independent expert report is issued for, it will have specific wording around the contingencies there, and and we will be totally clear, Jake, on on that.

38:07 The it says, has there been any more interest in the data room? I think been we tried to be clear last time. We're not gonna provide a running commentary on, you know, what the what the mood was, how many people, etcetera. There's there's no point. There is there is a data room process ongoing, a variety of different organizations from different aspects of the industry participating because that's where the confidential data is, and and we we won't be commentating on that. Bob, are you going to be equally transparent on porosity and permeability to, the Eastern acreage? I I think there's there's no not to be do you want to do want to be a little more specific than you were during the presentation?

39:00 It it that's a the the I don't wanna be more specific than than the presentation right at this time because I think what we're going to do is is roll out, you know, sometime in January, the you know, all of it. So giving bits and pieces is, I think, might be a mistake. I just think, you know, what I said, you know, you know, people should take comfort in the fact that we are at lower d max, and the reservoir quality should should improve. And we'll we'll we'll present that story in detail in, in January. Yeah. And and it was we we do intend to be equally transparent. It's just we don't wanna jump the gun without having the detailed analysis.

39:50 The do we have any expectations of announcing financing with our results? The answer is we're not gonna preguess anything to do with our results until they're released. But, Jay, you're you're leading the the vendor financing activities. Do wanna just comment on Yeah. That activity is ongoing, and it's pretty active. That's all I'll say. Okay. Has the pressure bomb been recovered? I think Bobby just answered that. The could it's APUN is spelled a H P U N, But could APUON the the new acreage be marketed separately from the rest of APUON? The answer is it's a single project.

40:46 So so we wouldn't I mean, you could you could carve out any number of of lease blocks and market them separately. So it's it's not a question of can it be. It's just a question of of it is it's it's a part of and it's an extension of of the UPON project. Next one, is there a question? Why is it that after every webinar, no matter how positive the news, the share price takes to hit the following day? Couldn't even couldn't even begin to speculate. You know, I I grew up where everyone said, buy the rumor, sell the news.

41:32 And and I'm sure that that, like, many of these aphorisms, they're grounded in some kind of truth in just the same way as whenever you see I think is it there's a one trade go through the market. It means knows something. I suspect it means that there was a rounding up or rounding down error in a fractional account, but, you know, who who knows? What do you expect Can I say something? Sorry. Go ahead, Bob. Yeah. Yeah. You know, we we go through these questions and we go through and we and we, you know, we do our webinar and we go through the questions. I I always like to bring it back to the fact that it is good news. You know? It it is good news. We have a billion we've we've probably picked up close to a billion barrels of oil because we've we've we have spent a long time and a lot of money and a lot of effort.

42:25 And we have you know, we've a big chunk of acreage up dip from an you know, from it it it's in the same accumulation, and it's up dip. And and and the extension, we've we've spent a lot of money drilling the horizontal. We spent money you know, we couldn't discuss this part of it, but when we were doing the shelf margin deltaic test, it was to prove that we had light oil in the shelf margin deltaic. And we've we've done that, and that gives us huge confidence of what's happening to the east of the acreage. So, you know, it is it's great news. It's a lot of oil. You know, in Alaska, you talk in big chunks, and this is a lot of oil.

43:11 Yeah. What impact do you expect the new acreage to have on discussions with with with other companies? The answer is it's not bad news. I'm I'm gonna use a bit of British understatement there. It's not bad news. The Let me just add on that. You know, we we may have added another thousand wells to the to the development plan or or at least 500. So, if a service company was looking at it before, it's just gonna be much more enticing now. Yeah. It's it's the scale of the scale of the overall development is definitely enhanced by it, and and the value of a long term relationship is is certainly higher.

