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(PANR) Pantheon Resources Share Chat

Discussion in 'General Share Chat (PANR)' started by mart101, Dec 4, 2015.

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  1. Groucho

    Groucho Member

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    5th June, 2019

    Pantheon Resources plc
    CEO Q&A podcast confirmed


    Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and onshore North Slope of Alaska is pleased to advise the following:


    CEO Q&A podcast

    Pantheon confirms that the "CEO Q&A" webcast to provide a more comprehensive overview of our interpretation of Alkaid, and of other operations, is scheduled to occur at 11:30am British Summer Time on Thursday, 6th June 2019. The company plans to publish an RNS at 7:00am that day, with the webcast being made available on the company's website later that morning.
     
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  2. Groucho

    Groucho Member

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    6 June, 2019

    Pantheon Resources plc
    Resource upgrade - Alkaid prospect


    Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and onshore North Slope of Alaska, is pleased to provide details of the Webcast scheduled for 1130am BST today and to provide the following update in relation to the testing of the Alkaid well located on the Alaska North Slope:


    Webcast

    A CEO Q&A Webcast will be available at 1130 British Summer Time today and will be accessible at the following link: https://webcasting.brrmedia.co.uk/broadcast/5cf6ad4a221579216107c9a7

    Alkaid project: P50 Technically Recoverable Resource upgrade

    As previously announced, the Alkaid well was confirmed as an oil discovery in the primary target, the Brookian ("zone of interest" or "ZOI") at c.8,100ft depth, flowing 80-100 bopd of high quality, light oil from a 6 foot perforated interval (within a 240 foot interval of net pay) during testing. This result is considered of great importance because the Brookian ZOI is the same formation that is at the heart of the major Alaskan discoveries over recent times. Pantheon has a large family of other Brookian prospects on its acreage. Notably, the result has confirmed the efficacy of Pantheon's 'High Tech Geophysics'analysis in modelling the Brookian, important because the application of High Tech Geophysics has been central to those recent major Brookian discoveries in Alaska.

    Alkaid was drilled as a vertical test well with the objective of verifying the presence of the oil reservoir and gathering data and was not drilled to maximise production from this wellbore. The well is on the edge of the reservoir and seismic clearly shows improved reservoir characteristics moving towards the heart of the reservoir. Future development wells will be drilled horizontally and fracked as is typical for the region, which should result in vastly improved flow rates than that of the test well.

    Since testing the well, analysis by the Company has been ongoing. Petrophysical analysis has now been completed and the Company is pleased to provide the following conclusions from this analysis:


    Please note that the estimates below are Company estimates and do not imply "resources" under Petroleum Resources Management System.

    1. The major geological parameters assessed in Alkaid all exceeded pre-drill analyses.

    2. The Alkaid and Phecda projects have been remapped, which included a merging of additional 3D seismic shot subsequent to drilling. Remapping has concluded that both Alkaid and Phecda are now part of the same structural accumulation. Accordingly, Phecda has been upgraded from exploration to appraisal status with a resultant reduction in risk.

    3. Oil in place ("OIP") - the Alkaid and Phecda combined OIP has been upgraded by the Company by approximately 50%, increasing from 595 million barrels of oil ("mmbo") to 900 mmbo.

    4. Recovery factor ("RF") - the RF for Alkaid and Phecda has increased from 10% pre-drill to a range of 10-15%. It is noted that secondary recovery techniques such as water flooding have been successfully applied to other Brookian accumulations in Alaska bringing recovery factors as high as 40%. For conservatism, it is too early for Pantheon to model such secondary recoveries into its base case given such techniques have not been applied at Alkaid. However, if such techniques were successfully applied during development then potential exists for a significant improvement to the 10-15% modelled recovery factor.

    5. P50 Technically Recoverable Resource - combined from Alkaid and Phecda has been increased by the Company from 59 mmbo to 90-135 mmbo.

    6. Future development wells will be drilled horizontally and fracked. The Board believe that, in a success case, a modelled P50 well is estimated to have an EUR (Estimated Ultimate Recovery) in the range of 1.5 - 2.5mmbo and an estimated potential maximum flow rate per well exceeding 1,500 barrels of oil per day.

    7. Development of the Alkaid/Phecda project benefits tremendously, both financially and operationally, from its location immediately adjacent to and underneath the Dalton Highway and the Trans-Alaska Pipeline System ("TAPS"). The Company's preliminary modelling suggests potential for up to c.50 development wells across the project in a phased development plan, with first production targeted for 2021 utilizing mobile Early Production Units ("EPU's"). Because of its favorable location, it is believed Alkaid/Phecda should have year round operations and not be subject to the typical seasonal activity restrictions.

    8. The data room for Alkaid/Phecda is nearly complete and work is underway to commence formal farmout discussions. Over US$80m has been invested in seismic with over $200mtotal sunk cost into the Alaskan project. Management believe this important discovery offers both scale and near-term development potential to any potential farminee. Pantheon is seeking potential farminees to contribute a material up-front cash contribution towards sunk cost for entry into the project, together with an element of 'carry' whereby that farminee would fund part of Pantheon's development costs.

    9. The Alkaid/Phecda development opportunity is compelling and the Company has already been proactively approached by parties making enquiry about possible opportunities.

    10. The Alkaid results have also increased confidence in the Brookian section at Talitha. The efficacy of the High Tech Geophysics in its rendering of the Brookian sequence at Alkaid gives the Company confidence in correlating the High Tech Geophysics in the Brookian section at Talitha. Whilst Pantheon is yet to drill a well at Talitha, the presence of the Pipeline State #1 well on the Talitha acreage is of great importance. That well was drilled in 1988, at a time when drilling capabilities were not advanced as today and when the oil price was c.$10 barrel. The well encountered hydrocarbons, but was targeting a thick, clean sand and instead encountered an interbedded, laminate type sand and thus was plugged and abandoned. With today's advanced horizontal drilling and fracking techniques, this type of geology can be, and is, effectively and efficiently drilled and produced.

    11. Owing to the favourable location and the quality of data received, the Company believes the Alkaid/Phecda project could generate NPV's per barrel of oil superior to other Alaskan discoveries made over recent years. The Company's preliminary modelled NPV10 per barrel of oil in the ground range is estimated at $7 - $12. Alaska North Slope oil trades at a premium to WTI (West Texas Intermediate) and in the current environment we would estimate a net back of c.$55per barrel of oil, after all transportation and pipeline charges.


