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Pantheon Resources Plc
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== Kodiak == The Kodiak project, previously known as Theta West, is a significant appraisal project for Pantheon Resources. The project has garnered attention due to its potential to rival the immense hydrocarbon pore volume plays outside the renowned Prudhoe Bay Oilfield in the Alaska North Slope (ANS). Geologically, the Kodiak field can be likened to the deepwater offshore regions in the Gulf of Mexico, West Africa, and recent discoveries off Guyana's coast.<ref name=":2">https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/rmvz29r</ref> === Independent Expert Report (IER) Findings === An Independent Expert Report (IER) by Netherland, Sewell & Associates (NSAI) on the Kodiak project has provided a contingent resource estimate. The 2C (best estimate) for the Kodiak field stands at a staggering 962.5 million barrels of marketable liquids. This comprises both oil and natural gas liquids (NGLs). The NGLs are of significant value as they can be blended with the oil, yielding approximately 90% of the Alaska North Slope (ANS) price per barrel.<ref name=":2" /> {| class="wikitable" |+Gross 100% Working Interest Contingent Resources !Resource Category !Oil (million bbls) !NGLs (million bbls) !Residual Gas (BCF) !Total Marketable Liquids<ref>Pantheon addition of Oil & NGLs.</ref> (million bbls) |- |Low Estimate (1C) |145.4 |292.4 |2,151.7 |437.8 |- |Best Estimate (2C) |314.6 |647.9 |4,465.2 |962.5 |- |High Estimate (3C) |647.8 |1,366.4 |8,822.7 |2,014.2 |} [[File:Kodiak Project Horizon (illustrative type log).jpg|Kodiak Project Horizon (illustrative type log)]] [[File:Location of Kodiak and Ahpun Projects.jpg|Location of Kodiak and Ahpun Projects]] === Field Development and Infrastructure === The Kodiak project spans an area of 126,000 acres, which includes recently awarded additional acreage. The field is defined by the hydrocarbon bearing horizons contained within the large basin floor fan system. This system stretches from the Hue Shale top seal to the underlying HRZ shale. The field's vastness and potential make it one of the largest basin floor fan systems discovered onshore in recent decades.<ref name=":2" /> Pantheon's proprietary 3D seismic data and three wells (Pipeline State 1, Talitha-A, and Theta West-1) have confirmed the field's potential. The company plans to further develop the Kodiak project, focusing on the recently acquired "chimney acreage" and the delineation provided by the seismic data.<ref name=":2" /> === Appraisal and Future Plans === Pantheon intends to drill the next Kodiak appraisal well in the recently acquired leases, northwest of Theta West-1. This drilling aims to encounter a reservoir section with improved reservoir characteristics, potentially yielding higher flow rates and hydrocarbon recovery rates. The company's detailed geological model, which takes into account data from nearby producing fields, supports this approach.<ref name=":2" /> To address the contingencies highlighted in NSAI's evaluation, Pantheon plans to cut full cores and acquire a comprehensive suite of wireline logs and fluid samples in future appraisal wells. This granular data could potentially lead to future increases in recoverable resource estimates.<ref name=":2" /> === Conclusion === The Kodiak project represents a transformative opportunity for Pantheon Resources. With nearly one billion barrels of recoverable liquids, the project's potential is immense. The close proximity to existing infrastructure, combined with the vast resource base, positions Pantheon advantageously for future growth and development. The forthcoming appraisal activities and the company's strategic approach to the Kodiak field further underscore its potential as a world-class project in a prime location.<ref name=":2" /> === Strategy === Pantheon's primary strategy is to maximize shareholder value through the following means: * '''High Working Interest Maintenance:''' Pantheon retains a 100% working interest through the evaluation process of its assets. This high stake allows the company to have significant control over its projects and potential returns. * '''Strategic Drilling and Farm-outs:''' The company aims to prove up its assets through targeted drilling. Where appropriate, Pantheon may pursue farm-outs, partnering with other entities to share the costs and risks of exploration and development. * '''Asset Monetisation:''' Pantheon's endgame is to monetize its assets, either through a sale or other means, at the opportune moment. This "prove up and sell" approach is designed to offer investors a chance to capitalize on high-impact, risk-managed drilling. === Team === Pantheon boasts a seasoned board and a robust advisory group, all of whom are shareholders with established track records in the oil and gas sector. They have a rich history of building profitable companies for acquisition. Additionally, Pantheon's board and management team have extensive experience with oil and gas operations in Alaska. [[File:David Hobbs.png|thumb|David Hobbs.]] ==== David Hobbs, Executive Chairman<ref>https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/xel4enr</ref> ==== * '''Experience:''' Graduated as a Petroleum Engineer from Imperial College in 1984. Worked at British Gas, Monument Oil & Gas, and Hardy Oil and Gas. Former Chief Energy Strategist at Cambridge Energy Research Associates (CERA) and part of the leadership team at King Abdullah Petroleum Studies and Research Center (KAPSARC) in Riyadh, Saudi Arabia.