07 January
2025
Pantheon
Resources plc
Pantheon notes AGDC
Announcement of an Exclusive Framework Agreement to Develop the
Alaska LNG Project
Pantheon Resources plc (AIM:PANR,
OTCQX: PTHRF) ("Pantheon" or the "Company"), an oil and gas company
developing the Kodiak and Ahpun oil fields in close proximity to
pipeline and transportation infrastructure on Alaska's North Slope,
welcomes the announcement by the Alaska Gasline Development
Corporation ("AGDC") regarding an exclusive Framework Agreement
with a private company to lead and fund the development of the
Alaska LNG project.
On 6 January 2025, AGDC President,
Frank Richards, and Alaska Governor, Mike Dunleavy, hosted an
energy conference in Anchorage, where Frank Richards announced the
news:
https://www.facebook.com/GovDunleavy/videos/governor-mike-dunleavy-energy-press-conference/949892553324222/
David Hobbs, Executive Chairman of Pantheon Resources,
commented: "We are delighted with the progress made by
Frank and the AGDC team. This moves the Alaska LNG project a step
closer to fruition and, upon execution of definitive agreements,
providing long term energy security for the State of Alaska. As a
reminder, Pantheon and AGDC signed a Gas Supply Precedent Agreement
in June 2024, under which Pantheon would supply its natural gas
into the pipeline pursuant to a definitive gas sales agreement to
be negotiated in the coming months. We look forward to project
progress as the parties work together to realise Phase 1 of 'Alaska
LNG' (the gas pipeline) and ultimately the full 'Alaska LNG'
project."
-ENDS-
For further information, please
contact:
UK
Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
U.S. Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
About Pantheon
Resources
Pantheon Resources plc is an AIM
listed Oil & Gas company focused on developing its 100% owned
Ahpun and Kodiak fields located on State of Alaska land on the
North Slope, onshore USA. Independently certified best estimate
contingent recoverable resources attributable to these projects
currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf
(trillion cubic feet) of associated natural gas. The Company owns
100% working interest in c. 259,000 acres.
Pantheon's stated objective is to
demonstrate sustainable market recognition of a value of $5-$10/bbl
of recoverable resources by end 2028. This is based on bringing the
Ahpun field forward to FID and producing into the TAPS main oil
line (ANS crude) by the end of 2028. The Gas Sales Precedent
Agreement signed with AGDC (Alaska Gasline Development Corporation)
provides the potential for Pantheon's natural gas to be produced
into the proposed 807 mile pipeline from the North Slope to
Southcentral Alaska during 2029. Once the Company achieves
financial self-sufficiency, it will apply the resultant cashflows
to support the FID on the Kodiak field planned, subject to
regulatory approvals, targeted by the end of 2028 or early
2029.
A major differentiator to other ANS
projects is the close proximity to existing roads and pipelines
which offers a significant competitive advantage to Pantheon,
allowing for shorter development timeframes, materially lower
infrastructure costs and the ability to support the development
with a significantly lower pre-cashflow funding requirement than is
typical in Alaska. Furthermore, the low CO2 content of the
associated gas allows export into the planned natural gas pipeline
from the North Slope to Southcentral Alaska without significant
pre-treatment.
The Company's project portfolio has
been endorsed by world renowned experts. Netherland, Sewell &
Associates estimate a 2C contingent recoverable resource in the
Kodiak project that total 1,208 mmbbl (million barrels) of ANS
crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley
Gillespie & Associates estimate 2C contingent recoverable
resources for Ahpun's western topset horizons at 282 mmbbl of ANS
crude and 803 bcf of natural gas. Lee Keeling & Associates
estimated possible reserves and 2C contingent recoverable resources
totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit
www.pantheonresources.com.