Pantheon Resources (LSE:PANR) — Post AGM Investor Presentation

0:02 Good afternoon, ladies and gentlemen. Welcome to the PANTHEON RESOURCES PLC Post the AGM Investor Q and A. Throughout this recorded meeting, attendees will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Please simply type in your questions and press send. Given the significant attendance on today's call, the company may not be in a position to address every question. However, we can review all those questions post today's meeting, and we'll publish those responses where it's appropriate to do so. It gives me great pleasure to hand over to your new chairman, Michael Spencer. Michael, good afternoon. Thank you. Thank and thank all of you who are out there joining us today. I gather it's quite a few 100 of you, so a warm welcome. I what am I gonna say? It's Max is here with me, obviously, our our chief executive. I'm only the new chairman, hasten to add.

0:48 So bear in mind, I've not been here for I haven't been here for years and years. I haven't even been here for months. I haven't actually been chairman for weeks. So bear that in mind. I will focus on answering questions where I think I have value added and useful input. And I'm going to ask, obviously, Max to choose some of the questions as well. We I I think 45 should be enough for this, but let's see how it goes. So I'm I've actually, I was looking for questions here, and I found one that really interested interested me. As as PANTHEON approaches its twentieth anniversary since IPO, do you and the board have a vision of what success looks like? And, yes, I do. And my my vision of success is that we actually take this business in the foreseeable future actually to producing some oil. I mean, that's what oil companies are for.

1:40 We haven't got there yet, and and I'm I'm I'm that's what I I see. I would consider that as success. What's another one? Here we are. I've got one here. Investor relations have been problematic in the past. Do you have a plan to fix it? I I it is true. I think investor relations have not been handled particularly well. I was a I am a shareholder. I'm a very big shareholder, And I I thought it was not handled very professionally or efficiently. And I I plan to play a prominent part in making sure that our investor relations are well handled. I won't go through the many instances in the past where I think they were poorly handled and resulted in the share price being lower than it ought to have been at the time, but that is that I will attend to personally.

2:27 Max, why don't you choose a a few that you think you can, answer? Yeah. There's, a number of them here, various themes. I think there's, one, I think, the Mike, you would answer this one very directly. Is there any immediate need to raise funds? The answer to that is a definitive no. A couple questions about the company. I think it's a g and a focus. Are all the employees of PANTHEON required given where we are? The answer is that's something I look at every day. But just just bear in mind, there's 14 people in this company. It's a public company. There's a lot of things you have to do to be a public company.

3:14 We're evaluating a massive resource base here, massive resource base with a very small number of people. And don't don't forget, we're still executing on North Slope just because we're not drilling right now. We still have assets to maintain, and Alaska is a very highly regulated environment. So the short answer to that question is we look at this all the time. And most of the staff we have are people that I've recruited particularly for our mission, which, Michael just said, which is let's produce some oil. So they're very development focused people that I brought in, seen that, done that all over the world as far as the Caspian Sea to Alaska and everywhere in between. So we like where we are with our skill set. It's just how we apply it now.

3:59 It's what the board and I will be evaluating. And a similar question, I guess, is sort of the answer to this. Given the shift from geology to engineering, which I think is reflecting some comments I made earlier, do we have the right skill sets for that? The answer is absolutely. The reason I was brought into this company was to transition the company from exploration into development. So every single person that I brought in has developed again resources, all over the world. So we definitely have the right skill sets for for where we are. And then depending how far we go, I I have a long, long Rolodex of people that we can bring in through time as the situation warrants. So I'll pause there and go back to you, Michael, and I'll look through some other ones that you should comment. So one general point I was going to make is, obviously, we we said earlier, quote what Max said.

4:55 I'm pleased to say that we've made good progress in our early discussions, and a number of significant energy companies are actively in our data room evaluating the asset. We're pleased with the interest level so far, especially about Kodiak where we become begun additional seismic processing reprocessing. Sorry. We're not obviously gonna be able to talk at any detail about where we are on farm farming discussions. So I will broadly be avoiding those. Not because I want to avoid them because we really should only say anything when we have concrete news. And I promise you as and when we get concrete news, I will make sure it's shared with you. Indeed, let me find another question. Well, by the way, looking, Michael, I can add a little color to that without being specific.

