Operations Update

RNS Number : 9652V

Pantheon Resources PLC

17 December 2021

 

17^th December 2021

Pantheon Resources Plc

Operations Update

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

Approval of Theta West and Talitha Operations

Pantheon is pleased to announce that is has received formal approval for the Plan of Operations at Theta West and Talitha from the State of Alaska, Department of Natural Resource ("DNR").

Applications at both locations for a number of customary permits and authorisations are underway, with the following applications having already been approved;

· Driveway Permit from the Alaska Department of Transportation;

· Air Permit General Permit and Solid Waste Disposal Authorizations from the Alaska Department of Environmental Conservation;

· Temporary Water Use Authorisations from the Alaska DNR;

· Habitat Permits from the Alaska Department of Fish and Game; and

· Letter of Non-Objection from the Alyeska Pipeline Service Company, the operator of the Trans Alaska Pipeline.

Formal Contracting of the Rig

The Company has formally contracted the services of the Nordic-Calista No.3 rig and crew, as previously used to drill and test the Talitha #A well earlier this year.

The contract secures the use of Rig #3 for two new wells; one at Theta West and one at Alkaid, with Talitha #A to be tested through the use of a separate coiled tubing unit. There is also the potential for an additional well at Alkaid, following the upscaled fundraise.

Ice Road Construction

The Company is pleased to announce that it has already commenced construction of the ice road which will extend from the Dalton Highway directly to the Talitha #A site, and onwards to the Theta West location, approximately 10.5 miles to the northwest.

Jay Cheatham, CEO of Pantheon Resources, stated:  

" Building on the successful $96 million fund raise last week, we are well positioned for a very busy period of near continuous drilling and testing activity from mid-January until possibly, well into the summer of 2022. We are pleased to receive formal approval of our Plans of Operations at Theta West and Talitha and continue to work closely with the State of Alaska to finalise the remaining applications.

" The work accomplished last winter means we return to the North Slope with our assets substantially de-risked.  The drilling of two new wells, and possibly a third, as well as re-entering and testing the Talitha #A well, has the potential to create significant value for our Company. I am proud our team for the hard work it has taken to get to this point and look forward to updating the market as drilling commences."

-Ends-

Further information:

Pantheon Resources plc	[phone]
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate Development
Canaccord Genuity plc (Nominated Adviser and broker)
Henry Fitzgerald-O'Connor,   James Asensio	[phone]
Blytheweigh
Tim Blythe, Megan Ray, Alice McLaren, Madeleine Gordon-Foxwell	[phone]

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company with 100% working interests in several large projects located on the North Slope of Alaska ("ANS"), onshore USA. A major differentiator to other ANS projects is its close proximity to transport and pipeline infrastructure. 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.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) incorporated into, or forms part of, this announcement. The information contained within this announcement is considered to be inside information prior to its release.

 

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