Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas company with a 100% working interest in a number of oil projects spanning c. 160,000 acres immediately adjacent to transportation and pipeline infrastructure on the Alaska North Slope is pleased to provide the following updates:
Investor webinar
Pantheon plans to host an investor presentation and Q&A webinar, open to all shareholders and other interested parties, on the afternoon of Wednesday, 25th August 2021. The precise details of the time and participation details will be provided closer to the date. The webinar will cover the recent work and understanding of the Theta West (previously known as the Basin Floor Fan) and Shelf Margin Deltaic (“SMD”) sections encountered in the Talitha #A discovery well, which was drilled earlier this year.
As previously announced, Pantheon successfully utilised the Baker Hughes AHS ‘Volatiles Analysis Services’ (“VAS”) product in the analysis of the Talitha #A discovery well. VAS was invented and supplied by AHS (Advanced Hydrocarbon Stratigraphy) and Pantheon is delighted to announce that Mr. Mike Smith, President and Founder of AHS, will be a guest speaker on the webinar.
Mr. Smith was personally involved in the analysis of Talitha #A and will present his views as to why VAS was so effective in the evaluation of this well, together with AHS’s findings. Additionally, Mr. Roger Young, Chief Technology Officer and Co-Founder of eSeis, will present his most recent work.
As a reminder, since completion of operations at Talitha in April of this year, Pantheon has announced P50 recoverable resource estimates of 1.41 billion barrels of oil for Theta West and 404 million barrels of oil for the SMD-B zone at Talitha. Management believes that both of these estimates can be characterised as “Contingent Resources”.
If you would like to submit a question in advance of the investor Q&A session, please email contact@pantheonresources.com .
Corporate Update
Pantheon confirms that discussions remain underway seeking the farmout for a working interest percentage in one or more of the Company’s Alaskan projects. As previously announced, Pantheon needs to complete a farmout or funding in Q4 to have sufficient resources for both working capital and for the anticipated future winter 2021/22 drilling and testing campaign. The Company continues to proactively manage its expenditures and engage with potential farminees in the meantime.
The Company’s objective for winter 2021/22 is for an active work programme to test all zones of the Talitha #A discovery well and to drill at least one other well at either Alkaid or Theta West. An Alkaid development well would have the benefit of being able to commence production and generate revenues shortly after completion using a low-cost modular production system, an option considered to be highly attractive at current oil prices. A well at Theta West would have the attraction of testing a globally significant play which offers tremendous potential for value creation.
Jay Cheatham, CEO of Pantheon Resources, stated:
“I encourage all shareholders to take the time to listen to this webinar. Necessarily it will contain a lot of technical information; we believe it is crucial to demonstrate the science behind these enormous resource estimates to enable a greater ‘believability’ in our story. We will, however, be sure to pay special attention to ensure the key message is understood by all. I am also pleased that Mike Smith, the President and Founder of AHS, and leading expert on VAS, has offered to present to our shareholders. It is rare for shareholders to gain this type of expert access, and it should give shareholders immense comfort that Talitha #A has yielded special results.”
“At a corporate level, we remain focussed on finding a suitable partner to farm in to one or more of our projects. We have discussed many times that we require this farmout partner or to otherwise fund the Company ahead of a winter 21/22 drilling programme, and we have been focused on this goal since April this year. The oil market is in a far better place right now than any of us could have envisioned, which puts the Company in a stronger position during these efforts.”
Further information:
Pantheon Resources plc
+44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate Development
