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Pantheon Resources (PANR)

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Wednesday 11 August, 2021

Pantheon Resources

Webinar & Corporate Update

RNS Number : 2263I
Pantheon Resources PLC
11 August 2021
 

 

11 August 2021

Pantheon Resources plc

Webinar & Corporate Update

 

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas company with a 100% working interest in a number of oil projects spanning c. 160,000 acres immediately adjacent to transportation and pipeline infrastructure on the Alaska North Slope is pleased to provide the following updates:

 

Investor webinar

 

Pantheon plans to host an investor presentation and Q&A webinar, open to all shareholders and other interested parties, on the afternoon of Wednesday, 25th August 2021. The precise details of the time and participation details will be provided closer to the date. The webinar will cover the recent work and understanding of the Theta West (previously known as the Basin Floor Fan) and Shelf Margin Deltaic ("SMD") sections encountered in the Talitha #A discovery well, which was drilled earlier this year.

 

As previously announced, Pantheon successfully utilised the Baker Hughes AHS 'Volatiles Analysis Services' ("VAS") product in the analysis of the Talitha #A discovery well. VAS was invented and supplied by AHS (Advanced Hydrocarbon Stratigraphy) and Pantheon is delighted to announce that Mr. Mike Smith, President and Founder of AHS, will be a guest speaker on the webinar.

 

Mr. Smith was personally involved in the analysis of Talitha #A and will present his views as to why VAS was so effective in the evaluation of this well, together with AHS's findings. Additionally, Mr. Roger Young, Chief Technology Officer and Co-Founder of eSeis, will present his most recent work.

 

As a reminder, since completion of operations at Talitha in April of this year, Pantheon has announced P50 recoverable resource estimates of 1.41 billion barrels of oil for Theta West and 404 million barrels of oil for the SMD-B zone at Talitha. Management believes that both of these estimates can be characterised as "Contingent Resources".

 

If you would like to submit a question in advance of the investor Q&A session, please email  [email protected] .

 

Corporate Update

 

Pantheon confirms that discussions remain underway seeking the farmout for a working interest percentage in one or more of the Company's Alaskan projects. As previously announced, Pantheon needs to complete a farmout or funding in Q4 to have sufficient resources for both working capital and for the anticipated future winter 2021/22 drilling and testing campaign. The Company continues to proactively manage its expenditures and engage with potential farminees in the meantime.

 

The Company's objective for winter 2021/22 is for an active work programme to test all zones of the Talitha #A discovery well and to drill at least one other well at either Alkaid or Theta West. An Alkaid development well would have the benefit of being able to commence production and generate revenues shortly after completion using a low-cost modular production system, an option considered to be highly attractive at current oil prices. A well at Theta West would have the attraction of testing a globally significant play which offers tremendous potential for value creation.

 

Jay Cheatham, CEO of Pantheon Resources, stated:

"I encourage all shareholders to take the time to listen to this webinar. Necessarily it will contain a lot of technical information; we believe it is crucial to demonstrate the science behind these enormous resource estimates to enable a greater 'believability' in our story. We will, however, be sure to pay special attention to ensure the key message is understood by all. I am also pleased that Mike Smith, the President and Founder of AHS, and leading expert on VAS, has offered to present to our shareholders. It is rare for shareholders to gain this type of expert access, and it should give shareholders immense comfort that Talitha #A has yielded special results."

 

"At a corporate level, we remain focussed on finding a suitable partner to farm in to one or more of our projects. We have discussed many times that we require this farmout partner or to otherwise fund the Company ahead of a winter 21/22 drilling programme, and we have been focused on this goal since April this year. The oil market is in a far better place right now than any of us could have envisioned, which puts the Company in a stronger position during these efforts."

 

-Ends-

 

 

 

Further information:

 

Pantheon Resources plc

+44 20 7484 5361

Jay Cheatham, CEO

 

Justin Hondris, Director, Finance and Corporate Development

 

Canaccord Genuity plc (Nominated Adviser and broker)

 

Henry Fitzgerald-O'Connor, James Asensio

+44 20 7523 8000

Blytheweigh

 

Tim Blythe, Megan Ray, Alice McLaren, Madeleine Gordon-Foxwell

+44 20 7138 3204

 

 

 

 

 

 

 

Notes to Editors

Pantheon Resources plc   is an AIM listed Oil & Gas company focused on several large projects located on the North Slope of Alaska ("ANS"), onshore USA where it has a 100% working interest in over 160,000 highly prospective acres with potential for multi billion barrels of oil recoverable. A major differentiator to other ANS projects is its close proximity to transport and pipeline infrastructure which offers a significant competitive advantage to Pantheon, allowing for materially lower capital costs and much quicker development times. The Group's stated objective is to create material value for its stakeholders through oil exploration, appraisal and development activities in high impact, highly prospective conventional assets, in the USA; a highly established region for energy production with infrastructure, skilled personnel and low sovereign risk. All operations are onshore USA, with drilling costs materially below that of offshore wells.

 

The Company has received Independent Expert Reports certifying a Contingent Resource of 76.5MMBO (million barrels of oil) recoverable on its Greater Alkaid project and management have estimated Contingent Resources of 1.4 billion barrels of oil at Theta West and 404 million barrels of oil in the Shelf Margin Deltaic horizon.  

 

Information contained within this RNS is considered to be inside information prior to its announcement.   For further information on   Pantheon Resources plc, see the website at:   www.pantheonresources.com .   The information contained within this RNS is considered to be inside information prior to its release. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) incorporated into, or forms part of, this announcement.

 

Glossary

Contingent Resources - those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable

 

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