Pantheon Resources Plc · LSE:PANR

Pantheon Resources — Investor Presentation (May 2008)

22 slides from Pantheon Resources's investor presentation, May 2008

  1. Slide 1: Investor Presentation – May 2008

    Investor Presentation – May 2008

  2. Slide 2: Disclaimer

    Disclaimer „ THESE PRESENTATION MATERIALS ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES, AND NEITHER THE PRESENTATION MATERIALS NOR ANYTHING CONTAINED THEREIN NOR THE FACT OF THEIR DISTRIBUTION SHALL FORM THE BASIS OF OR BE

  3. Slide 3: Investment Highlights

    Investment Highlights „ Niche player in Gulf of Mexico region „ Base created with production/cash flow from existing discoveries „ Achieved within six months of IPO „ Success rate at 55% since IPO „ New pplayy in East Texas Austin Chalk pprovides ppotential for significant value creation „ Known pro

  4. Slide 4: Pantheon - Current Assets

    Pantheon - Current Assets „ Padre Island – 2 producing wells „ S th Texas South T – 3 producing d i wells ll „ Current net revenue interest production from 5 wells c.550 mcfe per day „ Low operating cost & overheads May 2008 4

  5. Slide 5: Map of Austin Chalk Play

    Map p of Austin Chalk Playy May 2008 5

  6. Slide 6: Tyler County Texas Chalk

    Tyler y Countyy Texas Chalk* „ Known producing region – Brookeland Field „ Has been drilled by Anadarko and Ergon „ Overall Tyler y Countyy pprogramme g 44 of 45 wells “on structure” are economic „ Equivalent to 98% success rate „ Wells ll ““off ff structure”” are uneconomic *All Tyler County Texas

  7. Slide 7: Tyler County Texas Chalk

    Tyler y Countyy Texas Chalk* „ From public data**, Anadarko has 27 successful wells out of 28 drilled „ Success rate of 96% „ Sole unsuccessful well was mechanical failure. Now being redrilled „ Average gross recovery from Anadarko wells = 5 billion cubic feet per well „ Average A net ((after f cape

  8. Slide 8: Tyler County Texas Chalk

    Tyler County Texas Chalk* „ Estimate Anadarko Tyler County Play yielded US US$$500 mln net operating income/cash flow to date date.. „ Ergon Ratcliff l ff wellll offsetting ff proposedd Pantheon h (Vision) acreage acreage.. „ Initial production of 490 barrels condensate and 26 million cubic feet gas

  9. Slide 9: Tyler County Texas Chalk

    Tyler y Countyy Texas Chalk* „ Vision Resources (operator) controls next stage of play expansion „ A d k / Ergon Anadarko/ E have h drilled d ll d northh to southh to Vision’s V ’ northern h llease lline „ Pantheon would have 25% interest in this play extension „ Pantheon’s ppartners would be Vision

  10. Slide 10: Tyler County Texas Austin Chalk

    Tyler County Texas Austin Chalk May 2008 10

  11. Slide 11: Tyler County Austin Chalk

    Tyler County Austin Chalk Bl k iin yellow Blocks ll iindicate di t ViVision i lleasehold h ld acreage May 2008 11

  12. Slide 12: Low Risk: Vision acreage is surrounded by production

    Low Risk: Vision acreage is surrounded by production & vertical wells drilled to the Woodbine or Buda Anadarko A-955 BP America Anadarko A-316 BS Isaacs Anadarko Ergon #A-371 BP Ergon #1 Ratcliff Blackstone #1 Rice Anadarko Univ #A-745 BP Blackstone Vision Vision #1 BSMC #1 Bobby Ray Vision LP 1 & 2

  13. Slide 13: Tyler County Texas Austin Chalk

    Tyler y Countyy Texas Austin Chalk* „ Pantheon would have 25% interest in this extension development/exploration play „ Pantheon would p payy back costs relatingg to first 3 wells and „ Receive 150% revenue interest until programme payout „ After 3 wells Pantheon would earn a full 25% interest in th

  14. Slide 14: Tyler County Austin Chalk

    Tyler y Countyy Austin Chalk* „ Average well pays out in 5 months „ Average gross well costs US$7 mln „ Programme includes back costs for land and G&G „ Pantheon’s h ’ net bbackk costs would ld be b „ US$2.5 mln each in wells 1 and 2 „ US$2 mln in well 3 „ No back or promote costs after well 3 *All

  15. Slide 15: Chalk Programme Wells

    Chalk Programme g Wells* „ Drillingg pprogramme g on average g well for Pantheon with back costs ppays y out in 18 months „ After payout four average wells would generate US$1.4 mln per month net to Pantheon, declining over time „ US$8.5 mln funding needed for 2 wells „ After programme payout, each

  16. Slide 16: Tyler County Texas Austin Chalk

    Tyler y Countyy Texas Austin Chalk* „ Drilling to start June 2008 „ Time to drill a well 75 days „ Vertical section takes 45 days „ Horizontal section up to 30 days *All Tyler T l County C t Texas T Chalk Ch lk Data D t Provided P id d by b Vision Vi i Resources R LLC May 2008 16

  17. Slide 17: Wilson – Discovery

    Wilson – Discoveryy „ Discoveryy made in JJune 2007 in main target g zone „ Onstream September 2007 „ Original production at 3.0 mmcfd as at 1 October 2007 „ Current Production c.1.1 mmcfpd „ Appraisal/development well possible for 2009 „ Pantheon h WI: 31.77% May 2008 17

  18. Slide 18: Dunn Deep – Discovery

    Dunn Deep p – Discovery y „ Farmed-into Dunn Deepp #2 well in August Farmed- g 2007 „ Existing shallow discovery on Padre Island „ Onstream September 2007 within two weeks of discovery being made „ Original production at 4.8 mmcfd and 70 bopd of condensate „ Current C t PProduction d ti c.3.9 3 9 mm

  19. Slide 19: Project Wharton

    Project j Wharton „ Pantheon farmed- farmed-into Project j Wharton,, South Texas in JJune 2006 „ Six wells have been drilled with success rate of 67% „ Three discoveries on- on-stream producing around 850 mcfd „ Pantheon NRI averages 10% „ Average time from discovery to first output less than three

  20. Slide 20: Bullseye Venture

    Bullseye y Venture „ Located in Iberville Parish, South Louisiana „ Two targets g to be tested with one well „ Stratigraphic traps delineated by 3D seismic „ Combined Co b e ggross oss best estimate est ate potential pote t a reserves of 18 mmboe „ Well spudded late April „ Paying 15% to earn 11.25%

  21. Slide 21: Summary

    Summary y „ Base created with production/cash flow from existing discoveries „ Asset portfolio further diversified with potential for major growthh iin reserves andd output „ Drilling programme now underway offering major upside potential „ Bullseye currently drilling „ Drilling programme on Tyler C

  22. Slide 22: Capital Structure

    Capital Structure „ Existing shares on Issue 17,052,329 „ Placing g pprice £0.20 „ Market Capitalisation (at £0.20) £3.41 million „ Expected Placement* up to £4.54 million Options £1.00 £1 00 Exercise Price 833,284 833 284 £1.25 Exercise Price 500,000 £1.50 Exercise Price 950,000 £2.00 Exercise Pric

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