<ref name=":10">https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/xleqqjw</ref> * '''Education:''' Petroleum Engineer from Imperial College.<ref name=":10" /> * '''Prominent Roles:''' Drilling engineer at British Gas; commercial and business development roles at Monument Oil & Gas and Hardy Oil and Gas; Chief Energy Strategist at CERA; leadership role at KAPSARC.<ref name=":10" /> * '''Pantheon Committees:''' Details to be confirmed.<ref name=":10" /> * '''Current Directorships:''' SV-Pleione Limited, Polar Energy LLC.<ref name=":10" /> ==== Jay Cheatham, Chief Executive Officer<ref name=":3">https://www.pantheonresources.com/investors/financial-reports/673-final-results-for-the-year-ended-30-june-2022/file</ref> ==== [[File:Jay Cheatham.jpg|thumb|Jay Cheatham.]] * '''Experience:''' Over five decades encompassing all aspects of the petroleum business.<ref name=":3" /> * '''Prominent Roles:''' Senior Vice President and District Manager for ARCO's eastern District; President of ARCO International; President and CEO of Rolls-Royce Power Ventures.<ref name=":3" /> * '''Specialties:''' Operational expertise with significant financial acumen; formerly served as CFO for ARCO's Oil & Gas, and CEO of Petrogen Fund.<ref name=":3" /> * '''Pantheon Committees:''' Member of the Remuneration and Nominations, Audit, Conflicts, and Anti-Corruption and Bribery Committees.<ref name=":3" /> ==== Justin Hondris, Director of Finance and Corporate Development<ref name=":3" /> ==== * '''Experience:''' Over 15 years in public company management, specifically in the upstream oil and gas sector.<ref name=":3" /> * '''Background:''' Corporate finance, private equity, and capital markets in the UK and internationally; previous private equity involvement.<ref name=":3" /> * '''Responsibilities:''' Manages Pantheon's financial, legal, administrative, and corporate development functions.<ref name=":3" /> * '''Pantheon Committees:''' Chairs the Anti-Corruption and Bribery Committee. Member of the Remuneration and Nominations and Conflicts Committees.<ref name=":3" /> ==== Robert (Bob) Rosenthal, Technical Director<ref name=":3" /> ==== [[File:Bob Rosenthal.jpg|thumb|Bob Rosenthal.]] * '''Experience:''' Over 40 years globally as an Exploration Geologist and Geophysicist.<ref name=":3" /> * '''Key Roles:''' Senior exploration roles at Exxon and BP, gaining expertise in the geology of North Slope of Alaska and Texas.<ref name=":3" /> * '''Current Engagement:''' Since 1999, he has operated a successful consulting business, leading exploration initiatives for various private and public entities.<ref name=":3" /> ==== Jeremy Brest, Non-Executive Director<ref name=":3" /> ==== [[File:Jeremy Brest.jpg|thumb|Jeremy Brest]] * '''Experience:''' Over 25 years in investment banking and financial advisory.<ref name=":3" /> * '''Current & Past Roles:''' Founder of Framework Capital Solutions, a boutique advisory firm; Former head of structuring for Indonesia at Credit Suisse and a derivatives trader at Goldman Sachs.<ref name=":3" /> * '''Pantheon Committees:''' Member of the Audit, Remuneration and Nominations, Conflicts, and Anti-Corruption and Bribery Committees.<ref name=":3" /> ==== Allegra Hosford Scheirer, Independent Non-Executive Director<ref name=":9" /> ==== [[File:Allegra Hosford Scheirer.jpg|thumb|Allegra Hosford Scheirer.]] * '''Experience:''' Internationally recognised expert in petroleum system analysis with significant experience in basin modelling, organic geochemistry, geophysical techniques, and machine learning. Evaluated numerous oil and gas provinces globally, including the Alaska North Slope.<ref name=":9">https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/rmvm22r</ref> * '''Education:''' Ph.D. in marine geology and geophysics from the Massachusetts Institute of Technology.<ref name=":9" /> * '''Prominent Roles:''' Scientist at Stanford University for 15 years; worked with the Energy Resources Program at the U.S. Geological Survey ("USGS"); independent adviser for Great Bear Petroleum.<ref name=":9" /> * '''Pantheon Committees:''' Details to be confirmed. Current Directorships: Geomodelling Solutions LLC.<ref name=":9" />
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