TIDMPANR
Pantheon Resources PLC
06 November 2019
6 November 2019
Pantheon Resources plc
Company Update
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with working interests
in several conventional project areas in Tyler and Polk Counties,
onshore East Texas, and onshore North Slope of Alaska, is pleased
to provide shareholders with the following update:
Alaskan Update - Farm out process
As previously advised, the process to farm out a working
interest in some or all of Pantheon's Alaskan projects is underway.
There has been interest from a number of leading domestic and
international Oil and Gas Groups in evaluating the opportunity and
the Company has also received interest from significant
non-industry parties. A number of parties have already visited the
data room, with others currently preparing to visit. The scale of
the opportunity, i.e. multi billion barrels of Oil in Place, and
the geographic location of the discovered resources has attracted
the interest of some major companies.
The planning and permitting process for both Alkaid and Talitha
wells has already commenced, which would expedite any drilling
operation at these locations. Whilst the Talitha exploration well
is limited to winter drilling, Alkaid/Phecda wells can be drilled
at any time of the year.
Pantheon holds a 90% to 100% working interest ("WI") in
c.177,000 gross acres on the North Slope of Alaska, which contains
potential for an estimated 1.2 billion barrels of oil recoverable.
This includes two discovered oil accumulations which contain
significant oil in place resources. Advantageously, the Company's
acreage is bisected by both the Dalton Highway and the Trans
Alaskan Pipeline System ("TAPS"), the primary distribution network
for oil in the state of Alaska. This is a differentiating factor to
all other undeveloped oil accumulations in Alaska, and offers
significant financial and operational advantages, with the
potential for year-round development activity, materially lower
capital costs, and shorter time horizons to first production. A
successful development well at Pantheon's recent Alkaid discovery,
scheduled to be drilled in 2020, could be put onto production soon
after completion.
Jay Cheatham, CEO, commented:
"The farmout process is well underway and is keeping us
extremely busy. We are very encouraged by the quality of parties
who have visited, or are planning to visit the data room in
Houston.
"Given the farmout process is a commercially sensitive one we
simply cannot discuss it while it is underway. There has been over
$200m invested in the project area to date where significant oil
accumulations have been identified and a host of exploratory
opportunities are continually being evaluated. The farmout process
is designed to find a partner to evaluate the commercial potential
of these accumulations and to progress the exploration, appraisal
and future development efforts.
"Your Company has made some major advancements over recent
months. Our successful testing of Alkaid upgraded our P50
Technically Recoverable resource to 100 million barrels of oil, and
in the past few weeks we concluded a transaction to increase our
working interest in Alkaid/Phecda by one third, to 100%. This
transaction delivered Pantheon an additional 25 million barrels of
P50 Technically Recoverable Resource.
"We look forward to continuing to update the market as the farm
out process progresses."
-ENDS-
Further information:
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
Blytheweigh +44 20 7138 3204
Tim Blythe
Megan Ray
Jane Lenton
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas
exploration and production company with assets in East Texas and on
the North Slope of Alaska, onshore USA.
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 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 an order of
magnitude below that of offshore wells.
In East Texas, Pantheon held a 50% to 75% working interest
("WI") in several conventional prospects in Tyler & Polk
Counties, in an area of abundant regional infrastructure, and in
proximity to the prized Double A Wells Field. Pantheon has the
ability for this working interest position to increase to 100%
should the minority partner not be in a position to meet its pro
rata share of future drilling and operating costs.
In Alaska, following its acquisition of the assets of Great Bear
Petroleum in January 2019, Pantheon holds working interests ranging
between 90% and 100% of projects covering 177,000 gross acres and
covered by circa 1,000 square miles of 3D seismic with P50
Technically Recoverable Resources estimated at over 1.2 billion
barrels of oil.
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) is
incorporated into, or forms part of, this announcement.
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the information contained in this
announcement has been reviewed and signed off by Jay Cheatham, a
qualified Chemical & Petroleum Engineer, who has over 40 years'
relevant experience within the sector.
Cautionary Statement: The estimated quantities of petroleum that
may be potentially recovered by the application of a future
development project relate to undiscovered accumulations. These
estimates have both an associated risk of discovery and a risk of
development. Further exploration, appraisal and evaluation are
required to determine the existence of a significant quantity of
potentially movable hydrocarbons. The announcement contains
management estimates of possible valuations based on certain
assumptions based upon information available at the time of writing
and relating to a future period and, accordingly, they are not
guaranteed and are subject to change. Estimates and assumptions
underlying any such valuations are inherently uncertain, are based
on events that have not taken place and are subject to economic,
competitive and other uncertainties and contingencies beyond the
Company's control.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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November 06, 2019 02:01 ET (07:01 GMT)
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