REG - Pantheon Resources - Board Update

Pantheon ResourcesAnnouncement

24/02/2025 07:00

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RNS Number : 1798Y  Pantheon Resources PLC  24 February 2025

 

 

 

24 February 2025

 

 

 

Pantheon Resources plc

 

Board Update

 

 

Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and
gas exploration company with 100% working interests in certain projects
located adjacent to transportation and pipeline infrastructure on the Alaska
North Slope, is pleased to is pleased to provide the following update.

 

Board Update

 

Further to the announcement of 20 February 2024, the Company is pleased to
confirm that Max Easley's appointment has been brought forward and was
effective as of 21 February 2024. In conjunction with Mr Easley's appointment,
David Hobbs, the Executive Chairman, has indicated that, he will be seeking to
migrate his role back to Non-Executive Chairman as part of the evolution of
the Company's corporate governance once Mr Easley is well established in his
role as CEO.

 

 

Further information:

 

UK Corporate and Investor Relations Contact
Pantheon Resources plc

Justin Hondris
contact@pantheonresources.com (about:blank)

 

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

 

USA Investor Relations Contact

MZ Group

Lucas Zimmerman, Ian Scargill

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

IMPORTANT INFORMATION

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. 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
(http://www.pantheonresources.com) .

 

 

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