REG - Pantheon Resources - Investor Presentation via Investor Meet

Pantheon ResourcesAnnouncement

17/09/2024 16:45

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RNS Number : 5729E  Pantheon Resources PLC  17 September 2024

 

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
(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.

 

 

 

 

 

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