Pantheon Resources PLC Alkaid Production Unit & Operational Update (6467X)
01 September 2020 - 5:35PM
UK Regulatory
TIDMPANR
RNS Number : 6467X
Pantheon Resources PLC
01 September 2020
01 September, 2020
Pantheon Resources plc
Alkaid Production Unit & Operational Update
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company is pleased to provide
the following update on its 89.2% - 100% owned projects on the
Alaskan North Slope:
Alkaid Project Production Unit
Our Alaska subsidiary, Great Bear Pantheon, has received notice
from the Alaska Department of Natural Resources (DNR) that the
application to form the Alkaid Production Unit of 22,804 acres is
complete and eligible for approval. The DNR has opened a 30-day
public comment period on the application and must make a decision
on the application within 60-days. This is a significant
advancement for the Alkaid project as the Unit will extend the
leases for the Greater Alkaid project area beyond their primary
term, and because it provides a clear pathway to production.
Application for Production Unit - Talitha Project
Pantheon has also entered the unitisation application process
with the State of Alaska for theTalitha project. Pre-application
discussions with the State have been productive and have confirmed
Pantheon's confidence that these units will be secured in a timely
manner.
Talitha - Resource Upgrade (Kuparuk)
Pantheon is pleased to announce that work is nearing completion
for the determination of a resource estimate for the Kuparuk
horizon at the 89.2% owned Talitha project. It is anticipated that
this work will be finalised and announced to the market over the
next 2-3 weeks. In conjunction with this announcement, the
management team will be hosting a live webinar available to all
shareholders and interested parties. Details of the webinar will be
announced in due course.
This follows the Company's resource estimate at the shallower
and independent 'Shelf Margin Deltaic' (Brookian) interval in the
Talitha project earlier this year, which Pantheon estimated to
contain 1.8 billion barrels of oil in place (BOIP) and a P50
Technically Recoverable Resource of 483 million barrels of oil
(MMBO).
Further significant potential exists in another interval at
Talitha, the 'Slope Fan System', which is also a Brookian aged
reservoir. The Company will provide a resource estimate for the
Slope Fan System once completed.
Farmout update
Pantheon confirms that it is actively engaged with multiple
parties who are presently undertaking analysis of the farmout
opportunity. Such parties range from National Oil Companies to
smaller specialist operators, and accordingly farmout discussions
have ranged over the entire Alaskan portfolio to smaller singular
projects. Pantheon confirms that its objective is to be drilling in
Alaska this coming 2020/21 winter season.
Jay Cheatham, CEO, stated:
"I am incredibly pleased that the State of Alaska Department of
Natural Resources has deemed our Alkaid Unit application completed.
It is subject to the standard 30 day public notice period, but I am
confident the unit will pass public scrutiny. The unit as planned
will allow Pantheon to drill year-round from the disturbed area
along the Dalton Highway, reducing costs significantly as we will
drill in the summer with better weather and access versus a winter
well on ice. This is a major milestone for our company and the
State who are not only our partner as the royalty owner, but also
as the technical regulator who must approve our technical and
operational plans. This is a large unit at 22,804 acres or almost
36 square miles."
"Despite the obvious disruptions of COVID on the farmout
process, we are extremely pleased that discussions are active with
multiple parties. Drilling this coming winter is our objective, and
this remains an achievable target if we can conclude a farmout by
the end of autumn."
"The potential size and scale of our Alaskan projects, coupled
with a modelled breakeven price lower than most fields in the world
make this a unique and compelling opportunity for potential
farminees. To our knowledge there is no other project with similar
characteristics available in the world today. For many years in the
USA oil and gas capital flows have been dominated by the
unconventional shale plays. Today, many of these plays are no
longer attractive, in contrast to ours."
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Arden Partners plc (Nominated Adviser and
broker) +44 20 7614 5900
Paul Shackleton / Daniel Gee-Summons (Corporate
Finance)
Simon Johnson (Equity Sales)
Blytheweigh +44 20 7138 3204
Tim Blythe, Megan Ray
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas
exploration and production focused on several large projects
located on the North Slope of Alaska ("ANS"), onshore USA. A major
differentiator to other ANS projects is its close proximity to
transport and pipeline infrastructure. 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.
On the North Slope of Alaska, Pantheon holds working interests
of 89.2% - 100% in projects covered by c.1,000 square miles of
proprietary 3D seismic. In January 2020 the Company received an
Independent Expert Report certifying a Contingent Resource of
76.5MMBO (million barrels of oil) recoverable on its Greater Alkaid
project. In March 2020 Pantheon estimated that the shallowest of
the three horizons at its Talitha project was estimated to contain
1.8 billion barrels of oil in place and a P50 Technically
Recoverable Resource of 483 MMBO. In East Texas, Pantheon has
working interests in several conventional prospects in Tyler &
Polk Counties, in an area of abundant regional infrastructure.
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
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