5:42 Someone asked the question, well, you've tried to farm in before. What's different here? There's a couple of things that are different here. Alaska in general is seen differently than it was a couple of years ago. For one reason being the federal government is quite adamant that Alaska's resources get developed. There's a presidential executive order, to that effect. And one of the examples around that is there was a lease sale in the fourth quarter of last year. And and it's public information. A company called Repsol acquired all the acreage around Kodiak. It's public information. A company called, Surprise Valley got all the acres to our east, and two others surrounded us. So the interest in Alaska is quite high. And people all companies around the world are looking for renewal at the moment if you read the press. It's very difficult to get access to the unconventional acreage of shales in the the Lower 40 of The United States, so people are looking for renewal. So contextually, the world is very different. And, of course, our appraisal efforts have moved on since the last couple of years as well, and that's why, we indicated earlier, we have a number of companies in the data room right now.

6:53 Go ahead, Michael. I'm just reading one here. Executive team and board of most successful companies have a significant stake in the company? How does the CEO plan to demonstrate his skin in the game interest and faith in the company that he is leading and ensure that his decisions will be aligned with shareholder interest? Well, I mean, I'm just only a a new boy on the board as you very well know as chairman. I can tell you I personally have an interest in over a 100,000,000 shares in PANTHEON, bought at prices that are all overwhelmingly higher than the current price. It's true that at this time, our CEO, Max, does not have a material equity interest the company. I certainly until I became chairman, of course, it wasn't my job to discuss compensation with him. But looking forward, I will definitely be doing that because I completely agree with what that submission said, which is a board where the directors have a considerable equity interest in the business generally performs better than one that does not. So, yes, I will be focusing that for you.

7:58 There's another question here, other attempts. It says here, prior attempts at farm ins have been unsuccessful. Why will this be different? Well, I wasn't there for the other attempts, I cannot comment. But this is we've made it clear, obviously, that we're not going to be raising any more capital from you shareholders. It's happened far too often. The monies haven't really always been used that well or as well as it could have done. And we're we're sitting back here. We've got a good number of people in that in our data room. Our job is to see if we can cut a good deal in a farm in, and we've only just started. But there's no reason we we don't believe this is possible. Max, over to you. A question about the Alaska LNG project. Is it the question is the Alaska LNG project has hit early execution phases.

8:46 How soon can PANTHEON convert our gas sales precedent agreement into a binding bankable contract that can be used to secure debt financing for the Ophun field development? For those who aren't familiar with our gas sales precedent agreement, it's a volume enterprise. We agreed with, eight Star, which is the owner of the pipeline. 75% is Glenfarm, 25% is state of Alaska. There's nothing to stop us from executing a fully termed agreement right now. There'll be two giant conditions precedent on that agreement. One will be us sanctioning a development. Back to Michael's point, time to start producing oil. And the other one is, of course, they have to sanction a very, very, very large infrastructure project called Alaska LNG. And so both of them have to come to FID for that agreement to be meaningful.

9:35 And so we're proceeding on our part of this, which is to get a field ready for development, and we're cheerleading them that they get to that mega project sanction for the state of Alaska and the nation. There's a question which I feel I'm able to answer here from Jeremy. Is The US IPO still on the cards or has it been pushed back? The answer is it it is not on the cards at the moment. One, it was an expensive thing to pursue. We are cutting our our cash flow expenditure down to the bone. We wanna give the longest possible runway so we're not so we can get get the the right answer to the question of can we find a good farming partner. That is our priority of our our project at the moment, and we're gonna stay focused upon it, which is why there's another question. What happens to cash flow post 2026?

10:34 I consider that a hypothetical question. At this moment, it's so there we are. Can I hand back to you, Max? Yeah. There's a Michael, there's a number of questions which are similar about why did you forget about Alcade? What's the status of W? Are you shifting your attention to Kodiak? That's a very, very topical question. The way I think about it, I think through time, a lot of people were frustrated that the company went from one well to the next well, and the only thing that mattered was that well. Eric, who's our COO, myself, we've embraced our broader picture, which is we have a portfolio here.

