Oilman Jim's Letter - December 10, 2024

Pantheon Resources (PANR.L PTHRF P3K.F) announced the Megrez-1 well as a discovery in the eastern topsets in the Ahpun field. The well has reached target depth and the company has run 5 ½" production casing in anticipation of long term testing commencing early  2025. The well has discovered a large light liquids hydrocarbon column based on logs and gas chromatography and analysis indicates three hydrocarbon bearing zones  over a ~1,260 foot vertical section, including the two primary objective formations. Separately, Pantheon announced results for the year ended 30 June 2024. The company reduced its convertible loan balance to $17.2 million as of 9 December 2024, further reducing to $14.7 million on 13 December. As of 9 December 2024, unaudited cash and cash equivalents totalled $23.7 million, which are currently funding the ongoing Megrez-1 well operations, with the majority of the costs remaining to be spent. Per David Hobbs, Executive Chairman, the past 18 months have seen extraordinary progress in three key areas. Pantheon received independent validation of the company's contingent resources base at 1.6 billion barrels of ANS crude, funded and is executing the Megrez-1 well programme, with its potential to add up to a further c. 40% to the overall resource base and secured a path to potential monetisation of the 6.6 trillion cubic feet of natural gas in a way that may support the development capital needs from Ahpun first investment decison…more

HyTerra (HYT.ASX HYTLF) announced that it has continued leasing within several priority areas in the Nemaha project, Kansas. Approximately 8,000 acres have been acquired bringing the total lease position from 52,000 acres to over 60,000 acres, supporting the upcoming exploration campaign. The Kansas Corporation Commission has approved a further three well permits: Downey Ranch 13-31, Crome 1-28 and Larson 1-14. Each of these prospects are based on existing and recently purchased gravity, magnetic and seismic data. The drilling contractor has advised that preparation of the drill site earthworks and access road starts this week at the Blythe 13-10 prospect location…more

Sunda Energy (SNDA.L GHA.F) announced it has entered into a non-binding letter of intent with an international drilling contractor concerning commercial negotiations for a definitive drilling contract for the use of a jack-up drilling rig located in the region. Sunda intends to use the rig for the appraisal drilling campaign on the Chuditch Field, offshore Timor-Leste. Signature of the LOI enables the company to progress regulatory approvals for the use of the rig, which is expected to complete its ongoing work in the region before becoming available for Chuditch appraisal drilling in Q2 2025. The company states that further updates on preparations for the drilling of the Chuditch-2 appraisal well will be provided in due course…more

Pulsar Helium (PLSR.V PLSR.L PSRHF Y3K.F) announced the commencement of field activities at its Topaz project in Minnesota. Personnel and equipment have begun arriving on-site, with deepening of the Jetstream #1 appraisal well set to commence and scheduled to conclude before the Christmas holiday. The company plans to deepen Jetstream #1 by a minimum of 1,640 feet. The Jetstream #1 appraisal well previously reached total depth of 2,200 feet on 27 February 2024, identifying helium concentrations of up to 14.5% and CO2 concentrations exceeding 70%, with the latter expected to further contribute to the project economics. The deepening of Jetstream #1 will target the full height of the helium reservoir, guided by insights from recently acquired survey data, previous drilling phases, and onsite testing…more

88 Energy (88E.ASX 88E.L EEENF POQ.F) announced an update on activities related to Petroleum Exploration Licence 93 in the Owambo Basin, onshore Namibia. Initial processing and interpretation of the 2D seismic data has been completed by Monitor Exploration, the operator for the exploration and development programme of PEL 93. Interpretation has identified an initial suite of 10 significant independent structural closures within the licence area; the 2024 2D seismic data now confirms the presence of multiple significant leads in the southern area of PEL 93, each with large interpreted structural closures, with some individual leads covering up to approximately 100km2, exhibiting prominent vertical relief and clear hydrocarbon charge potential from source rocks beneath the prospects and in the kitchen to the north. 88 Energy has now received the 2D seismic products from Monitor and will aim to independently validate Monitor’s findings and work with the joint venture to integrate all available well log data, airborne geophysics, soil geochemistry together with the 2D seismic dataset. A prospective resource estimate for PEL 93 is targeted for completion in H1 2025, following the internal review of Monitor’s seismic interpretation…more

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