Contract for a Drilling Rig for Talitha #A well

Pantheon Resources plc the AIM-quoted oil and gas exploration company with working interests of 89.2% - 100% in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope is pleased to announce the execution of a rig contract with Nordic Calista Services (a wholly owned subsidiary of Calista Corporation), to drill the Talitha #A well on our Talitha Unit, with operations expected to commence in January 2021.

The Talitha #A well will target four independent reservoirs in three separate trapping sequences which the Company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the ultimate potential of the lower targets.

The Talitha Unit lies adjacent to the Dalton Highway and Trans Alaska Pipeline with the major infrastructure servicing the North Slope of Alaska, offering significant financial and operational advantages in the event of a commercial discovery.

The contract secures the use of Rig #3 for the upcoming Talitha #A well, which is the same rig which successfully drilled the Winx #1 and Charlie #1 wells for another operator on the Alaska North Slope in the last two winter seasons.

Nordic Calista is a specialist in working in the harsh environmental environment unique to Arctic oilfields. Founded in 1972, Calista Corporation (Calista) is one of the largest of the 13 regional corporations formed under the Alaska Native Claims Settlement Act (ANCSA) of 1971.