11:19 And the way you describe it is we have a very, very large field called Kodiak. It was the largest field discovered onshore in the world in 2022 according to Wood Mackenzie. It made it the fourth largest discovery of any kind in the world that year. So it's a very, very large resource in Kodiak. Around that are a number of what I call satellite fields. APUNE, DUBI, ALCADE, and various reservoir horizons for each one of those. And so we have a portfolio of a one large field. We have a number of satellites. And the question is what is the sequence between the two? And this will be a conversation, if successful, that's very topical with our partner, which is do you do the main field first and tie satellites into the main field, or you do the satellites first to fund the main field? And so what we've been doing over the last couple of years is appraising each of these.

12:10 So we have a discovery well in in Kodiak called Theta West two, and we're we're planning, as you know, to drill another well up dip of that to fully delineate that resource. The Alcade well was very close to commercial as one of the questions indicated. We haven't forgotten about Alcade, and now we're appraising, Debbie still as we speak. So out of all of that comes, what is the best way to maximize shareholder value here? Not only in the eyes of PANTHEON, but also in the eyes of a prospective partner. But we need to stop thinking about one well at a time and start thinking about the portfolio and how we maximize its value given the advantages we have, proximity to infrastructure, etcetera, etcetera. And so, no, we haven't forgotten about W.

12:56 We haven't forgotten about Alcade. We certainly haven't forgotten about Kodiak. They're all pieces of the puzzle that the new board and I will be putting together to maximize shareholder value ostensibly in the context of a a new partner. I I found a question here from an Alan, Alan s, wherever you are. Thank you. Question for our new share. Knowing what you know now, if the investment case was put to you today on this company, would you see huge value at acquiring shares today at 11.5? The answer is yes. I I would. I I mean, believe you me, as I said, I have got a lot of shares. I and the share prices have risen risen to 11.5 p today. That's probably why you put in that price. My job is not done yet from what I'm hoping to be able to achieve here. So I I I'm not saying this is gonna be a quick journey or a long journey, but I tell you what, I'm I'm determined to really try and unlock some of the values that so far have not been properly captured by the marketplace in our company. It's been a difficult journey.

13:58 I'm gonna hopefully make it a bit more comfortable for us going forward. Max, anything you can find? I can add. Was just thinking about the that one. The way I I think about I can't obviously, I can't get investment advice to anyone on the call. But, if you just step back and look at what this company represents, the acreage value. So if you just divide it by our market capitalization by our acreage it's way less than $1,000 an acre. Similar acreage in the Wolfcamp Shale, the Eagle Ford is 30 to $50,000 an acre. So so it's very, very low relative to potential. If you do the same thing and take the market cap and divide it by contingent resources, you get a very low number.

14:44 So our mission is to convert that from where it is today to a similar figure that you would see in those other basins. And that's the entire point of our appraisal program and all in moving toward a development is to maximize the value of this resource. Because right now, it is it's very cheap resource compared to other basins. Back to you, Michael. We've just had one in from David just now. It says without naming any names, other parties in the day room day room, all super majors, mid sized, or whatever, and asking for more info. David, I would love to give you that information, but bluntly, that would be inappropriate. And, clearly, we have NDAs with all the people in the data room and therefore giving any any any detail.net.

15:29 It's it's not gonna happen as you would expect. Another one here. Every single attempt to test the resource has been a commercial failure. I wouldn't say that's fairly true. It's from Tim. I think some have been very, very disappointing, but not all have been commercially failure. Why would a farming partner be interested in joining the dollar bill furnace? Well, they must be interested. Otherwise, they wouldn't be in the data room. Whether what happens next, of course, we have to wait and see. But I I I don't approach this with a with a negative perspective. Yeah. I can add to that one because my eyes zoomed in on Tim k's question too. The wells we've been drilling have been appraisal wells. So the geology of this is fairly well understood. The size of the reservoir, the geometry of the reservoir. And that's why I said we're moving from a geology focus to an engineering focus.

16:21 Each time we put a penetration well, we're learning a lot about the reservoir, and that's gonna inform the way we ultimately develop the field. So this is all appraisal information leading to a development. If those were development wells, they would not have, had commercial results, but that wasn't the point of them. The point of them was to gather information about the reservoir whereby, ultimately, we have a very successful FID. And as Michael says, the dollar bill furnace, it says, other people don't see it that way. Yeah, Michael. There's a a question here from Bill Bill h that says, how do you tend to deal with the issue of the convertible bond, which is a major issue so you have no way of repaying it? At this moment in time, you're absolutely right. We have no way of repaying it with our current cash, but that's not a surprise.

