TIDMPANR
RNS Number : 8138J
Pantheon Resources PLC
26 August 2021
26 August 2021
Pantheon Resources plc
Webinar & Corporate Update
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. 160,000 acres adjacent and near to
transportation and pipeline infrastructure on the Alaska North
Slope, is pleased to confirm that an investor presentation
("Webinar") will be held today at 4 pm BST .
Webinar update
A copy of the Powerpoint presentation to be delivered during the
Webinar will be uploaded to Pantheon's website at
www.pantheonresources.com shortly before 4 pm BST today. A
recording of the Webinar will also be uploaded to the Company's
website once available.
As previously advised, the presentation will, by design, be
technical in nature in order to allow investors and industry
participants to gain a greater appreciation for the impressive
quality of data and analysis underpinning the Company's
projects.
Pantheon's executive board will be supported by Mr Mike Smith,
President and Founder of AHS, and Mr Roger Young, Chief Technology
Officer for eSeis. Also joining the presentation will be Mr Ed
Duncan, Senior Geoscience Consultant and Founder of Great Bear, and
Mr Jerry Nichols, Senior Geophysicist Consultant.
Over the recent months, the Company has announced resource
estimates which exceed over one billion barrels of oil recoverable,
net to Pantheon, for the Theta West and Shelf Margin Deltaic
("SMD") horizons, which, in management's opinion, meets the
classification of P50 Contingent Resource (Recoverable).
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/Share-Talk-Presents-An-Investor-Presentation-by-Pantheon-Resources-PLC
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: d99bfbbdcdb9
Dial: USA (312) 248-9348
Dial: UK (0)1793 250421
Attendee Dial-in ID Number: 935615
Attendee Dial-in Passcode: 3517
Conceptual Development plans
As part of the analysis of the Alkaid and SMD-B projects, the
Company has prepared conceptual development plans for both
projects, which will be addressed in the Webinar. As presented in
the tables below, these have been modelled at a range of oil prices
to highlight the net present value ("NPV") sensitivity to the oil
price. Pantheon has a 100% working interest in both projects.
SMD-B Conceptual Development Model
Sensitivity analysis
SMD modelled project pre-tax NPV10
------------------
Oil Price $ 40 $ 50 $ 60 $ 70 $ 80
-------- --------- --------- --------- ---------
NPV10 ($million) $ 175 $ 1,364 $ 2,479 $ 3,578 $ 4,534
-------- --------- --------- --------- ---------
NPV10/barrel $ 0.42 $ 3.23 $ 5.88 $ 8.49 $ 10.75
-------- --------- --------- --------- ---------
Conceptual development model (pre-tax) for the SMD-B project
based upon management estimate. For illustrative purposes only.
Assumptions: 400 well development (194 wells at EUR of 1.4 mmbo and
206 wells at 0.7 mmbo for a total of 421 mmbo produced vs 404 mmbo
previously modelled), average well cost $23m for three delineation
wells and $12m per well thereafter, oil prices held flat, model
truncated at year 30.
Alkaid Conceptual Development Model
Sensitivity analysis
Alkaid modelled project pre-tax NPV10
------------------
Oil Price $ 40 $ 50 $ 60 $ 70 $ 80
-------- -------- -------- --------- ---------
NPV10 ($million) $ 68 $ 349 $ 605 $ 833 $ 1,040
-------- -------- -------- --------- ---------
NPV10/barrel $ 0.87 $ 4.46 $ 7.73 $ 10.64 $ 13.29
-------- -------- -------- --------- ---------
Conceptual development model (pre-tax) for the Alkaid anomaly
project (i.e., excluding SMD), based upon the development model
used by Lee Keeling & Associates, adjusted for current cost
estimates. For illustrative purposes only. Assumptions: 44 wells
drilled (24 wells at EUR of 2.3mmbo and 20 wells at 1.15 mmbo for a
total of 78 mmbo produced, vs 76.5mmbo previously modelled),
average well cost $23m for three delineation wells and $12m per
well thereafter, oil prices held flat, model truncated at year
30.
Corporate Update
As previously announced, Pantheon must complete a farmout or
funding in Q4 2021 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
expenditures and to engage with potential farminees/partners in the
meantime.
Pantheon also notes the recent Federal District Court decision
that vacated approval of Conoco-Phillips' Willow project, and
provides the following observations:
- Willow is on Federal land requiring Bureau of Land Management (BLM) approval
- Willow is within the National Petroleum Reserve-Alaska (NPRA),
an environmentally sensitive area governed by a unique regulatory
framework
- Willow's proposed infrastructure is within the environmentally
sensitive Teshepuk Lake Special Area
- Pantheon projects are 100% on State of Alaska owned lands and
are not subject to the above and require no Federal land management
approval
The Company's 2021/22 winter objective 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 could start production and generate
revenues shortly after completion, using a low-cost modular
production system, considered to be a highly attractive option at
current oil prices. A well at Theta West has the attraction of
testing a globally significant play that offers tremendous
potential for value creation.
Jay Cheatham, CEO of Pantheon Resources, stated:
"This Webinar will be crucial listening for anyone with an
interest in forming a view on our assets and I encourage everyone
to take the time to participate and to digest the implications of
its contents . It will contain a lot of technical information,
however, we believe this is essential to demonstrate the science
and the work behind these enormous resource estimates. Mike Smith,
President and Founder of AHS, leading expert on VAS has generously
agreed to speak during the Webinar and to give his expert views on
his analysis. For the avoidance of any doubt, Mike and AHS are
truly independent of Pantheon. It is a rare privilege for
shareholders to gain access to such experts and we are thankful to
both Mike and Roger for the generosity of their time.
"We remain focused on finding a suitable partner to farm in to
one or more of our projects and this process is ongoing. We have
discussed many times the requirement of a farmout, or otherwise, to
fund the Company ahead of a winter 21/22 drilling programme and we
have been focused on this goal since April. The oil market is much
better right now than any of us could have envisioned, putting the
Company in a stronger position during these negotiations.
"Finally, I would like to apologise to everyone who planned for
the Webinar yesterday. Due to a technical issue with the webinar
provider, we made the difficult decision to delay the broadcasting
of the presentation until today. Given the geological nature of the
presentation, we felt was imperative enable a far more informative
presentation."
-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, James Asensio +44 20 7523 8000
Blytheweigh
Tim Blythe, Megan Ray, Alice Mclaren, Madeleine
Gordon-Foxwell +44 20 7138 3204
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
over 160,000 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.
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 management have
estimated Contingent Resources of 1.4 billion barrels of oil at
Theta West and 404 million barrels of oil in the Shelf Margin
Deltaic horizon.
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the information contained in this
announcement has been reviewed and signed off by Jay Cheatham, a
qualified Chemical & Petroleum Engineer, who has over 40 years'
relevant experience within the sector.
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) incorporated into, or forms part of, this
announcement.
Glossary
Contingent Resources - those quantities of petroleum which are
estimated, on a given date, to be potentially recoverable from
known accumulations, but which are not currently considered to be
commercially recoverable
EUR - Economic Ultimate Recovery
MMBO - Million Barrels of Oil
$m - million US dollars
P50 - P50 is defined as 50% of estimates exceed the P50 estimate
(and by definition, 50% of estimates are less than the P50
estimate). It is considered to be a good middle estimate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDKELFLFVLLBBV
(END) Dow Jones Newswires
August 26, 2021 02:00 ET (06:00 GMT)
Pantheon Resources (LSE:PANR)
Historical Stock Chart
From Apr 2024 to May 2024
Pantheon Resources (LSE:PANR)
Historical Stock Chart
From May 2023 to May 2024