    East Texas Update

    The main focus of the Company in 2019 has been on Alaska, principally because of the requirement to achieve our objectives during the 2018/19 winter drilling season. Exploration efforts in Alaska are typically confined to the winter months when the ice protects the natural tundra. East Texasremains a core asset of the Company with potential for the Eagle Ford sandstone, Austin Chalk, Wilcox and Navarro formations, all of which have encountered hydrocarbons on our acreage. East Texas has abundant nearby infrastructure and successful wells can be brought on stream and generate cashflow rapidly.


    The Great Bear acquisition delivered Pantheon a world class technical and operational team with a deep history in US oil and gas. The new team has commenced a full and comprehensive review of East Texas. We have reengaged with the Bureau of Economic Geology at the University of Texas, in Austin (the "BEG"), who participated in Vision's 3+ year geological study a number of years ago. This review will include our prospects, regional analogs and operational experiences to date. No shortcuts are being taken and a decision on the next East Texas drilling operation will be made only when that study is completed, to minimize the chances of failure and to ensure the team has a full understanding of the geology.

    Under Vision's operatorship, 6 wells were drilled, all of which encountered potentially significant hydrocarbons. Each however, suffered a variety of different operational issues which hampered the success of those wells and masked the underlying potential of those locations. Since obtaining control of Vision earlier this year we have parted ways Vision's operational team, and future operations will be led by our new highly experienced operational team whose performance under challenging conditions at Alkaid was exceptional. As previously announced, because of the varied well bore issues, current wells will continue to have variable production rates with regular interventions to address blockages and other issues and will never be great producers. We are hopeful to improve production through a number of small workovers.

    Recent leasing in East Texas has been 100% by Pantheon. The acquisition of 2/3 of the shareholding of the Vision entities in January this year gave us management and operational control. Having paid 100% of all Vision costs for the past year, unless Vision can repay those costs andpay their pro rata share of future drilling and operating costs, Pantheon will default to an effective 100% working interest in the East Texas prospects.


    Jay Cheatham, CEO, said: "It gives me great pleasure to report this extremely positive news to shareholders. Alkaid has been a great success for our Company leading to both a resource upgrade and increased confidence for our other Brookian prospects. It delivers a wonderful near-term development opportunity of scale, in one of the most exciting areas for oil and gas in the USA where there are limited opportunities for investment or participation. We will complete our data room shortly and welcome discussions with potential farm in partners who we expect to provide both funding and resource. Our target is to bring the project into production as early as 2021. It also allows us to increase the profile of our company at both an industry and an investor relations level, starting with a marketing roadshow to US institutional investors, which is a logical step given their greater knowledge of Alaska."

    "In East Texas things have progressed and our team has already commenced a detailed technical review of the geology and operations. We have acquired operational control of the project and parted ways with Vision's previous operational team and moved to a position where we have an effective 100% working interest going forward."

    "At a corporate level our integration with the team at Great Bear is going very well. We have assembled a first class team both corporately and technically, and we will continue to carefully and strategically manage our assets for the benefit of all shareholders.
     
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  3. GrumpyScouser

    GrumpyScouser Demi God of BlueShare

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    FAB

    U

    LUSS !!:D:D
     
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  4. Groucho

    Groucho Member

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    Pantheon Resources
    A very positive upgrade in Alkaid resources from Pantheon yesterday as they reveal that Alkaid and Phecda are now considered to be part of the same structural accumulation and that Phecda is now deemed to be appraisal. As a result the OIP is upgraded by a substantial 50% to 900 mmbo of P50 resources. It also enhances the recovery factor, modestly raised here from 10% to 10-15% but less modestly the indication is that it might be as high as 40%.

    With first oil expected in 2021 and a farm-out process now under way with the data room now open shareholder might be excused for thinking that at long last Pantheon is delivering the goods. I am looking forward to meeting with the company in early July.

    https://www.malcysblog.com/2019/06/...abold-upland-united-sound-energy-and-finally/
     
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  5. Groucho

    Groucho Member

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    24 June, 2019

    Pantheon Resources plc
    Partnership with leading High-Tech Geophysics specialist


    Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas inTylerandPolkCounties, onshoreEast Texas, and onshoreNorth SlopeofAlaska, is pleased to provide the following update:


    Partnership with eSeis, a leader in seismic petrophysics

    Pantheon is pleased to announce that it has entered into a services agreement with eSeis Inc, a pioneering proponent of 'High Tech Geophysics' and 'Seismic Petrophysics' to lead Pantheon's efforts in these areas. eSeis will be involved with processing, analysis and interpretation of geophysical data. Importantly, eSeis will partner with Pantheon leveraging their extensive industry contacts and their technical expertise and experience to manage the farmout process inAlaska. A key component to exploratory success on the Alaskan North Slope has been the use of high-tech geophysics and petrophysics analysis. eSeis' role will involve data room management, introductions to potential partners and presenting the technical (geophysical) component in partner discussions. The company is aiming to formally open the data room in July with the firm objective of achieving drilling in the Alaskan winter 2019/2020.

    eSeis will undertake the work for a heavily discounted rate (which management estimate to be a saving of$1.5-$2mto the company) in exchange for a 1% overriding royalty interest. Such a performance-based remuneration structure achieves the dual objective of aligning eSeis' interest with that of Pantheon shareholders and of preserving cash resources. It is important to note the Alaskan leases are state government leases which carry a significantly lower royalty burden than most leases in the Lower 48 States of theUSA. This deal would increase the lease royalty rates to c.17.6% across the project area with e-Seis. By way of comparison, the royalty burden on Pantheon'sEast Texasleases averages 25%.


    Roger Young, the CTO and Founder of eSeis, developed his methodologies and technologies while working theNorth SlopeofAlaskaand other regions. This technology, along with the Union Texas Petroleum technical asset team, was instrumental in the discovery of the billion barrel play known as the Alpine field trend. This is the technology that eSeis and Pantheon will be working within itsAlaskaproject.



    Update on Farmout process -North SlopeofAlaska

    As stated above, the Company is working with eSeis to prepare its data room to formerly commence the farm-out process in order to achieve its objective of drilling during the Alaskan winter 2019/2020 drilling season. Pantheon will seeka material up-front cash contribution towards sunk costNfrom any potential partner as well as 'promoted' drilling terms where the farm-in partner would fund some or all of a specified number of future wells in order to earn their working interest. Pantheon's objective would see one well drilled at the Talitha project and a minimum of one well drilled at Alkaid/Phecda in the 2019/2020 drilling season.

