Pantheon Resources (PANR.L) Theta West Drilling Permit Approval & AGM Webinar

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, is pleased to provide the following update:

Drilling permit approved – Theta West #1

Pantheon is pleased to announce that it has received notification from the Alaska Oil & Gas Conservation Commission that the permit required to drill the Theta West #1 well has been approved.
 

On January 5, 2022, the Nordic Calista #3 rig arrived at the Talitha A pad to begin an exciting winter campaign that will include re-entry and testing of the Talitha A well and drilling the Theta West #1 well.
 

Operations Update

The Nordic Calista #3 rig is on location at the Talitha #A well where it will complete works to prepare the well for testing, prior to being mobilised to the Theta West #1 location for the spudding of that well. Given that Talitha #A is already drilled and cased, a smaller coiled tubing unit will be utilised for testing of that well, once preparation works have been completed with the larger rig. The ice road to Theta West is still under construction, with the approximately one mile still to be fortified and completed. Following this, the pad will be constructed prior to the move of the rig.

Webinar Update

Pantheon confirms that the shareholder presentation and Q&A section of the Annual General Meeting (“AGM”) will be held by Webinar on Monday 24 January at 5 pm GMT and will be open for all shareholders as well as other interested parties to attend

As announced on 7 January 2022, Pantheon will host the formal business component of the AGM and shareholder presentation as separate and individual events, with only the formal business set out in the notice of meeting being considered at the AGM at 11 am on the same day.

A copy of the presentation to be delivered during the Webinar will be uploaded to Pantheon’s website at www.pantheonresources.com shortly before 5 pm on 24 January. A recording of the Webinar will also be uploaded to the Company’s website once available.

In light of the on-going COVID-19 pandemic and with a view to taking appropriate measures to safeguard its Shareholders’ health and make the Annual General Meeting as safe and efficient as possible, Shareholders may not be able to attend the meeting in person. Shareholders are therefore encouraged to vote in respect of their shares by appointing the Chairman of the Company as their proxy. A copy of the proxy form is available to be downloaded from the Shareholder Document section of the Company website at www.pantheonresources.com

The presentation will an provide update on operations on the North Slope and provide an overview of the winter 2022 drilling programme which involves the following;

I. Re-entering and testing of multiple oil zones confirmed by Pantheon at the Talitha #A discovery well drilled in 2021;

II. Drilling a new well at Theta West – the ‘Theta West #1’ well; and

III. Drilling an appraisal/development well (the ‘Alkaid 2H’ well) at Greater Alkaid, offsetting the Alkaid #1 discovery well.

The Company has a 100% working interest in all of its project which management estimates to contain a combined circa 17 billion barrels of oil in place and over 2.2 billion barrels of recoverable resource.

Pantheon’s executive board will be supported on the webinar by Mr Michael Duncan, VP of Operations, Mr Roger Young, Chief Technology Officer for eSeis, who have provided high-tech geophysics services, Mr Ed Duncan, Senior Geoscience Consultant and Founder of Great Bear, and Mr Jerry Nichols, Senior Geophysicist Consultant.

Webinar Registration and Access

The presentation is open to all shareholders and interested parties. Those wishing to participate will be able to access the webinar via the link below:

https://www.bigmarker.com/share-talk/Pantheon-Resources-Shareholder-presentation-and-Q-A-January-2022

Attendees should use the latest version of Chrome, Safari or Firefox for the best experience.

Alternatively, investors can download the IOS application for Big Marker, or dial in via telephone. Details are outlined below:

Webinar ID: dbc06ce16afc

Dial: USA (312) 248-9348

Dial: UK (0)1793 250421

Attendee Dial-in ID Number: 871742#

Attendee Dial-in Passcode: 1862#

If you would like to submit a question for the Q&A session, please email the following address before 5 pm Wednesday 19th January 2022: contact@pantheonresources.com

Jay Cheatham, CEO of Pantheon Resources, stated:

“This permit approval is yet another important milestone achieved by our team. There is a buzz of activity on our properties right now before the testing and drilling work commences for these high impact wells. At our upcoming Webinar we will provide an overview of the exciting drilling and testing programme we have planned over the next six months or more. If we have the success we hope for, the size and scale of these projects have the potential to create significant value for shareholders.”

-Ends-

Further information:

Pantheon Resources plc

+44 20 7484 5361

Jay Cheatham, CEO

Justin Hondris, Director, Finance and Corporate Development


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