Onshore hydrocarbon exploration and production on the North Slope of Alaska is Pantheon’s strategy, where our expertise and competitive advantage lie. Our lean organisation with tight cost controls is committed to maximising the potential returns to shareholders through carefully targeted exploration and appraisal in proven areas.
Onshore Alaska is part of a sophisticated free market economy in the USA where the rule of law and encouragement of free enterprise are both deeply ingrained. Our location, immediately underneath and adjacent to established and underutilized Trans Alaska Pipeline System (TAPS) and transport infrastructure yields huge advantages. We can bring on stream any oil discoveries to market more quickly and cost-effectively than other projects on the North Slope of Alaska.
Despite being a small exploration and appraisal company, we have the benefit of over 10 years in-depth proprietary knowledge of the geology, resulting from over US$200m invested on Pantheon’s Alaskan acreage to date. The board of Pantheon believes that its low cost, narrow focus (“prove up and sell”) strategy offers investors a unique and attractive opportunity to participate in high impact, risk managed drilling which offers significant potential. We have over 1,000 square miles of proprietary 3D seismic as well as a significant acreage position spanning four projects. The anticipated award of two production units in late 2020 by the State of Alaska over the Greater Alkaid and Talitha projects (which encompass nearly 70,000 acres combined) will be a crucial milestone for our company.
Next year’s drilling will test prospects that are extremely large with commensurate economic potential compared to our current market capitalization. Any commercial discoveries of hydrocarbons from this drilling will transform the scale and reach of the company. Our strategy is to monetize the assets by a sale or other means at the appropriate time.