    As announced earlier this month, the confirmation of Alkaid as a discovery well in the Brookian formation has led the technical team at Pantheon to upgrade the P50 Technically Recoverable Resource at Alkaid and Phecda (now considered the same structural enclosure) to between 90-135 million barrels of oil ("mmbo"), given an estimate of oil in place ("OIP") of 900 mmbo and with recovery factors estimated at 10-15% (with potential for further improvement in recovery factors should secondary recovery techniques be successfully applied). The project is ideally located inAlaska, immediately adjacent to the Trans Alaskan Pipeline and Dalton Highway which delivers advantages operationally, financially and has the potential to be brought into production more rapidly than other areas ofAlaska- anticipated to be 2021. The early stage development plan foresees the possibility (but not the guarantee) of first production in 2020. The Talitha project is also favourably located near to the TAPS and Dalton Highway and has a P50 Technically Recoverable Resource of 508 mmbo.

    Following the Alkaid discovery announcement dated 6 June, 2019 Pantheon confirms that it has received unsolicited communications from a number of industry parties expressing interest in the Alaskan project, which gives the Company genuine confidence that it will achieve a successful result in its impending farmout efforts.


    Jay Cheatham, CEO, said:

    "The eSeis contract is a fantastic outcome, and indeed endorsement, for Pantheon shareholders that opinion leaders in our industry see the value of our project. We consider eSeis to be amongst the very best in their field and their decision to link most of their remuneration to the success of our project is an incredible validation of the potential they see in our play inAlaska, and aligns their interests with that of Pantheon shareholders. They have an exceptional track record and we are honoured to have them as part of our team. They will be heavily involved in the farmout process, which we hope to commence in the short term given our objective to be drilling inAlaskathis coming winter."

    "I am also pleased to report the permitting efforts for the Alkaid project are well underway and we look forward to updating shareholders in due course."
     
    Last edited: Jun 24, 2019
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  6. Groucho

    Groucho Member

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    25 June, 2019

    Pantheon Resources plc
    Corporate Presentation June 2019


    Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and onshore North Slope of Alaska, announces that it is commencing its first US investor roadshow subsequent to the acquisition of the Alaskan assets of Great Bear Petroleum in January 2019. An updated copy of the investor presentation will be posted to the Company's website at www.pantheonresources.com


    Updated Corporate Presentation - key highlights


    Alaskan Operations

    The Company confirms that the farmout process for its Alaskan assets is planned to commence in Summer 2019. Subject to successful completion of farmout discussions the Company aims to drill 2 wells in Winter/Spring 2019/2020 (one in the 'Talitha Appraisal' project and one at the 'Alkaid/Phecda' project) with first production possible in 2020 or 2021, dependent on timing of farmout negotiations and drilling. The Company confirms it has received unsolicited enquiries from interested third parties.

    Following the announcement on 6 June 2019 of the interpretation of the discovery at Alkaid/Phecda the Company's confidence has improved in its interpretation of the analogous Brookian formation in the Talitha prospect, upgrading it to Appraisal status. Accordingly, Talitha Prospect will now be referenced in two parts; (1) Talitha Appraisal - targeting the Brookian fans, and (2) Talitha Exploration - targeting the Kuparuk and Lowstand Shelf Margin Deltaic formations. A summary of the Company's prospect summary is presented below:

    70D5D240-2865-4688-8450-55A511472381.jpeg

    East Texas Operations

    Pantheon's technical team has commenced a full and comprehensive review of the East Texas acreage and has reengaged with the Bureau of Economic Geology at the University of Texas who were involved in the previous 3+ year regional geological study of the project. This work is presently underway and a decision will be made as to the location of the next well at the conclusion of this work.

    The prospects in East Texas are located in a region of abundant infrastructure and a successful result at the proposed VOBM#1 sidetrack well could be brought into production within days. The original VOBM#1 well tested at 6000mcf/d natural gas and 500 bopd before suffering a suspected collapsed casing. Recent leasing in East Texas has been 100% by Pantheon and the acquisition of 2/3 of the shareholding of the Vision had given Pantheon management and operational control. Having paid 100% of all Vision costs for the past year, unless Vision can repay those costs and pay their pro rata share of future drilling and operating costs, Pantheon will default to an effective 100% working interest in the East Texas prospects. Any changes to the resource position reflect the current leasing position. A summary of the Company's prospect summary is presented below:

    FE497454-0F97-47D7-966A-6C293D2F6510.jpeg

    Jay Cheatham, CEO, said:
    "Since completing the acquisition of the Great Bear Alaskan portfolio in January of this year we were almost immediately involved in drilling operations.
    It was only earlier this month that we were in a position to complete our interpretation of the confirmed discovery at Alkaid/Phecda and to understand the extremely positive implications that result has had for our company.
    Our estimated P50 Technically Recoverable Resource at Alkaid/Phecda is estimated at 90-135mmbo and our preliminary modelling estimates NPV10 per barrel of oil in the ground to be in the range of $7 - $12."

    "I have long been looking forward to introducing our story to the USA investment community who have a great familiarity with Alaskan assets. We have made an extremely exciting discovery and have already modelled conceptual development plans which we will be sharing with potential farminees during the farmout process. Our favourable location adjacent to the pipeline and main highway creates the possibility for first cashflow in 2020/2021 subject to a successful farmout."
     
  7. Groucho

    Groucho Member

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    12 July 2019

    Pantheon Resources plc

    Alaskan update

    Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas exploration company with up to 100% working interests in several conventional project areas in Tyler and Polk Counties onshore East Texas, and 75% - 90% working interests in several projects onshore North Slope of Alaska, is pleased to provide the following update:

    Update on Alkaid discovery and Talitha appraisal

    Pre-application meetings with state and federal agencies for the Pilot Production Testing of the Alkaiddiscovery have now taken place, with positive and supportive feedback received. No permitting issues
    have been identified. Current planning could allow for the project coming on line as early as Summer 2020, subject to completion and timing of a successful farmout.
    The Alkaid discovery was successfully flow tested in March 2019 and is estimated to contain 900 million barrels oil in place and 90–135 million barrels of oil P50 technically recoverable resource. The nearby Talitha Appraisal is estimated to contain an additional 900 million barrels oil in place and 90–135 million barrels of oil P50 technically recoverable resource.

