TIDMPANR
RNS Number : 3886D
Pantheon Resources PLC
25 June 2019
25 June, 2019
Pantheon Resources plc
Corporate Presentation June 2019
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, announces
that it is commencing its first US investor roadshow subsequent to
the acquisition of the Alaskan assets of Great Bear Petroleum in
January 2019. An updated copy of the investor presentation will be
posted to the Company's website at www.pantheonresources.com
Updated Corporate Presentation - key highlights
Alaskan Operations
The Company confirms that the farmout process for its Alaskan
assets is planned to commence in Summer 2019. Subject to successful
completion of farmout discussions the Company aims to drill 2 wells
in Winter/Spring 2019/2020 (one in the 'Talitha Appraisal' project
and one at the 'Alkaid/Phecda' project) with first production
possible in 2020 or 2021, dependent on timing of farmout
negotiations and drilling. The Company confirms it has received
unsolicited enquiries from interested third parties.
Following the announcement on 6 June 2019 of the interpretation
of the discovery at Alkaid/Phecda the Company's confidence has
improved in its interpretation of the analogous Brookian formation
in the Talitha prospect, upgrading it to Appraisal status.
Accordingly, Talitha Prospect will now be referenced in two parts;
(1) Talitha Appraisal - targeting the Brookian fans, and (2)
Talitha Exploration - targeting the Kuparuk and Lowstand Shelf
Margin Deltaic formations. A summary of the Company's prospect
summary is presented below:
PANTHEON - ALASKAN PORTFOLIO
P50 Technically Recoverable Resource estimate
Anticipated Project Oil Recoverable Possible GBP Interest(6)
Program(5) in mmbl (7) Zones
Place
mmbl
(7)
Confirmed
Brookian
discovery.
Seeking farm in
partner.
First production
Alkaid Appraisal/ possible
2020/2021(1) & Phecda Development 900 90-135 1 75%-100%(2) 2020/2021.(1)
-------------- -------------- ------- ------------ --------- ---------------- ------------------
Talitha's (3)
Brookian zones
contain
900 million bbls
discovered
OIP with
Talitha estimated 10-15%
2019/2020 Appraisal Appraisal 900 90-135 3 90% recovery factor.
-------------- -------------- ------- ------------ --------- ---------------- ------------------
1.7 billion bo
(OIP)
exploratory
upside in
Talitha 2 additional
2021+ Exploration Exploration 1743 373 2 90% formations.(7)
-------------- -------------- ------- ------------ --------- ---------------- ------------------
Theta
Exploration
(Brookian
Basin 2 zones, Kuparuk
Floor & Brookian
2021+ Fan)(4) Exploration 3790 600 2 90% Basin Floor.
-------------- -------------- ------- ------------ --------- ---------------- ------------------
Megrez Toe Thrust
Exploration Anticline
(3) (Toe prospect near
Thrust pipeline
2021+ Anticline) Exploration 396 59 1 90% & highway.
-------------- -------------- ------- ------------ --------- ---------------- ------------------
Total
barrels
(bn) 7.7 1.2-1.3 9
------- ------------ --------- ---------------- ------------------
Pantheon has over 1000 square miles of proprietary 3D seismic
with a host of additional "leads" to be matured...
Footnotes
(1) Subject to successful farm out (2) Halliburton has a 25%
back-in right, if exercised, Pantheon's working interest would
reduce to 75% (3) The reduction in Megrez resource reflects acreage
which has not been renewed (4) Refer to risk factors for detail on
Theta (5) Anticipated drilling programme is for guidance only and
subject to successful completion of a farm out and therefore
subject to change (6) Pantheon holds Great Bear leases which have
royalty rates ranging from 12.50% to 16.6% and an overriding
royalty interest of 1.61% on six of its leases. There is also a 1%
ORRI royalty to eSeis Inc (7) OIP Management estimate.
Other than the revision to P50 Technically Recoverable Resource
following drilling of the Alkaid and Winx wells, the only other
change is a reduction at Megrez from 99 to 59mmbo, reflecting
acreage which was voluntarily not renewed. Given lease positions
are for fixed terms which decay over time, Pantheon considers it
prudent to actively manage its acreage position to prioritise its
high grade acreage, whilst preserving its capital position. Acreage
which is unrenewed can be bid for at subsequent lease sales if
considered appropriate.
