Business
Final Results for the Year Ended 30 June 2019
Final Results for the Year Ended 30 June 2019.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 0582E\n Pantheon Resources PLC\n 25 February 2020\n \n \n \n \n 25 February, 2020\n \n \n \n \n \n Pantheon Resources plc\n \n \n Final Results for the Year Ended 30 June 2019\n \n \n \n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\" or \"the Group\"), the AIM-quoted oil and gas exploration company with 89.2% - 100% working interests in several projects on the Alaskan North Slope, and 58% - 100% working interests in projects in Polk & Tyler Counties, East Texas is pleased to announce its results for the year ended 30 June, 2019:\n \n \n Operational Highlights\n \n \n ·\n A transformational year for Pantheon, repositioning its asset base following the acquisition of the \n Great Bear Petroleum \n Ventures I LLC and Great Bear Petroleum Ventures II LLC (together the \"Great Bear Companies\") \n which completed in January 2019, and establishing itself as a significant stakeholder on the Alaskan North Slope, with a strong portfolio offering multi-billion barrel of oil in place potential:\n \n \n o \n Over $200m invested on the assets prior to the acquisition by Pantheon\n \n \n o \n Approx. 1,000 square miles of mostly proprietary 3D seismic\n \n \n o \n Confirmed discoveries on both the Alkaid and Talitha projects\n \n \n · \n A strategic refocusing of the Group, establishing Alaska as the primary asset, ahead of East Texas\n \n \n · \n Significant milestones achieved at Alkaid during the year, including:\n \n \n o \n Successful flow testing of the Alkaid #1 discovery well\n \n \n o \n Alkaid and Phecda considered to be one continuous oil accumulation \"Greater Alkaid\" \n \n \n o \n More recently, Independent Expert Report (\"IER\") received, confirming 76.5 Million barrels of oil (\"MMBO\") Contingent Recoverable Resource\n \n \n o \n IER modelled a 20 year development plan for Greater Alkaid at $55 oil price, estimating an NPV10 of US$595m, EUR (estimated ultimate recovery) of 2.25 MMBO per well and an NPV10 of US$8.50 per barrel of oil\n \n \n · \n eSeis (experts in geophysical and petrophysical analysis) have chosen to work as a partner, aligning interests with the Company and demonstrating industry validation\n \n \n · \n Farmout process well underway - increased interest over recent weeks following Independent ...