    Update on Farmout process

    The Company is working closely with the technical experts at eSeis on preparation of the data room, which is on target to open this month. The Company also confirms that it has already commenced discussions with industry and financial groups.
    The Company aims to drill a minimum of two wells in Winter/Spring 2019/2020 (most likely one at Talitha and one at Alkaid/Phecda) with first production possible in 2020 as outlined above.

    Jay Cheatham, CEO, commented: “It is gratifying that our Alaskan operations are progressing at a rapid pace. Our favourable location immediately adjacent to the Trans-Alaska Pipeline System (TAPS) pipeline and Dalton Highway has allowed our Alaskan team to plan an extremely rapid Pilot Production Test timeline at our Alkaid discovery and Talitha appraisal program. Given a successful farmout, Pantheon could be in production yielding critical reservoir data and cash flow next summer, initially trucking oil north on the main highway to Deadhorse Alaska, only 20 miles north of Alkaid.

    “It's a testament to our Alaskan team that it was able to get the Alkaid well tested this past winter from
    a January start. I'm also pleased eSeis will have the data room ready in Houston this month. We have made a material discovery at Alkaid/Phecda, with genuine potential for this to grow.

    “Given the size, scale and the rapid development opportunity compared with other Alaskan projects, we anticipate great interest in the farmout process. We've already been approached by several industry and financial groups and our Technical staff have begun preparatory discussions.”
     
    Last edited: Jul 12, 2019
  8. Groucho

    Groucho Member

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    18 July 2019

    Pantheon Resources plc

    ("Pantheon" or the "Company")


    Proposed Placing and Subscription to raise a minimum of US$6.5 million

    Pantheon Resources plc (AIM:pANR), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and onshore North Slope of Alaska, announces a proposed Capital Raising to raise a minimum of US$6.5 million (before expenses).

    The Company intends to conduct a placing and subscription to raise a minimum of US$6.5 million via the Placing of new Ordinary Shares ("Placing Shares") and a subscription of new Ordinary Shares ("Subscription") each at a price of no less than 18 pence per New Ordinary Share ("Minimum Issue Price")

    Jay Cheatham, CEO of Pantheon Resources, said:

    "This capital raising comes at an exciting time for our Company after our merger with Great Bear Petroleum in January this year and post the confirmation of the Alkaid light oil (38-40 API deg) discovery in March. This discovery, which we estimate contains 900 million barrels of oil in place, could be transformational for Pantheon. The discovery is in the Brookian sequence, the same sequence where other major discoveries on the North Slope of Alaska have been made. It upgrades not only our exploration portfolio, but provides greatly increased confidence about the potential of our other oil accumulation at Talitha where a similar oil resource has been identified and will be subject to testing in the near future."

    "The capital raised, if successful, will allow Pantheon to continue the permitting work, engineering, geological and geophysical work necessary for the proposed drilling operations early next year, subject to successful farmout. It will also support the Data Room for farmout discussions, where Pantheon will be looking for a significant up-front payment as well as a carried work program on future operations. Over $200m has been spent in the project area where Pantheon now retains 75-100% working interest. Hence, a farm-down on a work program with some form of cash payment is the objective of the company. We have been approached by and have already begun discussions with several interested companies, which is a positive indication of the interest in our North Alaska assets. We believe we have a world class resource in an ideal location for commercial development. If we can successfully conclude the farmout, we hope to be producing oil next year."

    The Placing is to be conducted by way of an accelerated bookbuild process (the "Bookbuild") which will commence immediately following this Announcement in accordance with the terms and conditions set out in the Appendix to this Announcement.

    Arden Partners plc ("Arden") is acting as Nominated Adviser and Sole Broker to Pantheon. Defined terms used in this announcement have the same meaning as set out at the end of this announcement.

    The number of Placing Shares and Subscription Shares to be issued will be determined based on the exchange rate between the U.S. dollar and pound sterling on the date on which the Bookbuild is closed. Any reference to gross or net proceeds in this Announcement or any other amount in this Announcement stated in US$ assumes an exchange rate of 1:2478 being the exchange rate between the U.S. dollar and pound sterling on 18 July 2019.

    An updated copy of the investor presentation used during meetings with potential investors will be posted to the Company's website at www.pantheonresources.com
    http://www.pantheonresources.com/investors/presentations/623-corporate-presentation-2019-1/file


    Background to and Reasons for the Capital Raising

    Background

    Since the acquisition of the Alaskan Assets from Great Bear in January 2019, the Company completed its 2019 Alaska drilling programme, which culminated in the successful flow test of the Alkaid test well, confirming it as a discovery, resulting in the Company announcing on 25 March 2019 that:

    - The primary target, the Brookian zone of interest ("ZOI"), was confirmed as an oil discovery, following a successful flow test where results exceeded expectations.

    - A 6 foot interval (from a c.400 foot gross interval containing c.240 foot of net pay) was perforated and flow tested at 80-100 BOPD light oil (40 degree API).

    - Such flow rates were considered an excellent result by the Company and indicate the potential for materially higher flow rates when wells are drilled in the typical manner for Brookian wells in Alaska - horizontally, stimulated, and with larger intervals perforated.

    - The Alkaid well was drilled as a vertical test well with the primary objective to obtain sufficient data to make an assessment as to the potential commerciality of the targeted horizons.

    On 6 June 2019, following a full analysis of the test results and with additional seismic interpretation and further petro physical analysis, the Company announced that the Alkaid and Phecda reservoirs had been remapped. The result of which was to conclude that both Alkaid and Phecda are part of the same structural accumulation and significantly, Phecda was upgraded from exploration to appraisal status with a resultant reduction in risk. The estimated oil in place ("OIP") of the combined Alkaid/Phecda accumulation was increased by approximately 50% from 595 million barrels of oil ("Mmbo") to 900 Mmbo and the P50 Technically Recoverable Resource was increased from 59 Mmbo to 90-135 Mmbo, at a primary recovery factor of 10 to 15%. The Company noted that other Brookian reservoirs in Alaska had achieved recovery factors as high as 40% in the best cases, when secondary recovery techniques such as water flooding were used, and that potential therefore exists for Pantheon's modelled 10 - 15% recovery factor to increase. The analysis also made a number of other important conclusions as follows:

    · The result proved the efficacy of Hi-tech geophysics as a tool for predicting certain reservoir parameters. The Company considered this of great importance given that Hi-tech geophysics had played a pivotal role in other Brookain discoveries on the North Slope of Alaska. This has given the Company increased confidence in the potential for its Talitha Appraisal and Talitha Exploration projects where Hi-tech geophysics has been applied.

