Pantheon's well are NPV 10 of about 200m to Pant
They have about 17 wells to drill
P50 of about 50m to Panth
thats about 650m to Panth or 6.50US per share so say 3 - 4GBP per share
Discount that again and conservatively PANR could be 200p
Thants about 20m cash to AXT or about 20c per share
good buying here