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24 Feb 2025 07:00
24 February 2025
Pantheon Resources plc
Board Update
Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas exploration company with 100% working interests in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, is pleased to is pleased to provide the following update.
Board Update
Further to the announcement of 20 February 2024, the Company is pleased to confirm that Max Easley's appointment has been brought forward and was effective as of 21 February 2024. In conjunction with Mr Easley's appointment, David Hobbs, the Executive Chairman, has indicated that, he will be seeking to migrate his role back to Non-Executive Chairman as part of the evolution of the Company's corporate governance once Mr Easley is well established in his role as CEO.
Further information:
UK Corporate and Investor Relations Contact Pantheon Resources plc
Justin Hondris contact@pantheonresources.com
Nominated Adviser and BrokerCanaccord Genuity LimitedHenry Fitzgerald-O'Connor, James Asensio, Charlie Hammond+44 20 7523 8000
Public Relations Contact BlytheRayTim Blythe, Megan Ray, Matthew Bowld+44 20 7138 3204
USA Investor Relations ContactMZ Group
Lucas Zimmerman, Ian Scargill+1 949 259 4987 PTHRF@mzgroup.us
IMPORTANT INFORMATION
About Pantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its 100% owned Ahpun and Kodiak fields located on State of Alaska land on the North Slope, onshore USA. Independently certified best estimate contingent recoverable resources attributable to these projects currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf (trillion cubic feet) of associated natural gas. The Company owns 100% working interest in c. 259,000 acres.
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of $5-$10/bbl of recoverable resources by end 2028. This is based on bringing the Ahpun field forward to FID and producing into the TAPS main oil line (ANS crude) by the end of 2028. The Gas Sales Precedent Agreement signed with AGDC (Alaska Gasline Development Corporation) provides the potential for Pantheon's natural gas to be produced into the proposed 807 mile pipeline from the North Slope to Southcentral Alaska. Once the Company achieves financial self-sufficiency, it will apply the resultant cashflows to support the FID on the Kodiak field planned, subject to regulatory approvals, targeted by the end of 2028 or early 2029.
A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
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