    · The Company has estimated that individual P50 horizontal wells have the potential to contain an EUR (estimated ultimate recovery) of 1.5 - 2.5 million barrels of oil (Mmbo) per well, and could achieve a maximum flow rate of over 1,500 barrels of oil per day.

    · Estimated P50 Technically recoverable resource of 180 - 270 mmbo in Alkaid/Phecda and the Talitha projects.

    · Estimated NPV10 per barrel of oil in the ground of $7 - $12 per barrel of oil.


    On 24 June 2019, the Company announced that it has entered into a services agreement with eSeis Inc, a pioneering proponent of 'Hi-Tech Geophysics' and 'Seismic Petrophysics' to lead Pantheon's efforts in these areas and to assist with data room management, introductions to potential partners and presenting the technical (geophysical) component in partner discussions. eSeis agreed to undertake the work for a discounted rate (which management estimate to be a saving of $1.5 - $2m to the Company) in exchange for a 1% royalty on all production assets excluding Alkaid/Phecda.

    The Company continues to make good progress on the preparation of the data room, which is on target to open this month for the purpose of facilitating farmout negotiations with interested parties with the objective of achieving a farmout in sufficient time to enable the Company to drill up to four wells in the winter/spring 2019/2020, with first production possible in 2020 subject to the timing and terms of the farmout.
    In order to approach these negotiations from a position of greater strength, the Company is undertaking the Capital Raising to finance the Company's farmout process, as well as to provide additional funds to continue its geological and geophysical work, to renew certain leases, to finance the construction of a smaller gas processing plant in east Texas and for working capital purposes. Neither the Placing nor the proposed Subscriptions are being underwritten.



    Use of proceeds

    The Gross proceeds receivable by the Company pursuant to the Capital Raising are expected to be a minimum of US$ 6.5 million. The Company intends to use the proceeds, together with its existing cash resources and potential future cash flow from production, to fund its forward capital programme:

    FF2DCE65-3B01-4588-9422-601C31284FA8.jpeg

    Director participation

    The existing Directors have indicated that they intend to participate in the Subscription for an aggregated amount of £54,000. The ultimate allocation to the Directors is at the absolute discretion of the Sole Bookrunner and the Company.

    Staff long term share option plan

    The board intends to award up to 13.7m share options to management and all staff under a long-term incentive scheme, representing 2.0 per cent of the fully diluted share capital of the Company. The options will be exercisable at a 50 per cent premium to the placing price.

    It is intended that the options will be granted by the remuneration committee and approved by the Board in the coming weeks.

    Conditions and other information relating to the Capital Raising

    The Capital Raising is conditional, inter alia, upon:

    a) the Placing Agreement becoming unconditional in all respects (save for Admission occurring) and not having been terminated in accordance with its terms;

    b) Admission becoming effective by no later than 8.00 a.m. on 25 July 2019 (or such later time and/or date as the Company and Arden may agree (being not later than 8.30 a.m. on 15 August 2019).

    Accordingly, if such conditions are not satisfied or, if applicable, waived, the Capital Raising will not proceed.

    The Capital Raising is not underwritten by Arden Partners or any other person.

    Settlement and dealings

    The New Ordinary Shares will be in registered form and will be capable of being held in either certificated or uncertificated form (i.e. in CREST). Accordingly, following Admission, settlement of transactions in the Ordinary Shares may take place within the CREST system if a Shareholder so wishes. Shareholders who wish to receive and retain share certificates are able to do so.

    The ISIN number of the New Ordinary Shares is GB00B125SX82. The TIDM is PANR.

    Pantheon Resources - Proposed Placing and Subscription of US$6.5million https://www.voxmarkets.co.uk/rns/announcement/6686cc95-ae91-4fa1-8e2e-c306807e0083
     
  9. Groucho

    Groucho Member

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    19 July 2019

    Pantheon Resources plc

    ("Pantheon" or "the Company")


    Close of Capital Raising


    Pantheon Resources plc (AIM:pANR), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and onshore North Slope of Alaska, announces that the Bookbuild has been significantly oversubscribed and is now closed. Participants in the Placing will be contacted by Arden Partners to confirm their allocations. A further announcement will be made shortly confirming details of the Capital Raising.

    The Capital Raising will raise approximately US$10.7 million (before expenses) at an issue price of 18 pence per share.



    Jay Cheatham, CEO of Pantheon Resources, said:

    "I am delighted with the incredible support received for this fund raising, and I am pleased to welcome some new quality institutional names to our share register. 2019 has been a tremendous year for Pantheon, starting with the successful merger with Great Bear Petroleum and followed more recently with the announcement of a significant discovery at our Alkaid/Phecda project, which we believe contains between 90 - 135 million barrels of oil P50 Technically Recoverable Resource. This fundraising will allow us to continue the permitting, engineering, geological and geophysical work necessary to plan for drilling operations this coming winter, and to position us better for farmout discussions, which I am pleased to report have already commenced. Pantheon will be seeking a significant up-front payment as well as a carried work program on future operations.

    I am pleased there was excess demand for this capital raise and the price was done at a minimal discount to the close on 18 July of 2.1%."
     
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  10. Groucho

    Groucho Member

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    Pantheon Resources (PANR): Placing of $10.7m to progress Alaskan assets
    • Pantheon has raised $10.7m at 18p/share (2% below close yesterday)
    • Cash will be used to progress the company’s Alaskan assets where it believes the Alkaid discovery contains 90 –
    135 million barrels of oil (company estimates)
    • Company hopes to farm-out a significant proportion of the licence in exchange for a substantial carry on the appraisal and development of Alkaid.

    Conclusion: Investors should be cautious as Pantheon has no third party corroboration of the Alkaid discovery, and its performance in developing its East Texas assets has been pretty abysmal to date


    S P Angel 19/07/19
     
  11. Groucho

    Groucho Member

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  12. Groucho

    Groucho Member

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    05 August, 2019

    Pantheon Resources plc
    Alaska Update - Opening of Data Room and Commencement of Farmout Process


    Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with up to 100% working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and 75% - 90% working interests in several projects onshore North Slope of Alaska, is pleased to provide the following update:


    Update on Farmout process

    Preparation of the data room to allow potential partners to undertake technical due diligence in relation to a potential farmout of a working interest in the Company's Alaskan projects is now largely complete. Confidentiality Agreements are presently being agreed with certain interested parties prior to their admittance into the data room.

