Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas exploration and production company with 100% working interests in several conventional projects on the North Slope of Alaska, announces its interim results for the six months ended 31 December 2021 (the “Period”), together with operational highlights for the half year and the period beyond.
HIGHLIGHTS
Operational
- Completed a fundraising raising of $96 million, comprising US$41 million in equity and $55 million in unsecured Convertible Bonds before expenses
- Drilling of Theta West #1 well in January 2022; successfully drilled to target depth. Flow testing achieved pre-drill objectives, confirming the presence of high quality, light oil, and the movability of that oil
- Testing of Talitha #A well – Flow testing achieved pre-drill objectives, confirming the presence of high quality, light oil and the movability of that oil in each of the targeted horizons:
(1) Basin Floor Fan;
(2) Slope Fan System; and
(3) Shelf Margin Deltaic
Webinar planned for late April
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. I look forward to sharing our learning with shareholders in our late April Webinar.”
Further information:
Pantheon Resources plc
+44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate Development
