REG - Pantheon Resources - Operational and corporate update

Pantheon ResourcesAnnouncement

21/04/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230421:nRSU9731Wa&default-theme=true

RNS Number : 9731W  Pantheon Resources PLC  21 April 2023

 

21 April, 2023

 

Pantheon Resources plc

Operational and corporate update

 

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and
gas company with a 100% working interest in all of its oil projects spanning
c. 153,000 acres adjacent and near to transportation and pipeline
infrastructure on the Alaska North Slope ("ANS") is pleased to provide the
following update:

 

Implications of 88 Energy's recent Hickory #1 well

 

Earlier this year, Pantheon entered into a well data exchange agreement with
88 Energy Limited ("88 Energy"), trading the data from Pantheon's Talitha #A
well for 88 Energy's Hickory #1 well. This additional well penetration of the
discovered hydrocarbons, approximately 150 metres from Pantheon's lease
boundary, is an important "well control" point providing Pantheon with
valuable data on our southern lease boundary at no cost and allows us to
incorporate this into subsurface modelling of the various horizons to obtain
even greater confidence in the subsurface and discovered oil. The data
integration has been done in collaboration with SLB (formerly Schlumberger) as
previously described in Pantheon's RNS dated 8 December 2022.

 

88 Energy announced on 10 April 2023 that it had encountered the Shelf Margin
Deltaic ("SMD"), the Slope Fan and Basin Floor fan in the Hickory #1 well.
Importantly, the reservoirs encountered in Hickory #1 are all hydrocarbon
bearing and present on Pantheon's acreage, which has the benefit of being
shallower and updip of Hickory #1, with a lower maximum burial depth ("Dmax")
which typically results in improved reservoir properties.

 

We are pleased to find that the preliminary data confirms our pre-Hickory
drill interpretation, confirming the multiple stacked pay zones (including two
lobes of a Slope Fan System, as encountered in Talitha #A). Hickory #1
effectively extends the proven plays that Pantheon has discovered and been
evaluating for several years.

 

The initial information reinforces the technical work on the static reservoir
model delivered by SLB in phase 1 of its programme with Pantheon. Analysis of
all the data will increase the robustness of the outcomes delivered in SLB's
phase 2 program which will involve more detailed analysis of oil recoveries
and productivity and also used by Netherland Sewell & Associates in their
Independent Experts Report reports on the discoveries across Pantheon's
acreage which are presently underway and will be the basis for attracting
partners into the project area.

 

Bob Rosenthal, Technical Director, said:

"The hydrocarbons discovered at the Hickory well is a great outcome for all
companies exploring and developing the large oil resource close to the Dalton
Highway and the Trans Alaska Pipeline. These large resources are in tight
oil-bearing formations where we will utilize unconventional oil extraction
technologies on conventional reservoirs to improve oil recoveries. The
geographic location of Hickory near Pantheon's acreage makes this ideal for
the use of unconventional equipment and technology. The Hickory discovery well
is another important data point that provides an increased understanding of
the subsurface in close proximity to our existing discoveries. It also
confirms the extension of our reservoirs to our southern border. We all
benefit by amalgamating our technical data to produce the best outcome for
both companies. More data leads to increased geological understanding and
lower overall extraction risk."

 

-ENDS-

 

Further information, please contact:

 

 Pantheon Resources plc                                       +44 20 7484 5361
 Jay Cheatham, CEO
 Justin Hondris, Director, Finance and Corporate Development

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

 James Asensio

 Gordon Hamilton

 BlytheRay
 Tim Blythe, Megan Ray, Matthew Bowld                         +44 20 7138 3204

 

 

 

In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies
- June 2009, the information contained in this announcement has been reviewed
and signed off by Robert Rosenthal, a qualified Petroleum Geologist, who has
over 40 years' relevant experience within the sector.

 

 

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company focused on
several large projects located on the North Slope of Alaska ("ANS"),
onshore USA where it has a 100% working interest in 153,000 highly
prospective acres with potential for multi billion barrels of oil recoverable.
A major differentiator to other ANS projects is its close proximity to
transport and pipeline infrastructure which offers a significant competitive
advantage to Pantheon, allowing for materially lower capital costs and much
quicker development times. The Group's stated objective is to create material
value for its stakeholders through oil exploration, appraisal and development
activities in high impact, highly prospective conventional assets, in
the USA; a highly established region for energy production with
infrastructure, skilled personnel and low sovereign risk. All operations are
onshore USA, with drilling costs materially below that of offshore wells.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDIMMFTMTJTBMJ