Pantheon Resources PLC Contract for a Drilling Rig for Talitha #A well (3971G)

TIDMPANR

RNS Number : 3971G

Pantheon Resources PLC

25 November 2020

25 November, 2020

Pantheon Resources plc

Contracting of a Drilling Rig for the Talitha #A well

Pantheon Resources plc ("Pantheon" of "the Company") the AIM-quoted oil and gas exploration company with working interests of 89.2% - 100% in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope is pleased to announce the execution of a rig contract with Nordic Calista Services (a wholly owned subsidiary of Calista Corporation), to drill the Talitha #A well on our Talitha Unit, with operations expected to commence in January 2021.

The Talitha #A well will target four independent reservoirs in three separate trapping sequences which the Company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the ultimate potential of the lower targets.

The Talitha Unit lies adjacent to the Dalton Highway and Trans Alaska Pipeline with the major infrastructure servicing the North Slope of Alaska, offering significant financial and operational advantages in the event of a commercial discovery.

The contract secures the use of Rig #3 for the upcoming Talitha #A well, which is the same rig which successfully drilled the Winx #1 and Charlie #1 wells for another operator on the Alaska North Slope in the last two winter seasons.

Nordic Calista is a specialist in working in the harsh environmental environment unique to Arctic oilfields. Founded in 1972, Calista Corporation (Calista) is one of the largest of the 13 regional corporations formed under the Alaska Native Claims Settlement Act (ANCSA) of 1971.

Michael Duncan, VP of Operations & Engineering stated:

"We are excited to work with the management team at Nordic Calista for this project. The rig and the crew have experience with winter drilling in the central region of the North Slope. It's an ideal combination of personnel, rig capabilities, regional experience, and geologic opportunity."

Jay Cheatham, CEO, stated:

"Our ability to execute this contract so quickly after securing funding for this well testifies to the commitment of our engineering, operations and legal teams in Alaska. We were confident that we will drill this winter largely down to the determination of our operations team.".

-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 
  Adam James 
  Angelos Vlatakis                                  [phone] 
 
 Blytheweigh 
 Tim Blythe, Megan Ray, Madeleine Gordon-Foxwell    [phone] 
 
 

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas exploration and production focused on 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.

On the North Slope of Alaska, Pantheon holds working interests of 89.2% - 100% in projects covered by c.1,000 square miles of proprietary 3D seismic. The Company has received Independent Expert Reports certifying a Contingent Resource of 76.5MMBO (million barrels of oil) recoverable on its Greater Alkaid project and 302MMBO Prospective Resource at its Talitha project.

Information contained within this RNS is considered to be inside information prior to its announcement. For further information on Pantheon Resources plc, see the website at: www.pantheonresources.com . The information contained within this RNS is considered to be inside information prior to its release. 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.

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 [e-mail] or visit 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.

END

CNTLZLLLBFLZFBX

(END) Dow Jones Newswires

November 25, 2020 02:00 ET (07:00 GMT)