TIDMPANR
RNS Number : 4469T
Pantheon Resources PLC
20 March 2023
20 March, 2023
Pantheon Resources plc
AGM webinar & corporate update
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas company with a 100% working interest in all
of its oil projects spanning c. 153,000 acres adjacent and near to
transportation and pipeline infrastructure on the Alaska North
Slope, confirms that following the Company's AGM, a shareholder
presentation/webinar will be held at 5.30pm GMT today.
About the Webinar
As previously announced, the shareholder presentation and
Q&A, which would have taken place at the AGM, will be held as a
separate event by Webinar at 5.30pm GMT today and is open to all
shareholders and interested parties. Those wishing to participate
can register for the Webinar via the link at the bottom of this
page.
A copy of the PowerPoint presentation to be delivered during the
Webinar will be uploaded to Pantheon's website at
www.pantheonresources.com shortly beforehand. A recording of the
Webinar will also be uploaded to the Company's website once
available.
The Webinar will provide a high level overview of Pantheon's
projects and the significant advancements made over the past 18
months, with a focus on the learnings from Alkaid #2. Pantheon's
soon to be appointed independent director, Mr David Hobbs, a
Petroleum Engineer with over 40 years' experience in upstream oil
and gas and energy policy, will also contribute to the webinar.
The presentation includes certain information not previously
disclosed as follows:
Wood MacKenzie ("WoodMac") . The Company notes WoodMac have
published a report, made available to WoodMac clients, which
announced Pantheon's 100% owned Theta West #1 well as "the fourth
biggest discovery well globally in 2022." Consistent with
Pantheon's own assessment WoodMac characterise Theta West as a
contingent resource requiring additional drilling and testing
before potentially being considered commercial.
Pantheon notes that Theta West is unique in that it is the only
onshore discovery in this top four global discovery list. Being
onshore and close to existing export infrastructure provides major
advantages to any commercial development subject to additional
appraisal drilling and production testing.
Alkaid #2 - the Alkaid #2 test well has now flowed for more than
two months with much data generated and analysed. Recently
completed analysis by SLB has concluded that the stimulation most
likely fracked into a small gas cap which, coupled with solution
gas, resulted in a gas oil ratio ("GOR") many times greater than
that observed in the the same reservoir as the Alkaid #1 well.
Analysis suggests that future Alkaid horizontal wells should be
positioned slightly deeper in the formation to achieve a much
richer GOR and superior flow rates of oil. Notwithstanding the
higher GOR in Alkaid #2, the well has stabilized into a typeset
decline curve providing the necessary data for development
modelling. Given the Company does not have the necessary facilities
to separate and thus sell the Natural Gas Liquids (NGLs) and
condensate, and given the higher gas volumes, the Company does not
plan to seek an extension of the gas flaring permit. Any future
development of Alkaid will include the necessary refrigeration
equipment to separate and sell the high value NGLs as well as the
crude oil.
Future operations at Alkaid will now focus on moving up the well
bore and testing the shallower Shelf Margin Deltaic ("SMD") zone in
the shallower vertical section of the well bore after plugging the
Alkaid zone of interest (ZOI) reservoir. The SMD reservoir is
estimated by management to be approximately five times larger than
the Alkaid reservoir and has been penetrated in several of
Pantheon's wells. Analysis of these well results indicate that the
SMD has superior reservoir qualities than the Alkaid #2 well.
Successful testing of the SMD would add another completely
independent oil accumulation to the recently tested Alkaid ZOI
which could be jointly developed using the same infrastructure from
drill pads positioned adjacent to the highway. The size and
location of the SMD oil resource would significantly enhance the
commerciality of the oil at the Alkaid location.
Strengthening of Team
In addition to the appointment of Mr David Hobbs as an
independent director to the board, effective tomorrow, Pantheon
confirms the appointment of Mr Tony Beilman to the team to
strengthen the Company's operational capability. Tony is a
Petroleum Engineer with decades of engineering and operations
experience and has been tasked with a clear mandate to improve and
optimise operational performance.
AGM presentation and webinar
https://www.bigmarker.com/share-talk/Pantheon-Resources-AGM-Shareholder-Presentation-and-Q-A-March-2023
Attendees should use the latest version of Chrome, Safari or
Firefox for the best experience.
Alternatively, investors can download the IOS application for
Big Marker, or dial in via telephone. Dial in details are outlined
below:
Attendee Dial-in Number: +1 (312) 248-9348
Attendee Dial-in: UK (0)1793 250421
Attendee Dial-in ID Number: 684040
Attendee Dial-in Passcode: 9479
Jay Cheatham, CEO, said: "WoodMac is a globally recognised
industry leader and a highly prestigious name. I am delighted to
note that they have reported our Theta West discovery as one of the
four largest globally in 2022. The other three are all offshore
discoveries, making Theta West the largest onshore discovery
globally in 2022. Our internal work and the recently completed SLB
analysis (Reservoir Modelling Report from SLB [Schlumberger] - Dec
2022) provide confidence in the size of the oil accumulation. This
is a strong endorsement and one I hope gives investors great
comfort in this very difficult period where investors have lost
confidence over the results of our Alkaid #2 well, impacted, in
part, by social media noise. Alkaid represents less than 4% of our
estimated resource base and we will spend some time during the AGM
presentation today explaining to shareholders why we believe the
Alkaid #2 result is not nearly as bad as the share price reaction
suggests. Our share price today in less than half of what it was
before we drilled the fourth largest discovery well in 2022.
Nothing we have seen at Alkaid has diminished managements' belief
in the potential of our assets, and our recent appointments confirm
our intention to build the best team to extract maximum value from
our portfolio."
-ENDS-
Further information, please contact:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor
Gordon Hamilton +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld +44 20 7138 3204
Glossary
Bbl Barrel
Contingent Resource Those quantities of petroleum which are estimated
on a given date, to be potentially recoverable
from known accumulations, but which are not
currently considered to be commercially recoverable.
NGL Natural Gas Liquid
-Ends-
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company
focused on several large projects located on the North Slope of
Alaska ("ANS"), onshore USA where it has a 100% working interest in
153,000 highly prospective acres with potential for multi billion
barrels of oil recoverable. A major differentiator to other ANS
projects is its close proximity to transport and pipeline
infrastructure which offers a significant competitive advantage to
Pantheon, allowing for materially lower capital costs and much
quicker development times. 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 conventional 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 materially below that of offshore wells.
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END
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March 20, 2023 03:00 ET (07:00 GMT)
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