Pantheon Resources Plc · LSE:PANR
Pantheon Resources — Corporate Update (September 2009)
16 slides from Pantheon Resources's corporate update, Sep 25, 2009
Slide 1: Shareholder Update on Tyler County, Austin Chalk Project
Shareholder Update on Tyler County, Austin Chalk Project 25 September 2009
Slide 2: Disclaimer
Disclaimer This presentation and all additional comments made or made available at the conference call arranged for 2.00pm London time on 25 September 2009 (the “Presentation Materials”) are for information purposes only and do not constitute an offer or invitation to subscribe for or purchase any s
Slide 3: Tyler County, Austin Chalk: Pre-drill view
Tyler County, Austin Chalk Pre-drill view 25 September 2009 3
Slide 4: Map of Austin Chalk Play
Map of Austin Chalk Play 25 September 2009 4
Slide 5: Tyler County, Austin Chalk
Tyler County, Austin Chalk Aim to prove extension of proven Anadarko/Ergon field Anadarko/Ergon have drilled north to south to the Pantheon JV lease line Success rate of 98% on this acreage Sole unsuccessful well was mechanical failure Average gross recovery from Anadarko wells = 5 bcf per well Pant
Slide 6: Assessment and Implication of Vision Rice University #1 Well
Tyler County, Austin Chalk Assessment and Implication of Vision Rice University #1 Well 25 September 2009 6
Slide 7: VRU#1 Well Results
VRU#1 Well Results P&A solely for mechanical reasons – equipment stuck. But... Geological success – natural gas, condensate & black oil flowed. VRU#1 has confirmed an extension to the Brookeland Field drilled by Anadarko/Ergon. Overall project prospectivity undiminished. Gross reserve estimates per
Slide 8: Flare at VRU#1
Flare at VRU#1 25 September 2009 8
Slide 9: Flare at VRU#1
Flare at VRU#1 Note scale of flare relative to caravan 25 September 2009 9
Slide 10: Mechanical Problems in VRU#1 - an Assessment
Mechanical Problems in VRU#1 - an Assessment Mechanical problems principally caused by higher than expected reservoir pressures; and unexpected presence of an unconsolidated rubble zone. Reservoir pressures encountered (>13,000 psi) exceeded upper limit of pre- pre-drill expectations and that of oth
Slide 11: VRU#1 Results – Implications for the remainder of the programme
VRU#1 Results – Implications for the remainder of the programme VRU #1 failed for mechanical reasons. However, geologically it was a success proving an extension of the Brookeland Field. VRU#1 encountered several significant features: 1. Significantly higher reservoir pressures: Indicator of higher
Slide 12: Rubble Zone
Rubble Zone 25 September 2009 12
Slide 13: Further Upside Potential
Further Upside Potential Down-dip Austin Chalk wells in the Giddings Field have produced 20 Down- 20-- 30 bcfe per well of natural gas. Pantheon JV acreage is down- down-dip of the Brookeland Field - in a similar geologic setting. Implies down- down-dip wells in Brookeland Field may be more producti
Slide 14: Drill Programme Information
Drill Programme Information Estimated 50 wells to be drilled. Average gross reserves of 8 bcfe per well. increase of 60% from earlier estimates. Rapid payback due to very high initial production rates. Wells typically produce 50% to 55% of reserves in first year. Potential for the programme to be se
Slide 15: Tyler County, Austin Chalk Play - Economics
Tyler County, Austin Chalk Play - Economics Based on the following assumptions, for illustrative purposes only: Estimated 50 wells x 8 bcfe average per well = potential 400 bcfe gross to JV Pantheon (25% WI) = 100 bcfe net Blended strip price = US$6.50/mcf* Gross un- un-risked (25% WI) revenue for e
Slide 16: Corporate
Corporate Shares in Issue - 44,391,730 Share Price - £0.112 (24 September 2009) Market Capitalisation – GBP£4.97 million (USD $8.05 million) Debt (Bridging loan) - GBP£1.13 million 25 September 2009 16
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