Last checked at 30 Dec 2020 07:00
30 December, 2020
Pantheon Resources plc
Extension of Reporting Deadline and Operating Update
Pantheon Resources plc ("Pantheon" or "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, announces that further to the guidance provided by AIM Regulation in "Inside Aim" on 26 March 2020, the Company has been granted a three-month extension for the reporting and filing of its financial results for the full year ended 30 June 2020 in line with broad industry practice following the COVID 19 pandemic. The Company must therefore publish its audited full year results by 31 March 2021, although expects these results to be announced by the end of January 2021.
A summary of key unaudited financial information for the year ended 30 June 2020 is provided below:
• Operating Revenue US$0.09m (2019: US$0.72m)
• Group Loss US$17.0m (2019: US$35.3m profit). US$16.6m of this loss represented impairment charges against the East Texas assets, writing down the carrying value of the East Texas leases to NIL, reflecting the Group's strategic decision to exit East Texas and concentrate solely on its Alaska North Slope assets where the potential size and scale is materially greater
• Cash at hand at period end US$4.8m (2019: US$1.9m). Pantheon completed an equity placement, subsequent to period end in November 2020, which raised gross US$30.2m
• Total Net Assets as at 30 June 2020 of US$154m (2019: US$161m)
Update on the upcoming Talitha #A well, Alaska North Slope (89.2% Working Interest)
Pantheon is pleased to announce that it has secured all necessary permits and authorizations to commence the construction of the ice road to the Talitha #A drill site, and that ice road construction has already commenced. Pantheon is on schedule in obtaining the necessary permits, contracts, and services to commence the drilling of the Talitha #A well, which is estimated to spud, subject to weather conditions, in January 2021.
Talitha #A will target four distinct horizons 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.
Jay Cheatham, CEO, stated:
"The Talitha #A project is targeting a resource of enormous potential, with four independent targeted horizons. The ice road is currently under construction, putting us on track for January spudding which is a fantastic achievement and testament to the hard work of our entire team. If we are successful, Talitha #A can dramatically change our Company, and we're all excited about it."
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Further information:
Pantheon Resources plc | +44 20 7484 5361 |
Jay Cheatham, CEO |
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Justin Hondris, Director, Finance and Corporate Development |
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Canaccord Genuity plc (Nominated Adviser and broker) |
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Henry Fitzgerald-O'Connor Adam James Angelos Vlatakis
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Blytheweigh |
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Tim Blythe, Megan Ray, Madeleine Gordon-Foxwell | +44 20 7138 3204 |
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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. 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.