    Subject to completion of a successful farmout, the Company seeks to drill a minimum of two wells in Winter/Spring 2019/2020 (most likely one at Talitha and one at Alkaid/Phecda), with first production possible in 2020.



    Jay Cheatham, CEO, said:

    "An enormous amount of work has gone into preparing this data room by both the Company and by our partners at eSeis. eSeis will jointly manage the process with us and by virtue of their 1% royalty are incentivised to achieve the best farmout terms possible. I was in the data room myself only last week and am very happy with the quality of the information available for review."

    "We firmly believe the quality and potential scale of these assets is world class. I am confident the potential farminees will recognise this once they have seen the data. Our favourable location immediately adjacent to both the Trans-Alaska Pipeline System and the Dalton Highway offers significant advantages compared to other Alaskan projects. This should result in much lower capital requirements and much faster development timetables in a success case, with first cashflows possible in 2020. We anticipate great interest in our projects from potential partners."
     
  13. Groucho

    Groucho Member

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    6 November 2019

    Pantheon Resources plc
    Company Update

    Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and onshore North Slope of Alaska, is pleased to provide shareholders with the following update:


    Alaskan Update - Farm out process

    As previously advised, the process to farm out a working interest in some or all of Pantheon's Alaskan projects is underway. There has been interest from a number of leading domestic and international Oil and Gas Groups in evaluating the opportunity and the Company has also received interest from significant non-industry parties. A number of parties have already visited the data room, with others currently preparing to visit. The scale of the opportunity, i.e. multi billion barrels of Oil in Place, and the geographic location of the discovered resources has attracted the interest of some major companies.

    The planning and permitting process for both Alkaid and Talitha wells has already commenced, which would expedite any drilling operation at these locations. Whilst the Talitha exploration well is limited to winter drilling, Alkaid/Phecda wells can be drilled at any time of the year.


    Pantheon holds a 90% to 100% working interest ("WI") in c.177,000 gross acres on the North Slope of Alaska, which contains potential for an estimated 1.2 billion barrels of oil recoverable. This includes two discovered oil accumulations which contain significant oil in place resources. Advantageously, the Company's acreage is bisected by both the Dalton Highway and the Trans Alaskan Pipeline System ("TAPS"), the primary distribution network for oil in the state of Alaska. This is a differentiating factor to all other undeveloped oil accumulations in Alaska, and offers significant financial and operational advantages, with the potential for year-round development activity, materially lower capital costs, and shorter time horizons to first production. A successful development well at Pantheon's recent Alkaid discovery, scheduled to be drilled in 2020, could be put onto production soon after completion.


    Jay Cheatham, CEO, commented:

    "The farmout process is well underway and is keeping us extremely busy. We are very encouraged by the quality of parties who have visited, or are planning to visit the data room in Houston.


    "Given the farmout process is a commercially sensitive one we simply cannot discuss it while it is underway. There has been over $200m invested in the project area to date where significant oil accumulations have been identified and a host of exploratory opportunities are continually being evaluated. The farmout process is designed to find a partner to evaluate the commercial potential of these accumulations and to progress the exploration, appraisal and future development efforts.


    "Your Company has made some major advancements over recent months. Our successful testing of Alkaid upgraded our P50 Technically Recoverable resource to 100 million barrels of oil, and in the past few weeks we concluded a transaction to increase our working interest in Alkaid/Phecda by one third, to 100%. This transaction delivered Pantheon an additional 25 million barrels of P50 Technically Recoverable Resource.


    "We look forward to continuing to update the market as the farm out process progresses."
     
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  14. Groucho

    Groucho Member

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    23 January, 2020

    Resource Update


    Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with several conventional projects onshore North Slope of Alaska and onshore East Texas is pleased to provide shareholders with the following update:



    Alaskan Update - Contingent Resource Confirmation


    Pantheon confirms receipt of an Independent Expert Report and Resource Statement from the International Petroleum Consultants Lee Keeling & Associates, Inc. ("LKA"), on its 100% owned 'Greater Alkaid' Project (formerly referred to as 'Alkaid/Phecda'). LKA has great expertise in horizontal multistage reservoir development.


    The report confirms a Contingent Resource of 76.5 Million Barrels of Recoverable Oil.


    Definitions referred to in this announcement for Contingent Resource and Prospective Resource have been prepared under the Society of Petroleum Engineers ("SPE") standards.


    Highlights:

    ⇨ 76.5 Million Barrels of Oil ("MMBO") Contingent Resource (recoverable)

    ⇨ $595 million NPV10 based on modelled 44 wells, and c.70 MMBO (1) Phase 1 field development over a 20 year term at an oil price of $55 held flat

    ⇨ $8.50 NPV10 per barrel of oil

    ⇨ Field peak flow rate 30,000 Barrels of oil per day ("BOPD")

    ⇨ Individual well EUR (estimated ultimate recovery) of 2.25 MMBO per well for 24 wells

    ⇨ The LKA report supports the Company view that Alkaid and Phecda is one continuous accumulation. Now called "Greater Alkaid"

    ⇨ Located underneath and adjacent to the Dalton Highway & Trans-Alaska Pipeline (TAPS)

    ⇨ This estimate comprises Contingent Resource only - does not include Prospective Resource


    In addition to providing a Contingent Resource estimate of 76.5 million barrels of oil, LKA modelled a Phase 1 field development, based upon 24 wells at 2.25 MMBO per well, and a further 20 wells with the EUR risked at 50%, equating to 1.125 MMBO per well. Their 20-year model estimates an NPV10 of $595 million after production of 70 MMBO, with an estimated NPV10 of $8.50 per barrel of oil. Modelled peak field flow rates are 30,000 BOPD. Greater Alkaid's beneficial location immediately underneath and adjacent to road and pipeline infrastructure offers significant time and cost advantages over other projects on the North Slope of Alaska. Having a large onshore oilfield in this location will allow a phased development approach minimising upfront capex and producing early cashflow to fund future development.



    Talitha Project - update

    In September 2019 the Company advised that it had made material advancements in its understanding of the Talitha Appraisal (Brookian) and Talitha exploration (Kuparuk) projects following detailed analysis undertaken in conjunction with the experts at eSeis. This work has continued to advance the understanding of the geology which the Directors believe has the potential to lead to an increase in estimates for oil in place and recoverable resource at Talitha in due course. Once the Company has completed its internal analysis, it will likely engage LKA to complete a Resource Assessment of Talitha. As analysis is not yet complete, there can be no certainty of an increase.


