TIDMPANR
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
contact@pantheonresources.com .
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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END
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