Pantheon Resources PLC (AIM:PANR, OTC:PTHRF, FRA:P3K) remains focused on finding a suitable partner to farm in to one or more of its projects on the Alaska North Slope and the process is ongoing, the AIM-quoted oil and gas company said ahead of a webinar presentation to investors later today.
“We have discussed many times the requirement of a farmout, or otherwise, to fund the company ahead of a winter 21/22 drilling programme and we have been focused on this goal since April,” said chief executive Jay Cheatham.
“The oil market is much better right now than any of us could have envisioned, putting the company in a stronger position during these negotiations,” he said, echoing comments made earlier this month.
Pantheon Resources in stronger position as it advances farm-out funding efforts for Alaska venture
The company said it hopes today’s presentation will allow investors and industry participants to gain a greater appreciation for the impressive quality of data and analysis underpinning its projects.
Over the recent months, the company has announced resource estimates which exceed one billion barrels of oil recoverable, net to Pantheon, for the Theta West and Shelf Margin Deltaic (SMD) horizons.
The webinar “will contain a lot of technical information, however, we believe this is essential to demonstrate the science and the work behind these enormous resource estimates,” said Cheatham.
Pantheon also commented on a Federal District Court decision last week that reversed the US government's approval of ConocoPhillips (NYSE:COP)' proposed US$6bn Willow oil development in Alaska.
Pantheon noted that Willow is on federal land requiring Bureau of Land Management approval; it lies within the National Petroleum Reserve-Alaska (NPRA), an environmentally sensitive area governed by a unique regulatory framework; and its proposed infrastructure is within the environmentally sensitive Teshepuk Lake Special Area.
“Pantheon projects are 100% on State of Alaska owned lands and are not subject to the above and require no federal land management approval,” it said.