17:13 But this is due for repayment in no more than two years' time. And two years is a long time in in in in in the life of PANTHEON, and I I think a lot is going to change. I hope I plan that a lot changes significantly over the course of this year, obviously. And, hopefully, my it's our expectation, I hope, is it transforms our our finances. So that is not that is not that is not on my list of problems that we face here now today. K. So, Michael, here's a our CEOs are allowed to ask questions. I like this question. I'm gonna ask you a question, Michael, off this list. My part of the question is I really enjoyed the relationship that Michael and I are have started over this last month.

18:03 We we work extremely well together. So the question is, Lord Spencer, you have a considerable number of directors. How will you find time to concentrate on PANTHEON? That's the question to see if I don't don't actually have that many active directorships. I mean, I have a handful that I spend really focused time on. I mean, I tend to use my time where I think I can be effective and useful. There are lots of times where, you know, I'm good at some things, I'm not good at others. And I think that a lot of the situation, PANTHEON, some of my skill sets are useful in terms of my communicate communications abilities to the investing community, to my experience in negotiating on quite big transactions, but providing leadership in the board. So I I I want I I believe I haven't I obviously didn't join this for the for for on a pro bono basis because I'm sure the work to do, but because I really think I can add some value to this project working with you, Max, because we've got complementary skills, which I I respect and appreciate. You you're a proper oil expert, and I'm a finance guy. I think the two of this together with the two of us will hopefully really transform this firm. And you we have recruited in some good new directors. I'm you know, you you recruited in a very well respected oil guy.

19:27 I'm talking to a few other people in London to try and bring another another person to join us to share share the burden that is always involved in running a public company. K. Here's a a macro question. I guess this is a question for for an old man like me. Given our current position, with 20% world oil stock coming through the Strait Of Hormuz, does that help focus the farm in partner for us? It doesn't hurt, but oil companies think in capital cycles of a decade, at least, and they will always sort of test everything they do against a range of oil prices. There won't be very many oil companies that make a large capital decision based on a short term event. So it certainly doesn't, hurt us, but that is not going to make someone make a snap decision on on us either. Oil prices go up and down for lots of reasons through time.

20:18 As oil companies, we're in the risk management business when it comes to, the oil price. We just need to be, viable at low oil price, and we take a lot more value at high oil price, but they have to be resilient, through all oil prices. There's a question here, which although I'm not an oil man, I think I'm help able to answer from Erwin. Will you be relying on the farming partner to determine the future of the w well no. I mean, as as I understand it, if if we when if as when we get a farming partner, we have to agree with the farming partner what the what the priorities are. It's teamwork. They are another voice in the room making a decision, and we will partner with them. And, obviously, they will bring their own expertise with them.

21:07 So it it will be a collegiate task. It won't be us alone to make. But, equally, it will be not for them alone to make either. Yeah. I would compliment that. So our criteria is not just to find a bank. It's to find someone who has complementary skill set and can bring something to the table. So someone that has seen that done that, as much as anything else. So as Michael says, this is a very collegiate thing, and views of everyone will be required to come to the right conclusion. Another question for me. Do you think you could bring another institutional investor into PANTHEON? I I don't know the answer to that question. To be honest with you, it's not it's not I I as I've only just arrived.

21:52 So I will certainly I mean, our our main brokers in London are Canaccord. If they want to ask me to attend events to as chairman, speak about PANTHEON, I will certainly do it. And I've got, obviously, through my career in ICAP, which I started in 1986, forty years ago, four people. And we built it into a FTSE one hundred company. And, obviously, FTSE one hundred company had a lot of lot to do with institutional investors. So I I will be quite happy to go and meet interested institutional investors. Yes. I hope the kind of cool guys heard that. Here's a question, and it's probably best for me as well. Can you tell us a bit more it's from Jeremy e. Can you tell us a bit more about mister Wilkins and how he came to be involved, please?