43:58 Someone says eighty eight Energy have confirmed they're planning to flow test four intervals across the SFS and SMD reservoirs. I think that's just an information point for you, Bob. Yeah. I Yeah. I was I knew you were I knew you were tap dancing around the fact that under the data exchange agreement, we don't Yeah. We may know more than than we can say. I was simply trying to find an elegant way of of moving beyond that. Are you anywhere near a partnership agreement with companies in the data room? We're not gonna provide a commentary on that, but you can rest assured. As soon as we have a commitment of any kind that requires us to announce it because it's material nonpublic information, we will announce it because it is material nonpublic information that needs to be shared in that situation.

44:47 Will PANTHEON be able to make contemporaneous RNS announcements with eighty eight Energy to help PANTHEON shareholders understand the implications for PANTHEON unadulterated by eighty eight energy commentary. Firstly, I again, it's it's I'm I'm just reading them as they are. Yeah. The I think the answer to that is is Can can I just say, I think the answer to that is we will have the data, but we are obliged to to let them make their announcements. We we we it's not a partnership. So it's not like we we have the right to to edit what they are announcing.

45:39 So when they announce and how they announce is up to them, but we will have the data and we will have the information, but we don't have anything that say we we have to do everything contemporaneous. Yeah. And and to the extent that it becomes clear there are you know, that that people are misunderstanding, you know, then then we will do our best to to help people understand. But but the way the way we can do it is is you know, when we share information, the most important thing is that we share with shareholders the same information as the the discussions we're having as a board managing company because we don't want there to be a gap between how we're thinking about it and how shareholders are thinking about it caused by a lack of knowledge transfer.

46:31 So so we we will always try to make sure that that the market is as well informed as possible. The now that PANTHEON has stated the necessarily secretive lease strategy is no longer a consideration, when are we gonna go out beating the drum and presenting Kodiak and APOON as greater than 2,000,000,000 barrels for US investors? We've we've previously said in the in the last one that we are out there in in a process of of meeting on a non deal basis with investors in The US. We're having second and and other further follow ups with investors. We're keeping them appraised of that fifteen month program.

47:17 There are some investors who can only invest in a US listed company, others who who can invest before that time. But you can rest assured that that shoe leather or or in the modern era, shoe rubber is being invested in in that effort. And and at some point, you know, I I bought a nice new pair of so that I was a proper Texas oil man. You know, there'll be there'll be boot leather being burned as well. Will we notify the market if we enter exclusivity? That obviously depends on the terms of whatever arrangements we have with someone. We we are certainly not going to undermine the commercial or economic benefit of the company just to score an announcement if if announcing something undermines that that relationship. We will, however, absolutely meet our obligations. And as soon as there's anything that we are obliged to announce and that we're not limited from announcing, we will, of course, do so.

48:30 The can the full extent of of Apun, that eastern area, be produced using long laterals without installing expensive infrastructure to bridge the Sag River? Well, the first thing is we're not gonna build a bridge over the Sag River. In any case. That's that's not a thing. The second thing is we have the ability to reach all of the acreage. But, Jay, you you worked with Michael and Tony. Do you want to Yeah. So, we we looked at the acreage, and and we high graded it. And this acreage, 100% of it, we can reach from pads along the Dalton Highway. So that that was one of our criteria is that we did not want to incur the additional expense of looking at any acreage, that we couldn't reach from this from the Dalton Highway. So the answer is yes. We can reach it all. And, Bob, you wanted to do it. Yeah. I wanted to add something that we made in statement we made in the announcement. We we we had recognized this acreage in the past. We we held it in the past. We dropped it because of the the, you know, the cost of drilling over there, exploring, whatever you wanna say, and developing east of the river.

49:54 And it it is, again, the results of the last year showing the capabilities that we can drill these longer horizontals. The technology's there to do it, and we can bring it to the slope and the results of the l k two that made us come back. And it is it you know, the Ophoon strategy is very simple. You know? Here's the hydrocarbons that we are going to be developing along the along the haul road. That's been the fundamental part of the from you know, we we've had that capability from day one, and it's been it's that's now the focus of of the company. Yeah. And and just to be clear, correct me if I'm wrong, to to access the west sorry, the eastern side of of the Sag River is a long road down from from having crossed to the north.

