TIDMPANR
RNS Number : 3462B
Pantheon Resources PLC
30 January 2020
30 January, 2020
Pantheon Resources plc
New Project Oil in Place estimate and Company presentation
Pantheon Resources Plc ("Pantheon" or "the Company") announces
that following an initial review of the acreage acquired in the
December lease sale, announced on 12 December 2019, the Board has
identified two new projects 'Theta West' and 'Leonis', which
management estimates could contain in excess of 1 billion barrels
of oil in place ("OIP").
The Company confirms it will be hosting a presentation and
Q&A session for investors at 09.30am GMT this morning at the
offices of Bryan Cave Leighton Paisner (BCLP), Adelaide House,
London Bridge, London, EC4R 9HA. The Company presentation will be
made by Bob Rosenthal, Technical Director & Chief Geologist,
Jay Cheatham, CEO, and Justin Hondris, Director, Finance and
Corporate Development.
The Company looks forward to discussing, with investors, the
significance of the independent expert report on the Company's 100%
owned Greater Alkaid project. The report provided a Contingent
Resource estimate of 76.5 million barrels of recoverable oil
("MMBO"), with an estimated NPV10 of US$595 million on a modelled
phase 1 field development over a 20 year period with a 30,000 BOPD
peak rate and 70 MMBO produced.
Further to earlier updates, evaluation continues on the Talitha
Appraisal (Brookian) and Talitha exploration (Kuparuk) projects.
The results of the Lee Keeling & Associates ("LKA") Independent
Expert Report on the Greater Alkaid project has a direct impact on
Pantheon's other projects and has validated the Company's and
eSeis's ongoing analysis. The results have supported the Company's
geologic interpretation which the Directors believe has the
potential to increase estimates for oil in place and recoverable
resource at Talitha. At this stage the analysis is not complete and
therefore there can be no certainty of an increase.
A copy of the presentation will be made available on the Company
website shortly.
Jay Cheatham, CEO, stated:
"The Independent Expert Report exceeded my expectations and our
projects continue to evolve positively. As I stated last week, good
oil fields get bigger and better over time. We now have a fantastic
valuation on Greater Alkaid, have added over 1 billion barrels of
oil in place to our portfolio, and the size and quality of Talitha
is looking better every day. We look forward to continuing to share
this great news with our investor base.
"I can't give any specifics about the farm out discussions,
however the independent experts report has substantially helped the
process and I am greatly encouraged."
-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 (Corporate
Finance)
Aimee Kerslake (Equity Sales)
Blytheweigh +44 20 7138 3204
Tim Blythe
Megan Ray
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 has working interests 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 c.200,000 gross acres and
covered by c.1,000 square miles of 3D seismic. In January 2020 the
Company received an Independent Expert Report certifying a
Contingent Resource of 76.5MMBO on its Greater Alkaid project.
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
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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