RCS - Pantheon Resources - AGDC Announcement on Development of Alaska LNG

Pantheon ResourcesAnnouncement

07/01/2025 16:00

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RNS Number : 4602S  Pantheon Resources PLC  07 January 2025

07 January 2025

Pantheon Resources plc

Pantheon notes AGDC Announcement of an Exclusive Framework Agreement to
Develop the Alaska LNG Project

 

Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon" or the "Company"),
an oil and gas company developing the Kodiak and Ahpun oil fields in close
proximity to pipeline and transportation infrastructure on Alaska's North
Slope, welcomes the announcement by the Alaska Gasline Development Corporation
("AGDC") regarding an exclusive Framework Agreement with a private company to
lead and fund the development of the Alaska LNG project.

 

On 6 January 2025, AGDC President, Frank Richards, and Alaska Governor, Mike
Dunleavy, hosted an energy conference in Anchorage, where Frank Richards
announced the news:

 

https://www.facebook.com/GovDunleavy/videos/governor-mike-dunleavy-energy-press-conference/949892553324222/
(https://www.facebook.com/GovDunleavy/videos/governor-mike-dunleavy-energy-press-conference/949892553324222/)

 

David Hobbs, Executive Chairman of Pantheon Resources, commented: "We are
delighted with the progress made by Frank and the AGDC team. This moves the
Alaska LNG project a step closer to fruition and, upon execution of definitive
agreements, providing long term energy security for the State of Alaska. As a
reminder, Pantheon and AGDC signed a Gas Supply Precedent Agreement in June
2024, under which Pantheon would supply its natural gas into the pipeline
pursuant to a definitive gas sales agreement to be negotiated in the coming
months. We look forward to project progress as the parties work together to
realise Phase 1 of 'Alaska LNG' (the gas pipeline) and ultimately the full
'Alaska LNG' project."

 

-ENDS-

 

For further information, please contact:

 

UK Corporate and Investor Relations Contact
Pantheon Resources plc

Justin Hondris

+44 20 7484 5361
contact@pantheonresources.com (mailto:contact@pantheonresources.com)

 

Nominated Adviser and Broker

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond

+44 20 7523 8000

 

Public Relations Contact
BlytheRay

Tim Blythe, Megan Ray, Matthew Bowld

+44 20 7138 3204

 

U.S. Investor Relations Contact

MZ Group

Lucas Zimmerman, Ian Scargill

+1 949 259 4987
PTHRF@mzgroup.us (mailto:PTHRF@mzgroup.us)

 

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 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 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
(https://url.avanan.click/v2/___http:/www.pantheonresources.com___.YXAzOnBhbnRoZW9uOmE6bzpiNWFiYzIzOTkzZTA0MWVhMDU0Yjg0OTlmZWY0ZDQ5Njo2OmRjYzc6MGY3OWJhMGJlNDg5NzNkZWI2YjMzMzI1OTY3NDE0ZWFlMzQ5YWIxNDQ5N2Y1M2I1ODc4YjU1NzI0NzUxZjZjYzpwOlQ6Tg)
.

 

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