Pantheon Resources (PANR.L) Contracting of a Drilling Rig for the Talitha #A well

Pantheon Resources plc (“Pantheon” of “the Company”) the AIM-quoted oil and gas exploration company with working interests of 89.2% – 100% in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope.

Is pleased to announce the execution of a rig contract with Nordic Calista Services (a wholly-owned subsidiary of Calista Corporation), to drill the Talitha #A well on our Talitha Unit, with operations expected to commence in January 2021.

The Talitha #A well will target four independent reservoirs in three separate trapping sequences which the Company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the ultimate potential of the lower targets.

The Talitha Unit lies adjacent to the Dalton Highway and Trans Alaska Pipeline with the major infrastructure servicing the North Slope of Alaska, offering significant financial and operational advantages in the event of a commercial discovery.

The contract secures the use of Rig #3 for the upcoming Talitha #A well, which is the same rig which successfully drilled the Winx #1 and Charlie #1 wells for another operator on the Alaska North Slope in the last two winter seasons.

Nordic Calista is a specialist in working in the harsh environmental environment unique to Arctic oilfields. Founded in 1972, Calista Corporation (Calista) is one of the largest of the 13 regional corporations formed under the Alaska Native Claims Settlement Act (ANCSA) of 1971.

Michael Duncan, VP of Operations & Engineering stated:

“We are excited to work with the management team at Nordic Calista for this project. The rig and the crew have experience with winter drilling in the central region of the North Slope. It’s an ideal combination of personnel, rig capabilities, regional experience, and geologic opportunity.”

Jay Cheatham, CEO, stated:

“Our ability to execute this contract so quickly after securing funding for this well testifies to the commitment of our engineering, operations and legal teams in Alaska. We were confident that we will drill this winter largely down to the determination of our operations team.”.

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