Pantheon Announces Final Results for the Year Ended 30 June 2020

Source: ------ 1/27/2021, Location: North America

Pantheon Resources plc, the AIM-quoted oil and gas exploration company with 100% working interest in approximately 160,000 acres located adjacent to transportation and pipeline infrastructure on State Land on the Alaska North Slope, is pleased to announce its results for the year ended 30 June 2020.

Operational Highlights for the year ended 30 June 2020 and until the present time
• A period of great achievement for Pantheon, strengthening its portfolio and establishing itself as a significant stakeholder on the Alaskan North Slope;
o +$200m invested on the assets to date
o Approx. 1,000 square miles of mostly proprietary 3D seismic
o Independent Expert Report received on the Alkaid project confirming 76.5 million barrels of oil contingent resource recoverable
o Independent Expert Report received on the Talitha project confirming 302 million barrels of oil Prospective Resource recoverable
o Formal granting of the 'Alkaid Unit' (22,804 acres) and the 'Taliha Unit' (44,463 acres) by the State of Alaska

• A continued refocusing of the Group, firmly establishing Alaska as the primary asset. Pantheon will exit its East Texas operations in 2021
• Continued advancements in geological mapping and understanding of our regional play. This culminated, post year end, in the successful acquisition of c.66,000 acreas in the State of Alaska areawide lease sales, contiguous to the Talitha and Theta West projects
• Farmout process was heavily impacted by the COVID pandemic - with curtailments in travel, uncertainties about the US election, and severely weaker oil and gas prices slowing the process. Accordingly, post year end, Pantheon raised gross $30m to fund drilling of the Talitha #A well itself on materially less dilutive terms than expected to be achieved in a farmout given prevailing macroeconimic environment
• Post year end, the Company appointed Canaccord Genuity Limited as its sole broker and NOMAD. Canaccord has a strong franchise in the natural resources sector and a presence in North America
• Post year end Pantheon acquired the remaining 10.8% working interest in the Talitha project. Upon conclusion of the transaction Pantheon will own a 100% working interest in Talitha
• In January 2021, the Talitha #A well was spudded, targeting four independent horizons which management believe offers cumulative potential in a success case in the region of one billion barrels of oil recoverable. The independent Expert's Report on the updip section of the Shelf Margin Deltaic, the primary target at Talitha #A, confirmed a Prospective Resource of 302 million barrels of recoverable oil. Formal delineation of the ultimate potential of the lower, secondary targets required additional analysis

Financial & Corporate Highlights
• Revenues: $0.1m (2019: $0.7m)
• Cost of sales: $0.0m (2019: $0.7m)
• Loss for the year: $17.0m (2019: $35.5m profit) dominated by the full impairment of the East Texas properties
• Non-cash items: Impairments of the East Texas assets $16.5m (2019: $48.6m) reflecting a full write down of East Texas properties following the COVID related commodity price falls in 2020 and the Group's strategy to prioritise its Alaskan assets over its East Texas assets. Pantheon to exit East Texas entirely in 2021
• G&A: $4.1m (2019: $3.4m)
• Vision costs: $0.8m (2019: $1.7m). Post year end East Texas now a discontinued operation
• Cash and Cash equivalents at 30 June 2020: $4.8m (2019: $1.9m)
• In November, 2020 Pantheon completed a capital raising of 73,756,314 new Ordinary Shares raising approximately $30.2 million (before expenses) at an issue price of 31 pence per share
• Cash on hand, 21 January 2021: $28.8m

• Talitha #A well currently being drilled, assessing four independent horizons
• Following the outcome of the well, Pantheon may commission an independent experts report on the Talitha project, and may recommence farmout discussions or pursue other strategies to develop the asset

Jay Cheatham, CEO, said:
"Despite the well documented challenges of COVID on the oil and gas sector globally, Pantheon had a period of great achievement. We've now commenced drilling of Talitha, which if successful will significantly change our Company. At the same time, our other projects, in particular Theta West, continue to grow in quality, size and scale. We enter 2021 with great optimism. "

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