    Farmout update

    The farmout process remains underway with a number of groups having entered the data room and with a number of others having expressed interest in entering the data room in the future.


    Investor presentation and Q&A session

    The board is also pleased to confirm that it will be hosting a presentation and Q&A session which will be open to all investors from 9.30am - 11.00am GMT on Thursday, 30th January, 2020 at the offices of Bryan Cave Leighton Paisner (BCLP), Adelaide House, London Bridge, London, EC4R 9HA. The Company presentation will be made by Bob Rosenthal, Technical Director & Chief Geologist, Jay Cheatham, CEO, and Justin Hondris, Director, Finance and Corporate Development.

    The presentation will cover, amongst other topics, the results of the independent experts report and Contingent Resource statement announced today; an overview of the important strategic acreage acquisitions (hereafter referred to as the 'Theta West' and 'Leonis' projects) announced in December 2019; the continued progress at Talitha; and a discussion of the high level strategic overview of the Company's Alaskan projects presently underway.

    A copy of the presentation will be made available on the Company website following the event.


    Publication of Audited Financial Results for the year ended 30 June 2019

    Following receipt overnight of the Contingent Resource Statement, the directors are targeting publication of the financial results for the year ended 30 June 2019 and a resumption of trading in the Companies Ordinary Shares on AIM by mid-February, 2020.


    Bob Rosenthal, Technical Director, commented:


    "Today's announcement is an important milestone for the Company in that it has endorsed our long-held belief that Greater Alkaid is a material and valuable asset of the company. Since the successful production test in 2019, our team has progressed the evaluation of Alkaid to its current level of certified resources in what should be a highly profitable project. Its unique location virtually under the pipeline, and better than expected reservoir properties, provide increasing confidence of its development as another Alaska oilfield in this prolific province. I look forward to meeting shareholders in person next week to showcase the great progress that we have made."



    Jay Cheatham, CEO, commented:

    "The report by LKA is a fantastic result for Pantheon and underpins management's belief that we have a major discovery in Alaska along the Dalton Highway and Trans Alaska Pipeline. Greater Alkaid has the potential to offer tremendous economic returns, estimated in the report at NPV10 of $595 million for Phase 1 and an NPV10 of $8.50 per barrel of oil. I remind shareholders that a Contingent Resource (recoverable) is a higher classification of resource compared to the Prospective or 'Technically Recoverable Resource' previously provided by the Company, so 76.5 million barrels of Contingent Resource is something we are very proud of.

    "I am confident that with additional drilling our Contingent Resources could increase. I am reminded of Prudhoe Bay where the ultimate recovery (EUR) has over time greatly exceeded original estimates of oil in place (OOIP) for the field. Good oil fields get bigger and better over time.

    "The Independent Experts Report will enhance our farmout efforts and bodes well for our other projects where we also intend to undertake an in depth and independent assessment. This is the first time Pantheon has undertaken an independent expert report and is planning to provide other such reports in the future."
     
  15. BigP

    BigP Keeping the Faith

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    Mon, 19th Apr 2021 07:00

    RNS Number : 8111V
    Pantheon Resources PLC
    19 April 2021

    19 April, 2021


    Pantheon Resources plc

    Operational update, Talitha #A well


    Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas exploration Company with a 100% working interest in projects spanning c.160,000 acres covered by 3D seismic and advantageously located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, provides the following update following the conclusion of operations at the Talitha #A well:

    Talitha #A well - conclusion of operations and overview

    Operations at the Talitha #A well have concluded with the well suspended for future testing operations. The well encountered five stacked, independent oil-bearing reservoir zones over a 3700 ft interval which management believes has validated its earlier assertion of over 1 billion barrels recoverable oil potential from this multi-billion barrel oil in place play at Talitha. Testing of the deepest of these zones, the Kuparuk formation, which flowed high-quality light oil intermittently at rates up to 100 BOPD, a disappointing rate, encountered a number of operational issues. The Kuparuk horizon at this location was overpressured which was both unexpected and unlike any known Kuparuk well regionally, which caused challenges in testing. The four normally pressured shallower zones, all of which encountered light oil and offer excellent potential based upon analysis to date, will be tested in a future program.


    The Company collected an enormous amount of drilling, logging and testing data which will be evaluated. Additionally, Pantheon has engaged the experts at Baker Hughes and Advanced Hydrocarbon Stratigraphy ("AHS") to provide Volatile Analysis Service ("VAS"), a comprehensive, sophisticated and independent evaluation of hydrocarbon presence in the well bore, using mass spectrometry analysis of well cuttings. Pantheon also used conventional data collection techniques including 'Logging While Drilling', mud logging, side wall cores and an entire suite of wireline logs. Baker Hughes AHS identified five independent highly prospective zones with high oil saturations and low or moderate water saturations. These correlate directly to Pantheon's five target zones.


    Comprehensive analysis of the VAS and wireline data from these zones over the forthcoming months will enable the Company to fully optimize its testing program for next season, as well as enabling lengthier flow tests.


    Update on testing of the Kuparuk horizon


    The Kuparuk proved more geologically complex than expected. The well encountered ± 60 ft of well-developed sand with high resistivity readings, indicating the presence of hydrocarbons, independently confirmed by VAS. Talitha #A demonstrated the key elements of a proven hydrocarbon system in the Kuparuk formation with the presence of movable high-quality (± 42° API) oil, however during testing the well-produced oil intermittently along with solution gas, with formation water fresher than anticipated. These flow rates were not consistent with our expectation based on Talitha logs compared to nearby Kuparuk field production.


    A comprehensive analysis of the Kuparuk, supported by third party experts, has already commenced to gain a greater understanding of the atypical reservoir characteristics encountered. Based upon analysis to date, the Kuparuk very much remains a viable target on the Company's acreage. Early analysis suggests that the Kuparuk horizon at this location might respond better to different drilling fluids and techniques, however ultimate recoveries may be lower than originally estimated. This work is just starting, and a formal conclusion will be reported when completed.


    Well Strategy


    The Talitha #A well location was selected as the optimal location for the shallower Shelf Margin Deltaic horizon, the primary target of the well. The Kuparuk at this location is some 800 ft downdip from its ideal 'updip' position and was a secondary target.


    Our technical team prioritised testing the Kuparuk formation and ultimately recommended deferring plans to test the shallower horizon during this drilling season because the well logs of the Kuparuk indicated much better developed reservoir than at Pipeline State #1, comparable to those in highly productive nearby Kuparuk fields. Based upon the well logs (and regional comparatives), the associated disappointing flow rates, were a surprise.


