TIDMPANR
RNS Number : 8107A
Pantheon Resources PLC
24 January 2024
24 January 2024
Pantheon Resources plc
Result of Annual General Meeting & Investor Presentation
Details
Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the
Company"), the oil and gas company with a 100% working interest in
the Kodiak and Ahpun projects, currently spanning 193,000
contiguous acres in close proximity to pipeline and transportation
infrastructure on Alaska's North Slope, is pleased to announce that
at the Annual General Meeting ("AGM"), held today, all resolutions
were duly passed. A breakdown of the votes will be available
shortly on the Company's website.
Updated Presentation
Pantheon has uploaded an updated investor presentation to its
website, to be presented at 3.30pm GMT. The presentation includes
new information on a revised Ahpun shelf margin horizon ("topset")
well production type curve. This is based on analysis of the
Alkaid-2 re-completion and flow test, conducted in October 2023,
and subsequent analysis of fluid sample data by GeoMark.
GeoMark's pressure-volume-temperature ("PVT") analysis of the
fluid samples gathered during the test resulted in a calculated gas
oil ratio ("GOR") for the Ahpun topset of 1,012 standard cubic feet
per barrel of oil ("scf/bbl"), materially less than the calculated
2,000-3,000 scf/bbl which was previously reported for the Alkaid
ZOI. As well as the reduced GOR, GeoMark reported oil gravity at
the outlet of the separator of 35 (o) API for the Ahpun topset,
with a liquids(1) yield of 162 barrels of per million cubic feet
("bbls/mmcf"). This is a much richer stream than the 42 (o) API oil
with 98 bbls(1) /mmcf produced from the Alkaid ZOI and allows the
total liquids flow rate from the topset to be recalculated to
incorporate the yield of marketable liquids from the associated gas
production.
Pantheon reports that following incorporation of results of
GeoMark analysis, the flow rate during the Alkaid-2 recompletion in
the Ahpun topset was calculated to be 50-140 barrels per day
("bpd") of marketable liquids, 20-40 bpd higher than the originally
announced flow rate.
The pressure transient analysis performed following retrieval of
the downhole pressure gauge indicates greatly improved reservoir
quality compared to the Alkaid ZOI. The calculated effective
permeability of the Ahpun topset is estimated to be at least two
orders of magnitude (i.e. 100x) better.
Pantheon has provided an illustrative model based on Company
estimates of the Ahpun topset type well performance. This results
in an IP30 of 4,000 bpd of marketable liquids, with a first year
average production rate of 2,000 bpd, and estimated ultimate
recovery of 2 million barrels ("mmbl") of marketable liquids per
well. This is based on the development well design of 10,000 feet
lateral length, improved frac design, and recognising the improved
reservoir and fluid characteristics. Projections for cumulative
cashflows and funding requirements based on these estimates
reinforce the robustness of the Ahpun development strategy and the
ability to deploy cashflows from the initial wells to fund the
expansion to a multi-rig programme and to fund the Kodiak Field
development after its FID (expected by the end of 2028).
The presentation is available at:
https://www.pantheonresources.com/index.php/investors/presentations
(1) C5+ liquids
-ENDS-
Further information, please contact:
+44 20 7484
Pantheon Resources plc 5361
David Hobbs, Executive Chairman
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser +44 20 7523
and broker) 8000
Henry Fitzgerald-O'Connor
James Asensio
Ana Ercegovic
+44 20 7138
BlytheRay 3204
Tim Blythe
Megan Ray
Matthew Bowld
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 David Hobbs, a
qualified Petroleum Engineer, who has nearly 40 years' relevant
experience within the sector and is a member of the Society of
Petroleum Engineers.
Glossary
Alkaid ZOI Alkaid Zone of Interest
C5+ Hydrocarbons containing 5 or more carbon atoms (Pentane,
Hexane etc)
GOR The amount of natural gas dissolved in a barrel of produced
liquids
IP30 Average Production Rate over first 30 days of production
PVT Analysis Measurement of the fluid characteristics of samples
gathered during a test
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company
focused on developing the Ahpun and Kodiak fields located on state
land on the Alaska North Slope ("ANS"), onshore USA, where it
currently has a 100% working interest in c. 193,000 acres. In
December 2023, Pantheon was the successful bidder for an additional
66,240 acres with very significant resource potential, extending
the Ahpun and Kodiak project areas. Following the issue of the new
leases, which are expected to be formally awarded in summer 2024
upon payment of the balance of the application monies, the Company
will have a 100% working interest in c. 259,000 acres. Certified
contingent resources attributable to these projects exceeds 1
billion barrels of marketable liquids, located adjacent to Alaska's
Trans Alaska Pipeline System ("TAPS").
Pantheon's stated objective is to demonstrate sustainable market
recognition of a value of $5-$10/bbl of recoverable resources by
end 2028. This will require targeting Final Investment Decision
("FID") on the Ahpun field by the end of 2025, building production
to 20,000 barrels per day of marketable liquids into the TAPS main
oil line, and applying the resultant cashflows to support the FID
on the Kodiak field by the end of 2028.
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
materially lower infrastructure costs and the ability to support
the development with a significantly lower pre-cashflow funding
requirement than is typical in Alaska.
The Company's project portfolio has been endorsed by world
renowned experts. Netherland, Sewell & Associates ("NSAI")
estimate a 2C contingent recoverable resource in the Kodiak project
that total 962.5 million barrels of marketable liquids and 4,465
billion cubic feet of natural gas. NSAI is currently working on
estimates for the Ahpun Field.
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END
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