Pantheon Resources Plc · LSE:PANR
Pantheon Resources — Shareholder Meeting (February 2007)
25 slides from Pantheon Resources's shareholder meeting presentation, Feb 9, 2007
Slide 1: AGM Presentation
AGM Presentation 9 February 2007
Slide 2: Overview
Overview Principal asset is a c. 25% working interest in the Padre Island Joint Venture Targets are large, high-quality natural gas prospects, in what the directors consider to be an under-explored deep section of the Gulf of Mexico Targets have been identified ranging in size up to 337 bcf* Active
Slide 3: Highlights
Highlights Two Key events… 1. Padre Island Joint Venture Plum Deep spudded 1 August, 2006 Deemed non-commercial in January 2007 2. Project Wharton Farmed into new project “Wharton”, Onshore Texas Five shallow wells drilled, three discoveries made Two fields producing natural gas. Third awaiting star
Slide 4: Padre Island Joint Venture - Plum Deep
Padre Island Joint Venture-Plum Deep Spudded 1 August, 2006 Deeper zones declared non-commercial on 10 January, 2007 This followed extensive testing and sampling Seal failure along fault - most likely cause of failure in deep section Shallower zone remains to be tested, subject to ongoing analysis o
Slide 5: Padre Island Location
Padre Island Location Padre Island is located in the Gulf of Mexico just off the coast of South Texas The PI Project covers an area approx 100km long and 12km wide Drilling leases cover around 10,700 hectares Padre Island is a proven hydrocarbon area Historically, drilling at Padre has been to shall
Slide 6: Key Features
Key Features Under-explored relative to other parts of the Gulf of Mexico due to: Limitations imposed by lack of 3D seismic A depressed US natural gas market Numerous change of Operator resulting from corporate activity resulted resulted in inactivity 3D seismic has allowed the imaging of deeper lar
Slide 7: Infrastructure Available
Infrastructure Available Some 25 fields have been developed in and adjacent to the PI Project area, and West Bird Island have produced some 1.7 tcf (cumulative) La Playa of natural gas Dunn Deep Wilson Padre Island contains a network of common carrier pipelines Peach Plum Manzano Plum Shallow Spare
Slide 8: Padre Island Joint Venture Participating Interests
Padre Island Joint Venture Participating Interests Working Interest Paying Interest* Prospects Murdock South 25% 33.3% Manzano Deep 25% 33.3% Kingsway 25% 33.3% Wilson 27.6%** 34.3% Lemonseed (deep) 25% 33.3% *Promoted terms only paid until casing point ** Subject to contract execution 09 February 2
Slide 9: Prospect Inventory
Prospect Inventory 09 February 2007 9
Slide 10: Padre Island Joint Venture Drilling Programme
Padre Island Joint Venture Drilling Programme P50 Potential Reserve Current Planned Start Prospect Size (Gross)* Date Wilson 9-21** Spudded February, 2007 Manzano 178- 178-337 First half 2007 Murdock South 94- 94-232 Second half 2007 Kingsway 21 tba Lemonseed 67 tba *This range is based on estimates
Slide 11: Padre Island Joint Venture - Wilson
Padre Island Joint Venture-Wilson Spudded February, 2007 Faulted three-way closure very similar to analogs discovered by BNP and Novus only 3 miles to NE Main structural risk is northern extent of eastern trapping fault If Wilson is successful then there appears to be another untested trap to west T
Slide 12: Project Wharton
Project Wharton Pantheon farmed-into a natural gas exploration venture in Wharton County, south Texas in June 2006 Rationale to balance portfolio with low risk/reward plays. Early cash flow potential Operated by the Everest Resource Company which has a long successful history operating in the Texas
Slide 13: Project Wharton
Project Wharton Three discoveries from five wells drilled Zebu on-stream since end September 2006 Mohawk onstream since 1 December 2006 Caddo completed and awaiting production start-up Baptist scheduled to be drilled in first quarter 2007 Successful completed total cost outlay was estimated at aroun
Slide 14: Wharton Drilling Project
Wharton Drilling Project Houston Corpus Christi 09 February 2007 14
Slide 15: Project Wharton – Pantheon Interests
Project Wharton – Pantheon Interests Prospect Pantheon WI (%) Drilling Status Comments Zebu 9.375 Onstream Producing 200 mcfd gross Dakota 18.75 Non-commercial 7 other prospects on AMI Caddo 18.75 Discovery 6 other prospects on AMI Mohawk 18.75 Onstream Producing 120 mcfd gross 1 other prospect on A
Slide 16: Corporate Strategy
Corporate Strategy Pantheon’s strategy is to focus on hydrocarbon exploration and production onshore or near shore the Gulf of Mexico (“GoM”) or onshore USA Pantheon has no intention of being an Operator at this stage Corporate overhead costs are being kept intentionally low to maximise leverage to
Slide 17: Capital Structure
Capital Structure Ordinary Shares Number in issue - 15,552,329 Price per share -£0.66 Market Capitalisation - £10.26m Options (Apr 2011) Exercise Price (£) Quantity 1.00 483,284 1.25 250,000 1.50 650,000 2.00 650,000 09 February 2007 17
Slide 18: Summary
Summary High-impact deep gas prospect portfolio (Padre Island) coupled with lower risk, low impact shallow portfolio (Project Wharton) Situated in proven hydrocarbon province (GoM) High quality prospects covered by 3D seismic, ready for drilling Drilling rig contracted Abundant infrastructure with s
Slide 19: Other PI Project Prospects
Other PI Project Prospects 09 February 2007 19
Slide 20: Manzano
Manzano Upthrown three-way fault closure Separated from Plum Deep by an eastern trapping fault North Murdock Pass field directly overlies Manzano Trap and charge risk very low Potential reserve range (P50): 178-337 bcf 09 February 2007 20
Slide 21: Murdock
Murdock Upthrown three way fault closure Located in a position more favourable for sand but targets are deeper Moderate trap risk exists to N and SE (SE risk is limited to upside cases) Regional work by Novus suggested that the PI Fault merges with another large growth fault further offshore May ind
Slide 22: Lemonseed
Lemonseed Upthrown three-way fault developed in hanging wall of the Padre island Fault Trap may be mapped with high degree of confidence Structural setting analogous to Spinnaker’s 2001 Stirrup discovery some 8 miles to NE Expected that sands will thicken into fault Less than two miles from shore Po
Slide 23: Kingsway
Kingsway Subtle four way dip closure in small fault block terrace Possible there might be numerous pays in Kingsway not present in faulted three- way structures elsewhere Numerous wells penetrate Upper Frio in the area Potential reserve range (P50): 21 bcf 09 February 2007 23
Slide 24: Management Team - Executive
Management Team - Executive Sue Graham: Executive Chairman She has over 30 years in the oil and gas sector. She joined Merrill Merrill Lynch in 1986 and was Global Head of Energy Team until her early retirement in 2003 During her 27 year City career, she gained extensive experience in both primary a
Slide 25: Management Team – Non-Executive
Management Team – Non-Executive Justin Hondris: Non-Executive Director He is a director of several public and private companies in both the UK and abroad. He is also a Partner of Titan Bioventures Management, an investment manager of listed private equity capital He previously qualified as a Charter
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