Last checked at 24 Jan 2022 16:53
24th January 2022
Pantheon Resources plc
Webinar
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. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, confirms that a shareholder presentation/webinar will be held at 5.00pm GMT today.
Investor Presentation
A copy of the investor presentation will be uploaded to the Company's website shortly before commencement of the webinar. The webinar will provide a high level overview of Pantheon's projects and the significant advancements made to date, as well as a presentation on the 2022 drilling and testing programme. Discussions will include an overview of planned testing of the Talitha #A, drilling and testing of Theta West #1 and drilling of the Alkaid #2 horizontal well and long term production test.
The presentation includes certain information not previously disclosed as follows:
Talitha #A testing - The Talitha #A discovery well was drilled and logged in 2021 confirming the presence oil across five independent horizons. The well was positioned in a location prioritized for the Shelf Margin Deltaic ("SMD") zone as the primary target. The well is a vertical test well and as such the Company is targeting an initial production rate of 50-80 barrels of oil per day ("bopd") from the SMD. Such a flow rate in a vertical configuration is expected to translate into materially higher flow rates in a horizontal configuration, which is how all production wells will be drilled.
Theta West #1 - anticipated flow rates will not be provided for Theta West #1, however these will be provided as testing operations occur.
Alkaid #2 - Alkaid #2 is anticipated to be drilled in Summer 2022 and will be drilled as a horizontal well to maximise production rates which, in a success case, are modelled to be in the range of 100-150 bopd per 1,000 feet of horizontal wellbore. Ultimately, it is believed that such horizontal sections will extend to 8,000 feet or more in length, however in the first well the Company may take a more conservative approach and complete the well with a shorter horizontal section.
AGM presention and webinar
As previously announced, Pantheon will be hosting a webinar which is open to all shareholders and any other ineterested party, at 5:00pm GMT. Registration and access details to the webinar are provided below:
https://www.bigmarker.com/share-talk/Pantheon-Resources-Shareholder-presentation-and-Q-A-January-2022
Jay Cheatham CEO said: "Following this morning's news that Theta West #1 has been spudded and testing operations have commenced at Talitha #A, the timing couldn't be better to be holding this webinar. The team and I look forward to our presentation later today."
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 |
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.
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 153,000 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.
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. The information contained within this announcement is considered to be inside information prior to its release.
-Ends-