24 September, 2019
Pantheon Resources plc
Pantheon Resources Alaskan Project Update and Q&A
Pantheon Resources Plc ("Pantheon" or "the Company") confirms it will be hosting a presentation and Q&A session to investors 10.00am BST 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, and Justin Hondris, Director, Finance and Corporate Development.
The Company looks forward to discussing with investors the significant progress made in Alaska since acquiring the Great Bear assets in January of this year. The presentation will cover, amongst other topics, the successful testing of the Alkaid well, confirmed as an oil discovery which increased the combined P50 Technically Recoverable Resource for Alkaid & Phecda from 59mmbo to 90-135mmbo.
The presentation will also discuss the material advancements in its understanding of the Talitha Appraisal (Brookian) and Talitha exploration (Kuparuk) projects. In conjunction with the experts at eSeis, the Company has undertaken a detailed review and analysis of these projects over recent months. The result of this work has increased its understanding of the geology which the Directors believe has the potential to lead to an increase in estimates for oil in place and recoverable resource at Talitha in due course. 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 following the event.
Jay Cheatham, CEO, stated:
"I am pleased that Bob Rosenthal, our Technical Director, is in London for today's Capital Markets Presentation. Bob has a wealth of experience and a passion for exploration and we look forward to updating you on the exceptional progress that has transpired over the last six months.
"While we can't give any specifics about the farm out discussions due to the commercially sensitive nature, the process is moving forward and the pace accelerating after the summer recess. Our work with eSeis has yielded fantastic results so far, and we believe that going forward the resource numbers previously disclosed have the potential to move up along with recoveries. We are also undertaking preliminary work necessary for winter drilling."
-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 holds 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 which have a potential P50 Technically Recoverable Resources (gross) 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.
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.
Glossary:
Mmbo Million Barrels of Oil Equivalent
