Pantheon Resources PLC Alaskan Update
12 Luglio 2019 - 08:00AM
RNS Non-Regulatory
TIDMPANR
Pantheon Resources PLC
12 July 2019
12 July, 2019
Pantheon Resources plc
Alaskan Update
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with up to 100% working
interests in several conventional project areas in Tyler and Polk
Counties, onshore East Texas, and 75% - 90% working interests in
several projects onshore North Slope of Alaska, is pleased to
provide the following update:
Update on Alkaid discovery and Talitha appraisal
Pre-application meetings with state and federal agencies for the
Pilot Production Testing of the Alkaid discovery have now taken
place, with positive and supportive feedback received. No
permitting issues have been identified. Current planning could
allow for the project coming on line as early as Summer 2020,
subject to completion and timing of a successful farmout.
The Alkaid discovery was successfully flow tested in March 2019
and is estimated to contain 900 million barrels oil in place and
90-135 million barrels of oil P50 technically recoverable resource.
The nearby Talitha Appraisal is estimated to contain an additional
900 million barrels oil in place and 90-135 million barrels of oil
P50 technically recoverable resource.
Update on Farmout process
The Company is working closely with the technical experts at
eSeis on preparation of the data room, which is on target to open
this month. The Company also confirms that it has already commenced
discussions with several industry and financial groups.
The Company aims to drill a minimum of two wells in
Winter/Spring 2019/2020 (most likely one at Talitha and one at
Alkaid/Phecda) with first production possible in 2020 as outlined
above.
Jay Cheatham, CEO, commented: "It is gratifying that our Alaskan
operations are progressing at a rapid pace. Our favourable location
immediately adjacent to the Trans-Alaska Pipeline System (TAPS)
pipeline and Dalton Highway has allowed our Alaskan team to plan an
extremely rapid Pilot Production Test timeline at our Alkaid
discovery and Talitha appraisal program. Given a successful
farmout, Pantheon could be in production yielding critical
reservoir data and cash flow next summer, initially trucking oil
north on the main highway to Deadhorse Alaska, only 20 miles north
of Alkaid.
"It's a testament to our Alaskan team that it was able to get
the Alkaid well tested this past winter from a January start. I'm
also pleased eSeis will have the data room ready in Houston this
month. We have made a material discovery at Alkaid/Phecda, with
genuine potential for this to grow.
"Given the size, scale and the rapid development opportunity
compared with other Alaskan projects, we anticipate great interest
in the farmout process. We've already been approached by several
industry and financial groups and our Technical staff have begun
preparatory discussions."
-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 75% and 90% of prospects 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.
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
NRACKDDPDBKBDOD
(END) Dow Jones Newswires
July 12, 2019 02:00 ET (06:00 GMT)
Grafico Azioni Pantheon Resources (LSE:PANR)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Pantheon Resources (LSE:PANR)
Storico
Da Mar 2023 a Mar 2024