Business
Opening of Data Room and Farmout Process
Opening of Data Room and Farmout Process.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8197H Pantheon Resources PLC 05 August 2019 \n\n \n \n \n \n \n05 August, 2019\n \nPantheon Resources plc\n \nAlaska Update - Opening of Data Room and Commencement of Farmout Process\n \nPantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with up to 100% working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and 75% - 90% working interests in several projects onshore North Slope of Alaska, is pleased to provide the following update:\n \n \nUpdate on Farmout process\n \nPreparation of the data room to allow potential partners to undertake technical due diligence in relation to a potential farmout of a working interest in the Company's Alaskan projects is now largely complete. Confidentiality Agreements are presently being agreed with certain interested parties prior to their admittance into the data room.\n \nSubject to completion of a successful farmout, the Company seeks to drill a minimum of two wells in Winter/Spring 2019/2020 (most likely one at Talitha and one at Alkaid/Phecda), with first production possible in 2020.\n \n \nJay Cheatham, CEO, said: \n \n\"An enormous amount of work has gone into preparing this data room by both the Company and by our partners at eSeis. eSeis will jointly manage the process with us and by virtue of their 1% royalty are incentivised to achieve the best farmout terms possible. I was in the data room myself only last week and am very happy with the quality of the information available for review.\"\n \n\"We firmly believe the quality and potential scale of these assets is world class. I am confident the potential farminees will recognise this once they have seen the data. Our favourable location immediately adjacent to both the Trans-Alaska Pipeline System and the Dalton Highway offers significant advantages compared to other Alaskan projects. This should result in much lower capital requirements and much faster development timetables in a success case, with first cashflows possible in 2020. We anticipate great interest in our projects from potential partners.\"\n \n \n-ENDS-\n \nFurther information:\n \n\n\n\n\nPantheon Resources plc\n\n\n+44 20 7484 5361\n\n\n...