Pantheon Resources plc (“Pantheon” or “the Company”), the AIM listed 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, is pleased to provide the following operational update.
Operations update – Alkaid #2
The Nabors 105 rig, used to drill the Alkaid #2 well has been fully demobilised, and wireline and completion equipment is now on location where completion operations have commenced. The well will be perforated, stimulated and plugged off in sections, prior to the commencement of flow testing, anticipated in early October. The Company looks forward to advising shareholders of flow test results in due course.
Procurement and mobilisation of production facilities
Pantheon is pleased to advise that it has upgraded the capacity of the production facilities, which are currently enroute to the North Slope. The increased capacity of these modular facilities is sufficient to process oil production from multiple wells.
Further to the Company announcement on 18 August 2022, Pantheon advises that its application for its ordinary share capital to trade on the OTC Market’s OTCQX trading platform, the top tier of the three marketplaces for the OTC trading of stocks in the Unites States, is nearly complete with commencement of trade anticipated in the coming days. Admission to the OTCQX will allow U.S. investors greater ability to access the Company’s ordinary shares in U.S. dollars and during U.S. market hours. The Company is not seeking a fundraising in conjunction with this process.
Pantheon has been advised by Farallon Capital Management LLC, the discretionary investment manager of CHONS LLC that it qualifies for an investment manager exemption pursuant to DTR 5.1.5 R (1)(a) in the FCA Rules. The practical effect of the investment manager exemption is that, where a person is acting as investment manager to another person, the applicable disclosure thresholds under the DTRs are only at 5%, 10% and 1% increments above 10%.
Jay Cheatham, CEO of Pantheon Resources, commented, “Activities at Alkaid #2 are on schedule and we look forward to flow testing operations commencing. Upgrading our facilities to a larger capacity was a sensible decision, giving the Company the flexibility and freedom to bring multiple wells into production at the Alkaid #2 location in due course.
“I’m also pleased that the OTCQX admission is nearly upon us, allowing US investors far greater simplicity to buy and sell our stock coming into this exciting time in our life cycle.”
Pantheon Resources plc
Jay Cheatham, CEO
+44 20 7484 5361
Justin Hondris, Director, Finance and Corporate Development
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.
For further information on Pantheon Resources plc, see the website at: www.pantheonresources.com
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.
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