Pantheon Resources is an independent oil and gas exploration and production company incorporated in the UK with a portfolio of high impact projects onshore USA, primarily focusing on the Alaskan North Slope, with an estimated  combined P50 Technically Recoverable Resource exceeding 1.2 billion barrels of oil. Directors along with Company consultants estimate potential oil in place (“OIP”) on its acreage in the multi billion barrel range. In January 2020 Pantheon received an Independent Experts Report on its 100% owned Greater Alkaid project, estimating a P50 Contingent Recoverable Resource of 76.5 million barrels of oil with an NPV10 of US$595 million (based upon the then current oil price of $55 per barrel). In March 2020 Pantheon advised that analysis had been completed over the shallowest of three independent horizons at its Talitha project, estimating 1.8 billion barrels OIP and 483 million barrels of oil P50 Technically Recoverable Resource

Pantheon’s primary asset is located on the Alaskan North Slope where Pantheon holds  89% - 100% working interest in its projects, which offer multi billion barrels of oil potential. All projects are beneficially located immediately adjacent to the major TAPS pipeline (Trans Alaska Pipeline System) and the Dalton Highway, the major transportation artery for the Alaskan North Slope. The Company is presently seeking a farm-in partner to jointly drill and develop the projects. Such a dominant working interest provides the Company  flexibility to negotiate a suitable farm out deal with potential partners.

Pantheon’s secondary asset is in East Texas where in Tyler and Polk Counties Pantheon holds between 55.1%- 100% working interest in a number of prospects. These prospects include the Eagle Ford sandstone, Austin Chalk, Navarro and Wilcox formations.  Given Pantheon’s primary focus on  Alaska, the Company is considering options with respect to its East Texas portfolio.

Pantheon’s strategy is to maximise shareholder value through strategic drilling (and farm-outs where appropriate) to prove up its assets, achieve an exit, and maximize value. Given its dominant working interest positions in both Alaska and East Texas, Pantheon has the capacity to tactically use farm outs as a method of funding, to subsidise future operations with a strategic partner(s).

Pantheon is currently engaged in a farmout process for its Alaskan assets. A physical data room for potential partners to undertake project due diligence is available in Houston. The Company has also developed a virtual data room as a result of the impacts of COVID 19 and associated travel bans.

Pantheon has a very experienced Board, all of whom are shareholders, with proven track records of success in the industry, and of building profitable companies for sale. Pantheon’s board also has a deep history with oil and gas in Alaska.

Alaska North Slope

In January 2019 Pantheon acquired the assets of Great Bear Petroleum ("GBP"), a focused Alaskan North Slope (“ANS”) oil and gas company. The ANS hosts the largest conventional oil and gas accumulations in North America. GBP had been operating on the ANS for almost a decade and over US$200m has been invested on the project to date, providing a comprehensive proprietary dataset of understanding. The ANS has experienced an exploration revival and now boasts among the largest recent conventional onshore oil discoveries made anywhere in the world. These discoveries all tested high production rates of good quality light oil from conventional reservoirs. Drilling by GBP and adjoining operators has highlighted the significant prospectivity of Pantheon’s acreage as offering billions of barrels of oil potential in stacked conventional targets across multiple geological plays. In 2019 Pantheon successfully flow tested the Greater Alkaid discovery well, producing light oil.

Pantheon is a large exploration leaseholder where it controls around 180,000 gross acres, most of it contiguous, south of the giant Prudhoe Bay and Kuparuk oil fields which are the largest oil fields in North America. This acreage is covered by c.1,000 square miles of proprietary 3D seismic and contains several existing discoveries and a host of world class exploitation prospects. Pantheon’s working interest in Alaska is between 89%-100%.

Apart from being a proven prolific oil province, Pantheon’s acreage position is operationally (and commercially) advantaged by its immediate proximity the Trans-Alaska Pipeline System (“TAPS”) and the Dalton Highway which both pass through its leasehold, enhancing near term commercialization opportunities. Such close proximity to infrastructure provides Pantheon with a significant competitive advantage versus other Operators, with lower development and production costs and more rapid commercialization opportunities, yielding higher per barrel NPV’s.

Greater Alkaid project

In March 2019 Pantheon announced its Alkaid well as a discovery in the Brookian formation, following successful flow testing which exceeded expectations. This was an excellent result for Pantheon, with positive implications for Pantheon’s other Brookian prospects. In January 2020, Lee Keeling & Associates provided an independent experts report confirming a Contingent Resource of 76.5 Million Barrels of Recoverable OilHighlights of the report included:

  • 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 a realised oil price (after transportation costs) of $55 held flat
  • $8.50NPV10 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 December 2019 Pantheon announced the successful acquisition of over 27,000 acres in the State of Alaska's North Slope Areawide Lease sale, strategically positioned in two areas contiguous or adjacent to our current acreage on our northern and southwestern boundaries. These acreage additions are covered with proprietary 3D seismic and were selected as a result of detailed technical work completed by Pantheon and its consultants at eSeis. Management believe the new acreage offers significant potential for the Company.

In March 2020 Pantheon announced that it had completed analysis of the shallowest of three independent horizons at its Talitha project, the “Shelf Margin Deltaic” horizon, and estimated that this formation had the potential to contain 1.8 billion barrels of oil in place (OIP) and a (50 Technically Recoverable Resource of 483 million barrels of oil. Estimates for the additional two zones, the “Kuparuk” and the “Slope Fan System” will be provided in due course, once analyses has been completed.



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