50:49 And so the the economics of any infrastructure or activity on on the other side mean it's it's gonna be very hard without very large accumulations. Now we we, like others, are watching the Lanyapi Apache joint venture. Hold on. You know? So so that's next question, the answer is you're welcome. No matter what faith you you are, we wish you a very happy holidays. What do management own shareholding wise? That's that's a matter of disclosure, and and the the year end results obviously come with a disclosure on on shareholdings.

51:37 So that's that's that's in the public domain. I think it's it's I'm not gonna try and remember off the top of my head exactly what those shareholdings are right now. Final question I've got here before we wrap up, probably for you, Bob. What other three d data that is proprietary to PANTHEON remains to be released by the state of Alaska beyond next year, so 2025 and and on? So we have the 2024 data sorry. The 2014 seismic shoot, the 2015, and the 2016, which will happen each subsequent years, the 2016. That's the one that covers the acreage that we've just picked up in To the West.

52:24 To the West. So that's it. That's the data that we have left to be released. Yeah. There's one more quick question. Are there shareholder meetings planned? I'm guessing that if well, that could mean one of two things. Either are we planning to meet more shareholders as part of expanding the potential universe in PANTHEON? The answer is absolutely. That's an ongoing process. And and as I say, we will start lining up worn out shoes and boots if if if needed to to verify that those meetings are happening down the line. You know, we'll have a a wall of shame of of of shoes that couldn't stand the the the beating.

53:12 The in terms of our annual general meeting, we've said it's gonna be at the end of January. I'm not sure we've specifically Jay, do you remember if we've specifically announced the date? I don't I don't think we have yet. That that'll go out with the With the year end results. Annual report. Yeah. So so I I don't want to jump the gun on that. And the final one that just came in, the answer is again, you're welcome. Thank you all for joining us. Mark, back to you before final That's great. That's great. And and thank you for perfect timing as well with with four or five minutes left to go. So thank you for everybody for your engagement this afternoon. David, Jay, and Bob, thank you for your time also.

53:57 I know as usual, feedback will be important to you guys. I'll shortly redirect those on the call to give you their thoughts and expectations. But perhaps just to wrap up with David, I'll come back to you for a couple of closing comments. Thanks, Mark. What we've shared with you today is just another of the steps along the line that I I mentioned earlier, which is control the things that we can control with an absolute focus on how does what we're doing move us towards the strategic goal of sustainable market recognition of 5 to $10 per barrel of of recoverable resource, whether it makes it quicker, makes it cheaper, or makes it higher value. But if it doesn't meet one or all of those tests, then it's not something we're gonna be focused on. We focused on adding this acreage because in the East, the seismic would be becoming publicly available, we've always seen these additional leases as being a logical part of the opponent development.

54:56 And we will share information about just quantitatively how good we see that acreage being when we've had the analysis done and validated by independent third parties as we've done in the past. In terms of the acreage to the West, it captures what as I think Bob's made a very compelling case for why that is the best reservoir within the Kodiak field and will be the focus of the subsequent two or three appraisal wells that we need to get to FID. But you can see why we've been tight lipped about it. We now have nothing else. Bob knows that he's not getting any more acreage. The the company has now a full slate fully under control and no barriers of our own making to achieving FID for APUON at the end of twenty twenty five and FID during 2028 for Kodiak.

55:51 So just to say we are laser focused on achieving the outcome, The share price will be what the share price is, but, eventually, if we demonstrate that we're going to do what we say, then we expect that the share price will take care of itself. Thank you very much for having joined us, and I know that we we value the feedback you give us after the the webinar. So do please respond to the questionnaire and look forward to engaging again with you through the AGM, which will have an opportunity for people to participate both in person and in and virtually in London around the end of January. That's great. David, Bob, Jay, thanks once again for update investors. Could I please ask investors not to close this session as we'll now automatically redirect you the opportunity to provide your feedback in order the company can better understand your views and expectations?

56:44 So it'll take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team at PANTHEON RESOURCES PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thanks. Thank you.