Tim is joined by the team from Pantheon Resources, which is listed on the AIM market with a market cap that has been hovering around £1b. Jay Cheatham, CEO, and Bob Rosenthal, Technical Director, are here to give an update.
PANR will spud the Alkaid #2 well this July. Huge resource upgrades for its projects on the North Slope, containing over 23 billion barrels OIP.
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.
Financial
· Loss for the period $4.4 million (2020: $3.0 million). Includes a non-cash accounting charges of $0.8 million (2020: nil) relating to the Convertible Bond and $2.0 million (2020: $1.6 million) relating to the issuance of share options
- Strong cash position:
o Cash on hand 31 December 2021: $92.7 million (2020: $29.8 million)
o Cash on hand 30 March 2022: $72 million
- Convertible Bond principal outstanding 30 March 2022, $50.35 million
Jay Cheatham, CEO of Pantheon Resources, said:
“The period to 31 December 2021 and beyond has been one of great achievement for our Company. Against a backdrop of strong oil prices and geopolitical turbulence, there never has been a better time to prove up what has the potential to be a nationally significant oil resource in a safe jurisdiction onshore USA.
“Our drilling and testing has yielded results we are incredibly proud of. We completed our activities with a perfect health and safety record, and despite weather and service provider issues, we expect to come in within 10% of budgets.
“We achieved what we set out to do – namely to confirm the presence and movability of oil in our targeted horizons. Production wells on the North Slope will all be drilled with long lateral sections and stimulated, quite different to the vertical test well drilled to gather data and then plugged and abandoned. The arrival of severe storms halted our operations which means that we made the decision to conclude operations for the season due to the lack of certainty surrounding whether we would have sufficient time before the onset of Spring weather. Notwithstanding, we have sufficient data to be satisfied that both Talitha #A and Theta West #1 are significant discovery wells.
