17 September
2024
Pantheon Resources
plc
Investor Presentation via
Investor Meet
Pantheon Resources plc (AIM: PANR)
("Pantheon" or "the Company"), owner of a 100% working interest in
the Kodiak and Ahpun oil fields, containing independently evaluated
recoverable resources of c. 1.6 billion barrels ("Bbbl") of ANS
crude and 6.7 trillion cubic feet ("Tcf") of natural gas in close
proximity to pipeline and transportation infrastructure on Alaska's
North Slope, is pleased to confirm that it will be holding a
webinar presentation and Q&A today Tuesday 17 September 2024 at 16:45 BST (the
"Webinar").
· The
Webinar is open to all existing and potential shareholders.
Questions can be submitted at any time during the live
presentation.
· Investors can sign up to Investor Meet Company for free and
add to meet PANTHEON RESOURCES PLC via:
https://www.investormeetcompany.com/pantheon-resources-plc/register-investor
Progress since last webinar
The Company will also discuss
progress made since the last webinar in June 2024,
including:
· Completed $29 million interim fundraise (before costs) and the reduced funding requirement to reach
Ahpun FID
· Megrez
pad under construction - which is now c.50%
complete
· Preparations to mobilize rig - on
target
o Targeting > 600 million barrels ("mmbbls") (2U) Prospective
Recoverable Resource*
· USA
based CFO appointment and continuing consolidation in Houston,
TX
· Agreed
appointment of US advisors on success fee basis
*Management estimate
In addition, the Alaska Gasline
Development Corporation (AGDC) has released Wood Mackenzie's
interim draft report: "Economic
Viability Assessment and Economic Value of Alaska LNG project -
Phase 1", in the past week. The report concluded that the
proposed project provided higher economic benefit to the State of
Alaska, that the alternative of importing LNG, and details a higher
up front capex for the state given the cost of the pipeline, based
on comparisons that assume the gasline would become operative in
2031.
Pantheon will update investors on
progress towards funding of the FEED for the gasline in due course
but continues its constructive engagement with AGDC to help bring
the project to fruition.
David Hobbs, Executive Chairman commented:
"Pantheon has
made tremendous progress this year in moving its core oil assets
towards FID, starting with Ahpun. We look forward to speaking with
you all this evening, accompanied by Roger Young of eSeis who will
provide an update on their work supporting our development and
appraisal activities."
Further information, please
contact:
Pantheon Resources plc
+44 20 7484
5361
David Hobbs, Executive
Chairman
Jay Cheatham, Chief Executive
Officer
Justin Hondris, Senior Vice
President, Finance & International
Investment
Canaccord Genuity plc (Nominated Adviser and
broker)
+44 20 7523
8000
Henry
Fitzgerald-O'Connor
James Asensio
Charlie
Hammond
BlytheRay
+44 20 7138
3204
Tim Blythe
Megan Ray
Matthew Bowld
Notes to Editors
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 6.7 Tcf of
associated natural gas. The Company owns 100% working interest in
c. 259,000 acres with the award of the additional 66,240
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 provides the potential for Pantheon's
natural gas to be produced into the planned 807 mile pipeline from
the North Slope to Southcentral Alaska during 2029. 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 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 of ANS crude and 5,396 bcf 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.
