Pantheon Resources PLC Contract for a Drilling Rig for Talitha #A well (3971G)
November 25 2020 - 1:00AM
UK Regulatory
TIDMPANR
RNS Number : 3971G
Pantheon Resources PLC
25 November 2020
25 November, 2020
Pantheon Resources plc
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.".
-Ends-
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor
Adam James
Angelos Vlatakis +44 20 7523 8000
Blytheweigh
Tim Blythe, Megan Ray, Madeleine Gordon-Foxwell +44 20 7138 3204
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas
exploration and production focused on several large projects
located on the North Slope of Alaska ("ANS"), onshore USA. A major
differentiator to other ANS projects is its close proximity to
transport and pipeline infrastructure. 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.
On the North Slope of Alaska, Pantheon holds working interests
of 89.2% - 100% in projects covered by c.1,000 square miles of
proprietary 3D seismic. The Company has received Independent Expert
Reports certifying a Contingent Resource of 76.5MMBO (million
barrels of oil) recoverable on its Greater Alkaid project and
302MMBO Prospective Resource at its Talitha project.
Information contained within this RNS is considered to be inside
information prior to its announcement. For further information on
Pantheon Resources plc, see the website at:
www.pantheonresources.com . The information contained within this
RNS is considered to be inside information prior to its release.
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