24
February 2025
Pantheon Resources
plc
Board
Update
Pantheon Resources
plc ("Pantheon" or the
"Company"), the AIM-quoted
oil and gas exploration company with 100% working interests in
certain projects located adjacent to transportation and pipeline
infrastructure on the Alaska North Slope, is pleased to
is pleased to provide the following
update.
Board Update
Further to the announcement of 20
February 2024, the Company is pleased to confirm that Max Easley's
appointment has been brought forward and was effective as of 21
February 2024. In conjunction with Mr Easley's appointment, David
Hobbs, the Executive Chairman, has indicated that, he will be
seeking to migrate his role back to Non-Executive Chairman as part
of the evolution of the Company's corporate governance once Mr
Easley is well established in his role as CEO.
Further information:
UK
Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
USA
Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
IMPORTANT INFORMATION
About Pantheon Resources
Pantheon Resources
plc is an AIM
listed Oil & Gas company focused on developing its 100% owned
Ahpun and Kodiak fields located on State of
Alaska land on
the North
Slope, onshore USA. Independently certified best estimate contingent
recoverable resources attributable to these projects currently
total c. 1.6 billion barrels of ANS crude and 6.6 Tcf (trillion
cubic feet) of associated natural gas. The Company owns 100%
working interest in c. 259,000 acres.
Pantheon's stated objective is to
demonstrate sustainable market recognition of a value
of $5-$10/bbl
of recoverable resources by end 2028. This is based on bringing the
Ahpun field forward to FID and producing into the TAPS main oil
line (ANS crude) by the end of 2028. The Gas Sales Precedent
Agreement signed with AGDC (Alaska Gasline Development Corporation)
provides the potential for Pantheon's natural gas to be produced
into the proposed 807 mile pipeline from the North Slope to Southcentral Alaska. Once the
Company achieves financial self-sufficiency, it will apply the
resultant cashflows to support the FID on the Kodiak field planned, subject to
regulatory approvals, targeted by the end of 2028 or early
2029.
A major differentiator to other ANS
projects is the close proximity to existing roads and pipelines
which offers a significant competitive advantage to Pantheon,
allowing for shorter development timeframes, materially lower
infrastructure costs and the ability to support the development
with a significantly lower pre-cashflow funding requirement than is
typical in Alaska. Furthermore, the low CO2 content of the associated gas
allows export into the planned natural gas pipeline from
the North
Slope to
Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has
been endorsed by world renowned experts. Netherland, Sewell &
Associates estimate a 2C contingent recoverable resource in
the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude
and 5,396 bcf (billion cubic feet) of natural
gas. Cawley
Gillespie & Associates estimate 2C contingent
recoverable resources for Ahpun's western topset horizons at 282
mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling &
Associates estimated possible reserves and 2C contingent recoverable
resources totalling 79 mmbbl of ANS crude and 424 bcf natural
gas.
For more information
visit www.pantheonresources.com.
