Pantheon Resources PLC Operational and Corporate Update (3429Y)
06 Settembre 2022 - 8:00AM
UK Regulatory
TIDMPANR
RNS Number : 3429Y
Pantheon Resources PLC
06 September 2022
6(th) September 2022
Pantheon Resources plc
Operational and Corporate Update
Pantheon Resources plc ("Pantheon" or "the Company"), the AIM
listed oil and gas company with a 100% working interest in all of
its oil projects spanning c. 153,000 acres adjacent and near to
transportation and pipeline infrastructure on the Alaska North
Slope, is pleased to provide the following operational update.
Operations update - Alkaid #2
The Nabors 105 rig, used to drill the Alkaid #2 well has been
fully demobilised, and wireline and completion equipment is now on
location where completion operations have commenced. The well will
be perforated, stimulated and plugged off in sections, prior to the
commencement of flow testing, anticipated in early October. The
Company looks forward to advising shareholders of flow test results
in due course.
Procurement and mobilisation of production facilities
Pantheon is pleased to advise that it has upgraded the capacity
of the production facilities, which are currently enroute to the
North Slope. The increased capacity of these modular facilities is
sufficient to process oil production from multiple wells.
OTCQX application
Further to the Company announcement on 18 August 2022, Pantheon
advises that its application for its ordinary share capital to
trade on the OTC Market's OTCQX trading platform, the top tier of
the three marketplaces for the OTC trading of stocks in the Unites
States, is nearly complete with commencement of trade anticipated
in the coming days. Admission to the OTCQX will allow U.S.
investors greater ability to access the Company's ordinary shares
in U.S. dollars and during U.S. market hours. The Company is not
seeking a fundraising in conjunction with this process.
Other
Pantheon has been advised by Farallon Capital Management LLC,
the discretionary investment manager of CHONS LLC that it qualifies
for an investment manager exemption pursuant to DTR 5.1.5 R (1)(a)
in the FCA Rules. The practical effect of the investment manager
exemption is that, where a person is acting as investment manager
to another person, the applicable disclosure thresholds under the
DTRs are only at 5%, 10% and 1% increments above 10%.
Jay Cheatham, CEO of Pantheon Resources, commented, "Activities
at Alkaid #2 are on schedule and we look forward to flow testing
operations commencing. Upgrading our facilities to a larger
capacity was a sensible decision, giving the Company the
flexibility and freedom to bring multiple wells into production at
the Alkaid #2 location in due course.
"I'm also pleased that the OTCQX admission is nearly upon us,
allowing US investors far greater simplicity to buy and sell our
stock coming into this exciting time in our life cycle."
-Ends-
Further information:
Pantheon Resources plc
Jay Cheatham, CEO +44 20 7484 5361
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor, James Asensio, Gordon
Hamilton +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, 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
153,000 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.
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
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) is incorporated into, or forms part of, this
announcement.
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