Friday, March 31, 2023 5:34:34 PM
https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/xp8nljr
Pantheon has engaged SLB (nee Schlumberger) to manage and operate Pantheon's data room which is expected to open in the near term. In December 2022, SLB completed phase 1 of the project which included preparation of dynamic and static models over Pantheon's projects which they estimate to contain over 17 billion barrels of oil in place and which will form an important component of the data room. The purpose of the data room is to attract a potential farm in partner into one or more of Pantheon's projects, all of which Pantheon has a 100% working interest in. Pantheon is seeking a 'pay to earn' type arrangement (which may or may not include an additional up-front cash payment) where any potential farminee would fund a mutually agreed drilling/activity programme in exchange for a working interest in either a specific asset (for example, Alkaid) or across the entire portfolio. Pantheon recognizes the benefit in actively exploiting its portfolio which, in a success case, has the potential to create very significant value for shareholders given the large size of its projects. Historically at an industry level, Pantheon has maintained a low profile to protect its competitive advantage (Pantheon has sole access to c.1000 square miles of high quality 3D seismic) while prosecuting its acreage strategy. Pantheon has now successfully executed its acreage strategy and as such intends to increase the profile of the Company within both industry and in the investment community.
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