    Update on shallower horizons


    Pantheon is extremely encouraged by the analysis of the shallower zones in the Talitha #A well. The reservoir qualities are in line with expectations, the oil appears to be lighter than expected and an additional significant zone has been discovered, increasing the total resource potential significantly. These zones are all independent of the Kuparuk and will be tested next winter.


    Talitha #A reached a total depth of 10,456 ft and confirmed five potentially productive zones, all of which were oil bearing as follows (from shallowest to deepest):


    (i) Shelf Margin Deltaic ("SMD")

    (ii) Slope Fan System

    (iii) Upper Basin Floor Fan

    (iv) Lower Basin Floor Fan

    (v) Kuparuk


    An enormous volume of high-quality data has been collected from drilling Talitha #A which has both de-risked these zones for future drilling, and increased confidence of their viability. The Basin Floor Fan ("BFF") zone was thicker than expected and encountered more reservoir than expected. The Upper BFF is an additional zone with good reservoir properties. The Slope Fan System was encountered as anticipated and will benefit from additional work prior to next season's testing. The SMD was not as well developed as anticipated at Talitha #A, however based on our new data Pantheon now interprets that the SMD extends across the Alkaid project, and better developed as it extends south east across the Dalton Highway. This significantly increases the resource near the highway.


    The VAS process entailed taking samples every 10-20 ft of well depth, hermetically sealing approximately half of those samples to avoid any evaporation of hydrocarbons, with the other half of the samples tested after exposure to air. These samples are then subjected to mass spectrometry analysis in the Baker Hughes AHS VAS lab. Significantly, the VAS analysis confirmed the presence of continuous stacked oil-bearing reservoir zones over a 3,700 ft interval starting at the regional top seal above the Shelf Margin Deltaic reservoir zone down to target depth at 10,456 ft. Every single sample taken over this interval extracted oil.


    Future activity


    Pantheon's immediate focus is to complete the analysis of the Talitha #A well, including a comprehensive study to better understand the implications for the Kuparuk across Pantheon's acreage. At the same time Pantheon intends to recommence its farmout strategy to attract a suitable industry partner to best exploit this large play.


    Pantheon's potential for the shallower zones has increased and been de-risked with the discovery of oil based on logging, sidewall core data and analysis from Baker Hughes AHS in each of these formations. Accordingly, the Company has started work on updating its resource estimates across these shallower zones.


    The discovery of oil in the Basin Floor Fan will become an area of intense focus as this is part of the significant Theta West prospect, Pantheon's largest target, now considerably de-risked by the Talitha #A result. Theta West will test the exceptionally large Basin Floor Fan in a better structural location and hence should attract strong partner interest in drilling this significant prospect.


    Bob Rosenthal, Technical Director, said:


    "Like all exploration wells on the Alaska North Slope, the primary objective of this well was to gain valuable data for assessment both technically and economically. At a geological level we have amassed an enormous volume of high-quality data, independently supported by the leading industry experts. The bottom line is that Talitha #A has confirmed five separate zones, all hydrocarbon bearing, and which collectively have significantly increased our estimate of oil in place on our 100% controlled acreage."


    "A great frustration is that we simply ran out of time to test all the zones. This cloud has a silver lining - when we plan to come back this coming winter, we will have the twin luxuries of a testing program incorporating the results of a thorough analysis of the dataset, and a much longer testing window. This can be accomplished with a small rig and at a much reduced cost. The Kuparuk itself is not yet fully understood, but we believe still offers tremendous potential if drilled differently given its inherent geologic properties. This experience is normal in the industry in any first well drilled in a new area. I would like to thank our exceptional technical team for their extraordinary efforts on this well over the past few months."


    Jay Cheatham, CEO, said:


    "Today's news is a tale of two stories. We are of course disappointed not to deliver the high tested flow rates we were hoping for from the Kuparuk. We will continue our analysis of this complex zone as we believe it still offers great potential for our Company. The shallower (Brookian) zones continue to grow and evolve as we receive new data. Baker Hughes AHS have independently confirmed our belief. We anticipate providing an upgrade to management's resource estimates once analysis is completed."


    "While the testing of the Kuparuk has not gone to plan, we set an incredibly high bar to attempt to drill and test four independent zones in one North Slope winter drilling season. If we had the VAS data before drilling, we would likely have drilled and tested the Kuparuk formation differently. The Baker Hughes AHS analysis has concluded there are strong indicators of five oil pay zones across some 3700 ft. This technology is proven and successfully used in other parts of Alaska and North America. The Basin Floor Fan discovery at this downdip location sets up a significant and low risk opportunity and is sure to attract international partner attention. We have learned that our acreage contains a vast hydrocarbon play, located along and close to the Dalton Highway and the Trans Alaska Pipeline. We have de-risked this play significantly which will lead to upgrades in due course."
     
  16. BigP

    BigP Keeping the Faith

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    20 April 2021



    Pantheon Resources plc


    Talitha #A, Baker Hughes AHS VAS Report


    Update on Forthcoming Shareholder Presentation


    Pantheon Resources plc("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration and production company with 100% working interests in several conventional projects on theNorth SlopeofAlaska, announces that the Baker Hughes AHS Volatile Analysis Service ("VAS") report, 'A High-Level Executive Summary of Cuttings Volatiles from the Great Bear Pantheon Talitha A Well, North Slope, Alaska', will be made available on the Company website under 'Shareholder Documents', shortly before the Shareholder Presentation at 4pm BST, today. Pantheon will discuss findings from the report during the presentation.

    Company website: www.pantheonresources.com


    Shareholder Presentation


    The presentation is open to all shareholders and interested parties. Those wishing to participate will be able to access the webinar via the link below.


    https://www.bigmarker.com/share-tal...estor-Presentation-and-Q-A-Session-April-2021


    Attendees should use the latest version of Chrome, Safari or Firefox for the best experience.


    Alternatively, investors can download the IOS application for Big Marker, or dial in via telephone. Details are outlined below:


    Webinar ID: 79f0f8add05b

    Dial: USA (312) 248-9348

    Dial: UK (0)1793 250421

    Attendee Dial-in ID Number: 682240

    Attendee Dial-in Passcode: 1657


    If you would like to submit a question for the Q&A session, please email info@blytheweigh.com.
     
  17. BigP

    BigP Keeping the Faith

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