22:43 We brought enormous talent to this board, with Michael and David Wilkins. David Wilkins is an example of seeing that, done that. It's been down the path that we want to go down. He was the head of Hillcore Alaska when Hillcore acquired BP's assets, and BP was the largest operator on the North Slope at the time. And to transform that operation from a supermajor into the eyes of an independent. And the results of that speak for themselves, triple production, further expansion. He really did an unbelievable job taking over those assets and making them run as a lean independent. And that's exactly the kind of skill set we want on our board is to be able to guide the management team, been through that path, hear the pitfalls. Here's what I learned in Alaska, doing what you're about to do, and I'm ecstatic that that they've, agreed to join the board.

23:44 We we just have a question in from James James Rose. Hi, James. Both it's, again, referring to farming. And you say, are some are the discussions for total acreage or some for any part of the acreage is the range of the acreage? You know, James, I I would love to answer that, but, really, we're we're not gonna get we can't get involved in any detailed discussion on the farming issues. I promise you, as soon as we have any concrete development, I. E, real news, we can't share with you names. We can't share with you prices. We can't share with you how advanced or unadvanced. Yeah. We any of that regrettably, we have to properly keep confidential until we've got something concrete to build it. I don't want to I know it's a bore for you guys.

24:37 You'd like us to share with you everything, but you will understand fully the reasons we have to do that, not least reaching confidentiality with our the people in the in our data room and and also all the other regulatory issues that come with our responsibilities as a public company. And other questions as well. Previous of timeline was production by 2028. Is the timeline different now? You know what? I I we we're taking this step by step. And we're not gonna I I I it would be very dangerous for me to attempt to ask that question. I don't think anyone can say anything with complete confidence. So the answer is the sooner the better, but I don't know when that is gonna be. Max, any ones that got you ex in hurry? Here's one here's one from flight deck.

25:35 Welcome to the board. Wonderful. Can I invite Max, Michael, and David Wilkins to join us for a future fireside conversation and update on the flight deck? For those who haven't seen it, Eric Krumenacker, and I did one on the flight deck recently, a fireside chat. Encourage everyone to see that. But, Paul, we'll get back to you on future ones if we just did one. If it makes sense in the future, yeah, we would consider that. That was a very nice event, a nice chat. There's a question here from William b. Please explain why December 23 we are told there'd be no placing and then there was a few weeks later. William, I I was surprised myself at the time, to be honest with you, and I wasn't best pleased either. But our job really now my job now as a new chairman is to be looking forward rather than there's no value in going backwards. So, yep, I I felt pretty pretty unimpressed by that too, but we we're gonna move forward now. And I assure you that sort of thing will not happen again.

26:35 Whilst I'm chairman, my reputation is one of being consistent at least and successful in the past at least. K. Here's a couple of of technical ones. Will you be releasing the pressure buildup data at W? And any news on W pressure test results in core? As I mentioned, we're looking at that's one of the satellites. So we're looking at all these satellites very carefully. As Eric communicated earlier, we proactively put that gauge in the well knowing we wanted to do a pressure buildup. You have to run wireline to retrieve it. So that pressure is building up. The data is being gathered. In due course, we'll run wireline to gather that data.

27:22 But it's premature at this point because we wanna we'll have to be shut in longer to get the data. But as we mentioned a few minutes ago, we won't be doing any well operations at the moment. But once we do gather that data and how that informs our overall appraisal program, we'll be, communicating that, in due course. There's a question here from an anti Anthony c saying, Michael, very excited to have you join the board. Well, thank you. I'm pretty excited to be here. How did you first get involved with PANTHEON? What attracted you due to the opportunity at the time? I got involved in PANTHEON. Gosh. I think I must have made my first investment in PANTHEON about five years ago. And indeed, initially, it seemed to be going quite well. And I saw the stock price reach on pound 50, and I thought all the great potential was about to be unleashed.

28:10 And, of course, it was not, and I have been sitting there for many years. But at the end of that, I still believe the value of the asset. I'm not going to go here attempting that maybe as to a long guy tribe of where it went wrong, who made the mistakes. But that's not a that's not a profitable investment of my time. You can do it if you want, but it's certainly not a profitable investment of my time. But I still genuinely believe in that we have an exceptional opportunity here in Alaska, and I am prepared to roll up my sleeves and help help on a recovery plan for this project. Another one here from DL. Please convey my thanks to David, Jeremy, and Linda. Their efforts have gone. I appreciate it. I will make sure we will make sure they get that message. It's very kind of you. It is generous in a what has been a difficult time.

