REG - Pantheon Resources - Operating Update, Webinar, and Total Voting Rights

Pantheon ResourcesAnnouncement

10/07/2025 07:00

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RNS Number : 4502Q  Pantheon Resources PLC  10 July 2025

 

 

 

 

 

10 July 2025

 

Pantheon Resources plc

 

Operating Update, Webinar, and Total Voting Rights

 

Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company
developing the Kodiak and Ahpun projects located in close proximity to
pipeline and transportation infrastructure on Alaska's North Slope, is pleased
to advise the following:

 

Operating Update

 

Pantheon is pleased to confirm that the Nabors 105AC rig is contracted and is
currently mobilising to the Dubhe-1 pad. The Dubhe-1 well is an appraisal well
targeting the Ahpun Topset (previously referred to as the Shelf Margin
Deltaic-B ("SMD-B") horizon as the primary target. In June 2024, the
Independent Experts Report ("IER") by Cawley Gillespie & Associates
("CG&A") estimated 2C Contingent Resources for the Ahpun Topsets of 282
million barrels of Marketable Liquids (ANS Crude) and 804 billion cubic feet
("BCF") of natural gas.

 

Dubhe-1: Objectives

·      Progress the Ahpun Topset development (CG&A estimate (10 June
2024) of 282 mmbbls 2C liquid resources and NPV10 $1.7 billion (at $80
oil))((1))

·      Assess the main topset reservoir horizon (SMD-B) in order to plan
optimum production laterals

·      Penetrate additional potential pay zones (Lower Prince Creek,
SMD-C and a Slope Fan)

 

The Company is planning for a potential lateral completion and long term flow
test, which, if undertaken, would be intended to prove deliverability of oil
and pipeline-quality associated gas. The planned oil production is the main
value driver of any development while the associated gas and its value in the
Alaska LNG Phase 1 Project supports the financing strategy.

 

The Directors believe that the Dubhe-1 well will generate important news flow
over coming months as well as potentially supporting Independent Expert Report
resource and valuation upgrades based on the following:

 

·      The pre-drill prognosis indicates that the target zone at Dubhe-1
has the potential to be thicker than Pipeline State#1 and Talitha-A;

·      Any confirmation of increased thickness would add to the
potential drilling inventory (e.g. via "wine-racking"); and

·      Expected penetration of three additional exploration targets
(Lower Prince Creek, SMD-C and a Slope Fan) not included in the independent
resource estimates.

 

(1)
https://www.pantheonresources.com/index.php/investors/shareholder-documents/696-cg-a-certain-ahpun-west-field-properties-in-alaska-contingent-resources/file
(https://www.pantheonresources.com/index.php/investors/shareholder-documents/696-cg-a-certain-ahpun-west-field-properties-in-alaska-contingent-resources/file)

 

Webinar

As previously announced, a webinar presentation and Q&A will be held on
the Investor Meet Company platform at 4.30pm British Summer
Time today and is open to all shareholders and other interested parties
(the "Webinar"). Registration details can be accessed
at: https://www.investormeetcompany.com/pantheon-resources-plc/register-investor
(https://www.investormeetcompany.com/pantheon-resources-plc/register-investor)

A copy of the investor presentation to be delivered during the Webinar will be
uploaded to the Company's website at https://www.pantheonresources.com/
(https://can01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.pantheonresources.com%2F&data=05%7C02%7Chfitzgerald-oconnor%40cgf.com%7C805f12bc737f4b1fd7c908ddbf28455e%7C55a8d9e9da724987ac2851b3b5add15f%7C0%7C0%7C638876901941901888%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=DSY1GqgbFOJqvANYB78F46LZUdXcsHrGcO%2FdRpV8IC0%3D&reserved=0)
 prior to commencement.

Total Voting Rights

Further to its announcement of 7 July 2025, the 95,796,033 New Ordinary
Shares, constituting the 49,009,571 Placing Shares, the 7,290,083 Subscription
Shares, the 16,976,514 2021 Bond Shares and the 22,519,865 2025 Bond Shares
are expected to admit on 11 July 2025.

 

Immediately following Admission, the Company's issued share capital will be
1,238,794,546 Ordinary Shares, with each share carrying the right to one vote.
The Company does not hold any Ordinary Shares in treasury. The total voting
rights figure immediately following Admission, of 1,238,794,546 may be used by
shareholders (and others with notification obligations) as the denominator for
the calculations by which they will determine whether they are required to
notify their interest in, or a change to their interest in, the Company under
the Disclosure Guidance and Transparency Rules.

 

Capitalised terms in this announcement have the meaning given to them in the
announcement of 7 July 2025.

 

 

Further information:

 

 Pantheon Resources plc                                            +44 20 7484 5361
 David Hobbs, Chairman

 Max Easley, CEO

 Justin Hondris, SVP, Investor Relations

 Canaccord Genuity Limited (Nominated Adviser, and Joint Broker)
 Henry Fitzgerald-O'Connor                                         +44 20 7523 8000

 Charlie Hammond

 Oak Securities (Joint Broker)                                     +44 20 3973 3678
 Jerry Keen

 Nick Price

 BlytheRay (Corporate Communications)                              +44 20 7138 3204
 Tim Blythe

 Megan Ray

 Matthew Bowld

 MZ Group (USA Investor Relations Contact)                         +1 949 259 4987

 Lucas Zimmerman

 Ian Scargill

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 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 provides the potential for Pantheon's natural gas to be
produced into the proposed 807mile 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 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 natural gas.

For more information visit www.pantheonresources.com
(http://www.pantheonresources.com/) .

 

 

 

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