East Texas Operations
Pantheon's technical team has commenced a full and comprehensive
review of the East Texas acreage and has reengaged with the Bureau
of Economic Geology at the University of Texas who were involved in
the previous 3+ year regional geological study of the project. This
work is presently underway and a decision will be made as to the
location of the next well at the conclusion of this work.
The prospects in East Texas are located in a region of abundant
infrastructure and a successful result at the proposed VOBM#1
sidetrack well could be brought into production within days. The
original VOBM#1 well tested at 6000mcf/d natural gas and 500 bopd
before suffering a suspected collapsed casing. Recent leasing in
East Texas has been 100% by Pantheon and the acquisition of 2/3 of
the shareholding of the Vision had given Pantheon management and
operational control. Having paid 100% of all Vision costs for the
past year, unless Vision can repay those costs and pay their pro
rata share of future drilling and operating costs, Pantheon will
default to an effective 100% working interest in the East Texas
prospects. Any changes to the resource position reflect the current
leasing position. A summary of the Company's prospect summary is
presented below:
PANTHEON - EAST TEXAS PORTFOLIO
P50 Technically Recoverable Resource estimate
Project Area(1) Includes PANR working Oil Gas Bcf Combined Potential Vertical
Interest Mmbo Mmboe(3) Wells
(2)
West AA Discovery VOBM#1
Polk County well 100% 7 173 36 Up to 23
---------- ------------- ------ -------- ---------- -------------------
Core Offsets
Projects B&C
Tyler County 100% 13 302 63 Up to 40
------------- ------ -------- ---------- -------------------
Prospect D
Polk County 100% 4 105 22 Up to 14
------------- ------ -------- ---------- -------------------
Austin Chalk 100% 4 89 18 Up to 18
------------- ------ -------- ---------- -------------------
TOTALS 28 669 139 Up to 95
------------- ------ -------- ---------- -------------------
Footnotes
(1) Unrenewed leases which remain available for renewal contain
the potential to increase this to 225mmboe. Additional resource
potential remains in other identified leases. Pantheon will
continue to manage its leasehold interests strategically giving
consideration to regional drilling activity and leasehold periods,
there is no guarantee that these leases will be renewed or on the
terms on which they may be available for renewal. Excludes Wilcox
and Navarro (2) Having paid 100% of all Vision costs for the past
year, unless Vision can repay those costs and fund their pro-rata
share of future drilling and operating costs, Pantheon may be
entitled to default to an effective 100% working interest in the
East Texas prospects. (3) Natural gas converted to boe at ratio of
6mcf:1boe
Jay Cheatham, CEO, said: "Since completing the acquisition of
the Great Bear Alaskan portfolio in January of this year we were
almost immediately involved in drilling operations. It was only
earlier this month that we were in a position to complete our
interpretation of the confirmed discovery at Alkaid/Phecda and to
understand the extremely positive implications that result has had
for our company. Our estimated P50 Technically Recoverable Resource
at Alkaid/Phecda is estimated at 90-135mmbo and our preliminary
modelling estimates NPV10 per barrel of oil in the ground to be in
the range of $7 - $12."
"I have long been looking forward to introducing our story to
the USA investment community who have a great familiarity with
Alaskan assets. We have made an extremely exciting discovery and
have already modelled conceptual development plans which we will be
sharing with potential farminees during the farmout process. Our
favourable location adjacent to the pipeline and main highway
creates the possibility for first cashflow in 2020/2021 subject to
a successful farmout."
-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
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 10% and 90% of prospects covered by circa 1,000 square
miles of 3D seismic with P50 Technically Recoverable Resources
estimated at over1.2 billion barrels of oil excluding the Winx
Prospect and the West Sak and Ugnu formations.
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. It is emphasised that the valuations, which are
unaudited projections, do not constitute any form of forecast,
whether of cash, profit or otherwise.
GLOSSARY
BOPD Barrels of Oil per day
API The American Petroleum Institute gravity, or API gravity, is
a measure of how heavy or light a petroleum liquid is compared to
water: if its API gravity is greater than 10, it is lighter and
floats on water; if less than 10, it is heavier and sinks.
NPV Net Present Value
ZOI Zone of interest (primary target)
Gross pay That portion (the overall interval) of a reservoir
that contains economically recoverable reservoir.
Net Pay That smaller section of Gross Pay that meets further
criteria for pay such as permeability & hydrocarbon
saturation.
Mmbo million barrels of oil
EUR Economic Ultimate Recovery
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END
MSCFAMITMBBTBFL
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