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 |
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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 (Corporate Finance) Aimee Kerslake (Equity Sales) |
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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.
