To start with Pantheon...The Kara farm #1h well is due to spud...

To start with Pantheon...

The Kara farm #1h well is due to spud soon.

The area is geologically analogous to the nearby prolific AA wells woodbine field. This field to date has produced an estimated 20 million barrels of condensate and 415 billion cubic feet of gas. Gas condensate usually will trade at par or a premium to the oil price.

The acreage may have the potential to host a similar size field to the AA woodbine field.

The potential is 17 horizontal wells or 50 vertical wells. The worth of a vertical well is US $65 million, and a horizontal well is $200 million.

Now you do the math!

Pantheon went up from about 8p to about 20p recently just on the news that the Kara farm #1H well will spud in the fourth quarter!

So...AXT's investment in Pantheon could easily become worth 10 million plus, putting the share price at 10 cents plus on its own if not potentially higher depending on success of the wells.

Also further drilling will begin soon at Toondulya. BHP's Olympic Dam was not founded in the first 5 or so drill holes, so obviously when it was discovered a number of drill bits hit the ground first. To me further drilling is just a bonus and Pantheon alone is enough to keep me excited in this stock at the current share price!