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 |
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Justin Hondris, Director, Finance and Corporate Development |
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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.
