Substantially Undervalued, O&G Situation in play, page-145

Hi LOTM,

Providing Tyler flow tests are positive, I'm pretty bullish about what value AXT's 7m PANR shares might end up having ascribed to them, over and above that $20m figure.

As an example, a PANR SP of £2 values AXT's holding at ~$30m. IMO the end game being chased by AXT, after drilling all the separate mini basins, will be a fair bit higher than $20m net to the company.

Obviously a lot of this hinges on the flow testing information to come out of Tyler. Bad news from the flow testing would see fairly significant SP falls I'd say. We wait with baited breath.

IMO the significance of these possible discoveries is underlined by just how well the PANR SP is performing even when the macro environment for oil is so poor.

Cheers!