Pantheon Resources Plc ("Pantheon" or "the Company") announces that following an initial review of the acreage acquired in the December lease sale, announced on 12 December 2019, the Board has identified two new projects 'Theta West' and 'Leonis', which management estimates could contain in excess of 1 billion barrels of oil in place ("OIP").
The Company confirms it will be hosting a presentation and Q&A session for investors at 09.30am GMT this morning 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 Company looks forward to discussing, with investors, the significance of the independent expert report on the Company's 100% owned Greater Alkaid project. Â The report provided a Contingent Resource estimate of 76.5 million barrels of recoverable oil ("MMBO"), with an estimated NPV10 of US$595 million on a modelled phase 1 field development over a 20 year period with a 30,000 BOPD peak rate and 70 MMBO produced.
Further to earlier updates, evaluation continues on the Talitha Appraisal (Brookian) and Talitha exploration (Kuparuk) projects. The results of the Lee Keeling & Associates ("LKA") Independent Expert Report on the Greater Alkaid project has a direct impact on Pantheon's other projects and has validated the Company's and eSeis's ongoing analysis. The results have supported the Company's geologic interpretation which the Directors believe has the potential to increase estimates for oil in place and recoverable resource at Talitha. At this stage the analysis is not complete and therefore there can be no certainty of an increase.
A copy of the presentation will be made available on the Company website shortly.
Jay Cheatham, CEO, stated:
"The Independent Expert Report exceeded my expectations and our projects continue to evolve positively. As I stated last week, good oil fields get bigger and better over time. We now have a fantastic valuation on Greater Alkaid, have added over 1 billion barrels of oil in place to our portfolio, and the size and quality of Talitha is looking better every day. We look forward to continuing to share this great news with our investor base.
"I can't give any specifics about the farm out discussions, however the independent experts report has substantially helped the process and I am greatly encouraged."