Pantheon Resources PLC Opening of Data Room and Farmout Process
05 Agosto 2019 - 8:00AM
RNS Non-Regulatory
TIDMPANR
Pantheon Resources PLC
05 August 2019
05 August, 2019
Pantheon Resources plc
Alaska Update - Opening of Data Room and Commencement of Farmout
Process
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 Farmout process
Preparation of the data room to allow potential partners to
undertake technical due diligence in relation to a potential
farmout of a working interest in the Company's Alaskan projects is
now largely complete. Confidentiality Agreements are presently
being agreed with certain interested parties prior to their
admittance into the data room.
Subject to completion of a successful farmout, the Company seeks
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.
Jay Cheatham, CEO, said:
"An enormous amount of work has gone into preparing this data
room by both the Company and by our partners at eSeis. eSeis will
jointly manage the process with us and by virtue of their 1%
royalty are incentivised to achieve the best farmout terms
possible. I was in the data room myself only last week and am very
happy with the quality of the information available for
review."
"We firmly believe the quality and potential scale of these
assets is world class. I am confident the potential farminees will
recognise this once they have seen the data. Our favourable
location immediately adjacent to both the Trans-Alaska Pipeline
System and the Dalton Highway offers significant advantages
compared to other Alaskan projects. This should result in much
lower capital requirements and much faster development timetables
in a success case, with first cashflows possible in 2020. We
anticipate great interest in our projects from potential
partners."
-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 (PR)
Tim Blythe
Julia Tilley +44 20 7138 3204
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
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