Business
Operational and Corporate Update
Operational and Corporate Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n 6th September 2022\n \n \n \n \n \n Pantheon Resources plc\n \n \n Operational and Corporate Update\n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM listed oil and gas company with a 100% working interest in all of its oil projects spanning c. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, is pleased to provide the following operational update.\n \n \n \n \n \n \n Operations update - Alkaid #2\n \n \n \n The Nabors 105 rig, used to drill the Alkaid #2 well has been fully demobilised, and wireline and completion equipment is now on location where completion operations have commenced. The well will be perforated, stimulated and plugged off in sections, prior to the commencement of flow testing, anticipated in early October. The Company looks forward to advising shareholders of flow test results in due course.\n \n \n \n \n \n \n \n \n Procurement and mobilisation of production facilities\n \n \n \n Pantheon is pleased to advise that it has upgraded the capacity of the production facilities, which are currently enroute to the North Slope. The increased capacity of these modular facilities is sufficient to process oil production from multiple wells.\n \n \n \n \n \n \n OTCQX application\n \n \n \n Further to the Company announcement on 18 August 2022, Pantheon advises that its application for its ordinary share capital to trade on the OTC Market's OTCQX trading platform, the top tier of the three marketplaces for the OTC trading of stocks in the Unites States, is nearly complete with commencement of trade anticipated in the coming days. Admission to the OTCQX will allow U.S. investors greater ability to access the Company's ordinary shares in U.S. dollars and during U.S. market hours. The Company is not seeking a fundraising in conjunction with this process.\n \n \n \n \n \n \n \n \n Other\n \n \n \n Pantheon has been advised by Farallon Capital Management LLC, the discretionary investment manager of CHONS LLC that it qualifies for an investment manager exemption pursuant to DTR 5.1.5 R (1)(a) in the FCA Rules. The practical effect of the investment manager exemption is that, where a person is acting as investment manager to another person, the applicable disclosure thresho...