LONDON (ShareCast) - (Sharecast News) - Oil and gas exploration company Pantheon Resources updated the market on its farm-out process on Monday, reporting that preparation of the data room to allow potential partners to undertake technical due diligence in relation to a potential farm-out of a working interest in its Alaskan projects was now "largely complete".
The AIM-traded firm said confidentiality agreements were currently being agreed with certain interested parties prior to their admittance into the data room.

Subject to completion of a successful farmout, the company said it was seeking to drill a minimum of two wells in winter and spring - most likely one at Talitha and one at Alkaid and Phecda - with first production possible in 2020.

"An enormous amount of work has gone into preparing this data room by both the company and by our partners at eSeis," said Pantheon chief executive officer Jay Cheatham.

"eSeis will jointly manage the process with us and by virtue of their 1% royalty are incentivised to achieve the best farmout terms possible.

"I was in the data room myself only last week and am very happy with the quality of the information available for review."

Cheatham said the company "firmly believed" the quality and potential scale of the assets was world class.

"I am confident the potential farminees will recognise this once they have seen the data.

"Our favourable location immediately adjacent to both the Trans-Alaska Pipeline System and the Dalton Highway offers significant advantages compared to other Alaskan projects."

That should result in lower capital requirements and faster development timetables in a success case, with first cash flows possible in 2020, Jay Cheatham added.

"We anticipate great interest in our projects from potential partners."

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