Dec. 5 at 7:21 AM
$PTHRF ./. We premise our High-Conviction BUY on the favourable balance of risk/return in a context where the company’s potential is being priced at
$0.14 / barrel of 2C liquids resources. Effectively, our investment thesis remains intact in its entirety. Specific Context to Appreciate the Dubhe-1 Appraisal Well: We believe it is worthwhile to appreciate that the purpose of the Dubhe-1 well is to appraise the Ahpun resource (361 million barrels of recoverable liquid resources on a 2C basis). The well’s purpose is to learn how the reservoir will respond to the first-ever large scale successfully executed frac completion of the reservoir. It is simply a mistake, we believe, to have fixed ideas relating to how the reservoir “should” react.