29:05 Mark someone here, Mark. Mark, is our main aim now to progress with the farm out? Correct. That is our absolute priority and total focus. And we're not going to retest the double e in in the short run. I think Max said that we have a cash runway that we estimate will keep us going for the whole of this year, that is plenty enough time to fully explore every opportunity of farm out. In the spirit of Richard dialogue, as I mentioned in the AGM, a little feedback. We're not in Texas. Unconventional metrics in Alaska make no sense and are misleading. This is not West Texas. It's a completely different cost structure.

29:51 But the point really was there's two orders of magnitude between those metrics. So I was just drawing a very, very broad comparison, on the margin, but I think it pushed back. That's one that's a amusing question for me here. Dear sir Mike dear sir Spencer. I've never called that before, but that's okay. Would you mind saying what your average purchase price is on on PANTHEON? Do know. I'm embarrassed to tell you, so I haven't calculated it. I don't know if it would make me well, it's certainly a lot higher than the current share price, by the way. I if I'm having a guess, I would say my average purchase price is, I would guess, in the somewhere between 25 and 30 p.

30:37 So, yep, I I I'm I'm like many of you considerably underwater, but I don't know exactly. Anyway Have you been reducing costs in the past six months? Max, that's a question for you. It's probably probably for me. As I mentioned in in the AGM, we have reduced staff a little bit. We have a very small staff, only 14 people remaining. But it really is every single thing we spend money on. You know, I come from lean operations in the unconventional world. Every dollar counts. And so when I arrived, that became the exercise. It's just little things everywhere. But a big part of that was suspending The US listing activity, and that happened quite some time ago. That can be very, very expensive to do, so we suspended that quite some time ago.

31:26 But, truly, it's every single thing that we spend. And some of this is is g and a, so things around the office and people and things like that and studies. Some of this is in the field. And when we, pause the testing on W, we ramped that run rate. We said publicly it was around a $150,000 a day, pretty much to zero in a very, very short period of time because every dollar counts in this, and the big dollars usually show up in the field. And so in the field, you have to be relentless on cost because suppliers will always want to extend costs, and you have to be very, very deliberate about that. So how we contract, how we manage our contractors is a huge deal, and we made enormous progress on that.

32:12 There's not many people criticizing our execution capability these days because we didn't have the best reservoir results, last year. And but, the execution was very, very sound both in terms of cost management and efficiency of the execution. But this is an ongoing exercise. If you find yourself requiring a giant intervention, that means you mismanage the asset through time. So the the idea is every single day, we look at our costs. And our chief financial officer, Treleesa, is relentless on this, and she has my my full support that every dollar we spend, regardless of its purpose, needs to be, challenged carefully. There's a question that caught my eye.

33:00 Simon, do you have a near term aim for recovery of the share price? Simon, no. I I I don't really I mean, I've, obviously, I've ran ICAP as a public company for a public company for twenty years, the same firm. And I always took the view that if you ran the company well and did your job properly, that the share price would behave accordingly. And I'm pleased to say that that strategy worked out very well for me for him in in the long run. So I'm I'm I'm focusing on my job, and my job at the moment is to work with Max on our partners. Or not our partners, our our participants in the data room to see if we can, with one of them, perhaps more than one, do a deal that will really light our fire.

33:48 And that is what we are doing now. And in the meantime, we are holding back on expending money on any of any other stuff. So you ask questions about are we going to be releasing pressure data on W and things like that. The answer is no. That is not where we that's not this is a military campaign. Focus your forces on what you are trying to achieve, and that is our priority. And we were gonna stick with our priorities. Max, anything for you? Yeah. So David m asked a very good question, which is, is there a time squeeze to get things in order to ensure we're able to drill Theta West 2 this coming winter? For those who don't know, that well will be an open ice well. So there's won't be a gravel road or gravel pad there.

34:38 So the the window to do that is in the heart of the winter where you can build an ice road to get to it, and then the rig will have to leave before the ice melts. Otherwise, you're going to inherit a rig for the summer. So we're already planning for the well. We met we we've communicated to everyone that we're reprocessing the seismic updip on Kodiak. The reason for that is to better understand the resource, but the most important reason is to find the best drilling location to give us the best outcome from the reservoir. So once we get that result, we will start the detailed planning of what tubulars do we need, rig contracts, but we're on track to do that. So is there a time squeeze? There's always a time squeeze in operations in oil and gas.

