The Gabon farm-in will be the next announcement imo.
Panoro told shareholders that Harvest would complete the process Q3. Edmiston said the deal to close out Harvest would clear all debt. So I expect them to announce the farm-in and the fund raising first and soon. I think the farm-in is already done contingent on Harvest doing the debt, ATM, convertible and it'll all come out at once. If so, the deals should put a tangible value on Gabon and add, maybe a lot, to shares.
Listened to the Panoro earnings call from August 8, 2013.
Panoro's CEO did say farm out was going to be done in 3Q. Only a few days left.
Panoro CEO also included in his presentation a copy of HNR's slide showing the potential value of Dussafu block. The HNR slide shows $550 million for contingent resources and $950 million for the the exploration value.
Referring to the exploration values on the slide, Panoro's CEO said, "Of course this shows a little bit Harvest’s view on how much value that this license can hold. And of course these are phantom numbers. We are still early in the process. We are still early in the process to be able to say, “Yes, we believe in those numbers, too.” But at least it gives some insight into what this can mean for our company and Harvest as well."
The thing that makes Panoros's take interesting is that Dassafu is their reason to go on - if they have one. They have committed to making a final decision on whether to liquidate by year end and Harvest is key. With the firm on the line they'll be much closer to knowing what's up than any of us. I'[m sure their stake is also on the block but since that's defacto liquidation, the price will be high. Good for harvest adding stability to the lease and making a piece of Harvest worth all the more.