23rd March 2020

Pantheon Resources plc

Upgraded management resource estimates and Company presentation

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with 89.2% - 100% working interests in several projects on the Alaskan North Slope, and 58%

  • 100% working interests in projects in Polk & Tyler Counties, East Texas, confirms that its management will be hosting a Webinar presentation at 5.00GMT this afternoon, which is open to all investors. The Company presentation will be made by Bob Rosenthal, Technical Director & Chief Geologist, Jay Cheatham, CEO, Michael Duncan, VP Operations, and Justin Hondris, Director, Finance and Corporate Development. Participation details are outlined at the bottom of this page.

Resource Upgrade

As previously advised, Pantheon has been reviewing and high-grading its entire Alaskan project inventory, following the receipt and reprocessing of previously unmerged 3D seismic data in the second half of 2019. This work necessitated changes to the descriptions/nomenclature of the Talitha and Theta/Theta West projects.

The Talitha project has been split into three different horizons which are all mutually exclusive geological formations with different reservoir trap geometries, qualities and risk profiles. All of these formations have been penetrated by an existing well and following more detailed petrophysical analysis have been confirmed as oil bearing. The Company is now pleased to report it has completed analysis of the shallowest of these horizons, the 'Shelf Margin Deltaic', a Brookian age reservoir, estimated to contain

1.8 billion barrels of oil in place (OIP) and a P50 Technically Recoverable Resource of 483 million barrels of oil (MMBO). Previous estimates for all three zones combined were 2.6 billion barrels OIP and 463 - 508 MMBO P50 Technically Recoverable Resource for the entire Talitha project. Today's estimates are significantly higher than pre-analysis expectation. The Company has modelled a two phased development plan for this zone, exploiting 376 MMBO of this resource, and using the WTI current forward price curve, yields a potential NPV10 of over US$2 billion, an NPV per barrel of $5.75 and an Internal Rate of Return of 55%. This zone has excellent reservoir qualities.

Pantheon also completed Monte Carlo simulation over the 'Shelf Margin Deltaic' horizon within Talitha which estimates the following Probabilistic Resource Potential outcomes:

Case

P90

P50

P10

PMean

Oil in Place

1.3 Billion BO

1.8 BBO

2.6 BBO

1.9 BBO

(BBO)

Resource

316 MMBO

483 MMBO

745 MMBO

511 MMBO

Potential

Talitha's two other zones, (i) The "Slope Fan System" (Brookian), and (ii) the Kuparuk Formation also offer significant potential to Pantheon. The analysis is not yet complete on these two zones and will be announced to the market once that work has concluded. All of the zones analysed within the Talitha complex have productive analogues in close proximity to the project area, providing valuable data as to potential reserves and productive capacity.

Jay Cheatham, CEO, stated:

"The oil and gas industry and global equity markets are facing serious challenges at the present time. Yet our projects are emerging in quality, size and scale exceeding what we ever imagined. Our projects are onshore, close to infrastructure, conventional, in an area of low royalties with minimal sovereign risk. They have size and scale that we believe is material for almost any company. This all points to a breakeven oil price that our analysis suggests is below most other oil projects around the world. There is a structural adjustment taking place in the oil industry as companies are moving back to the lower cost, high return conventional business and we believe we are well placed in this regard. These assets have the potential to produce for a generation or more, so it's the long term, not the short term oil price that is most important for us. The potential of Talitha combined with our Greater Alkaid oil accumulation and the Theta West and Leonis projects give us a world class portfolio."

Investor Presentation / Webinar details

All shareholders and other interested parties looking to take part in the presentation will be able to access the Webinar shortly before 5.00pm via the link below:

https://www.bigmarker.com/share-talk/Pantheon-Resources-PLC-investor-presentation-and-Q-A- session

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: 1a32c3d5b3ce

Dial: USA (312) 248-9348

Dial: UK (0)1793 250421

Attendee Dial-in ID Number: 616708

Attendee Dial-in Passcode: 9527

A copy of the presentation will automatically be displayed on the Webinar for all participants. Additionally, a copy will also be made available on the Company website prior to the meeting.

-ENDS-

Further information:

Pantheon Resources plc

+44 20 7484 5361

Jay Cheatham, CEO

Justin Hondris, Director, Finance and Corporate Development

Arden Partners plc (Nominated Adviser and broker)

+44 20 7614 5900

Paul Shackleton / Daniel Gee-Summons (Corporate Finance)

Aimee Kerslake (Equity Sales)

Blytheweigh

+44 20 7138 3204

Tim Blythe, Megan Ray

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas exploration and production company with assets in East Texas and on the North Slope of Alaska, onshore USA. 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 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 covering c.200,000 gross acres, covered by c.1,000 square miles of proprietary 3D seismic. In January 2020 the Company received an Independent Expert Report certifying a Contingent Resource of 76.5MMBO (million barrels of oil) on its Greater Alkaid project.

In East Texas, Pantheon has working interests in several conventional prospects in Tyler & Polk Counties, in an area of abundant regional infrastructure.

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. 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) is incorporated into, or forms part of, this announcement.

Attachments

  • Original document
  • Permalink

Disclaimer

Pantheon Resources plc published this content on 23 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2020 15:59:05 UTC