35:26 But the way you solve that is through planning, and we're already in the exercise right now to make sure we can do that next January, February, whenever the winter season allows. A lot of these questions come back, of course, to to to farm out. Can we hear about planned operations this year? Are you going to drill in a pace of well on the Kodiak food? Are you waiting for farm out or further finance? I mean, we've we've been very public about this. I'll I'll and and and I think rightly so. There's been plenty of interest in the farmer discussions, so we are focusing on that. There is no purpose in us diverting our own resources now to to drilling operations if we have if our our priority is to find a farming partner. And by the way, there's another question. Do you is there a contingency plan in place in the event there is not a farming deal?

36:22 The answer is we we barely start we we've only we barely started the process of of of exploring the farming deal. So it would be it would be I think if if we were planning on failure already, I I I it's not my that's not my spirit of how I approach approach these things. I don't go into them thinking we let's have a plan for failure already. My view is we are here to win the battles, not lose them, and focus it accordingly. And similarly to that, what is is another one, look market. Looks like what is your long term exit strategy? Is it to sell the company as per bit or I don't I don't have an exit strategy right now, Mark. To be honest with you, I I I take I tend to take a long term view of my investment. As you know, I've been a shareholder of PANTHEON for quite a few years already now. I'm prepared to hang on for quite a few more years if if it's the right thing to do. So I don't I don't have an exit strategy or a target price either for that matter.

37:28 Max? I think I think a couple here. Thank you very much. Lax j says, I'm so I'm so glad you've held this meeting. I've been buying shares at various prices. You've definitely put my mind at rest, and I'm rooting for you both. I appreciate your honesty and integrity with your answers. Thank you very much, Lax. As I mentioned in the AGM, and I'll say it now, our shareholder relations haven't been as good as they could have been. So I wanna continue getting better and better. Another question, I would I would refer someone. If they're not a reservoir engineer, I would, have a go at Copilot or or chat GBT. It says a poor reservoir should build pressure back up in four to five days. It could be in less than two days. From I'm a reservoir engineer by training.

38:14 Given this reservoir, you need to change days to months there. But you can do your own reservoir engineering analysis on that for reservoirs like this. They do not build up in four to five days. I got one here that I I quite I like. Simon w. With the laser focus on farming, well observed, Simon. In the event of an acceptable agreement cannot be reached, what is plan b? Well, I'm not even thinking about plan b. It's too early to worry about plan b now. As I said, I don't I don't get on I don't normally get on an airplane thinking what's my plan to do with the crashes. But he said, welcome aboard, Michael. Stealing negotiations are absolutely required. I 110% agree with you. I've been there. I've done that before. True. Okay. I back myself.

39:00 Let's see. Don't be you say yourself signing grumpy Simon. Let's talk again in later this year. Hopefully, you won't be grumpy so then. Yeah. Cheery, Simon. More about the data room. So we're running out of questions here, Michael. I think probably forty five minutes in. I think, you know, the last question from Peter M is one that'd be good for you, Michael, which is what should shareholders look forward in the near term? Well, I think the answer is, in the near term, if you hear from us, it will be good news because we're not going to be reopening W or anything like that. So I hope you know, we hope I hope that within the coming months, we will be when you when you hear open your r and s statement, hopefully, you'll say, ah, they found a good partner. Those terms are good, and we will you will be be pleased and delighted. That's what that's what I hope to be able to deliver. We hope to be able to deliver in the coming months.

40:15 That's great. I think, Max, unless there's any other questions, I thought I'd just jump back in, just double check. Yeah. The ones coming in now are more observations, and thank you very much for them, everyone. They're very supportive. So I don't see any more questions, questions. Perfect. Well, look, thank you, Michael. Thank you, Max, for your time. Thanks for joining. That's brilliant. Thank you very much indeed. If I could please ask investors not to close this session as we'll now automatically redirect you in order that you can provide feedback to Max, Michael and the rest of the Board, giving you your views and expectations. On behalf of the management team at PANTHEON RESOURCES, we'd like to thank you for attending today's presentation, and good afternoon to you all.