Pantheon Resources PLC Announces AGDC Support Towards Funding on LNG Pipeline
Pantheon Resources announces significant progress in its Alaska LNG project as the Alaska Industrial Development and Export Authority (AIDEA) approves a resolution to negotiate a letter of credit with Alaska Gasline Development (AGDC) for the Front End Engineering and Design (FEED) of Alaska LNG Phase 1 pipeline.
This development follows Pantheon's Gas Sales Precedent Agreement (GSPA) signed with AGDC in June 2024. The potential take or pay contract under the Gas Sales Agreement could enable Pantheon to secure funding for capital costs from Ahpun FID to cash-flow self-sufficiency. The resolution marks a important step toward securing private investment and advancing to Final Investment Decision (FID).
Pantheon Resources annuncia significativi progressi nel suo progetto LNG in Alaska, poiché l'Alaska Industrial Development and Export Authority (AIDEA) approva una risoluzione per negoziare una lettera di credito con l'Alaska Gasline Development (AGDC) per la progettazione e ingegneria preliminare (FEED) del gasdotto del Fase 1 di Alaska LNG.
Questo sviluppo segue l'Accordo Precedente alle Vendite di Gas (GSPA) firmato da Pantheon con AGDC nel giugno 2024. Il potenziale contratto take or pay nell'ambito dell'Accordo di Vendita di Gas potrebbe consentire a Pantheon di garantire finanziamenti per i costi di capitale dalla FID di Ahpun fino all'autosufficienza finanziaria. La risoluzione rappresenta un passo importante verso la garanzia di investimenti privati e l'avanzamento verso la Decisione Finale di Investimento (FID).
Pantheon Resources anuncia avances significativos en su proyecto de LNG en Alaska, ya que la Autoridad de Desarrollo e Exportación Industrial de Alaska (AIDEA) aprueba una resolución para negociar una carta de crédito con Alaska Gasline Development (AGDC) para la Ingeniería y Diseño Front End (FEED) del gasoducto de la Fase 1 de Alaska LNG.
Este desarrollo sigue al Acuerdo Precedente de Ventas de Gas (GSPA) firmado por Pantheon con AGDC en junio de 2024. El contrato potencial de take or pay bajo el Acuerdo de Ventas de Gas podría permitir a Pantheon asegurar financiamiento para costos de capital desde la FID de Ahpun hasta la autosuficiencia de flujo de caja. La resolución marca un paso importante hacia la obtención de inversión privada y el avance hacia la Decisión Final de Inversión (FID).
팬테온 리소스는 알래스카 산업 개발 및 수출청(AIDEA)이 알래스카 LNG 1단계 파이프라인의 프론트 엔드 엔지니어링 및 설계(FEED)을 위한 알래스카 가스라인 개발(AGDC)과 신용장을 협상하기 위한 결의안을 승인함에 따라 알래스카 LNG 프로젝트에서 상당한 진전을 보였다고 발표했습니다.
이번 발전은 2024년 6월 AGDC와 팬테온이 체결한 가스 판매 선행 계약(GSPA)에 이어 이루어졌습니다. 가스 판매 계약 하의 잠재적인 테이크 오르 페이 계약은 팬테온이 아프푼 FID부터 현금 흐름 자급자족까지의 자본 비용을 위한 자금을 확보할 수 있도록 할 수 있습니다. 이 결의안은 민간 투자 확보와 최종 투자 결정(FID)으로 나아가는 중요한 단계입니다.
Pantheon Resources annonce des avancées significatives dans son projet de LNG en Alaska, alors que l'Alaska Industrial Development and Export Authority (AIDEA) approuve une résolution pour négocier une lettre de crédit avec Alaska Gasline Development (AGDC) pour la conception et l'ingénierie préliminaire (FEED) du pipeline de la Phase 1 d'Alaska LNG.
Ce développement fait suite à l'Accord Préalable de Vente de Gaz (GSPA) signé par Pantheon avec AGDC en juin 2024. Le contrat potentiel de type take or pay dans le cadre de l'Accord de Vente de Gaz pourrait permettre à Pantheon de sécuriser un financement pour les coûts d'investissement depuis Ahpun FID jusqu'à l'autosuffisance en cash-flow. La résolution représente une étape importante vers la sécurisation des investissements privés et l'avancement vers la Décision Finale d'Investissement (FID).
Pantheon Resources gibt bedeutende Fortschritte in seinem Alaska LNG-Projekt bekannt, da die Alaska Industrial Development and Export Authority (AIDEA) einen Beschluss zur Verhandlung eines Kreditbriefs mit Alaska Gasline Development (AGDC) für die Front End Engineering and Design (FEED) des Alaska LNG Pipeline Phases 1 genehmigt hat.
Diese Entwicklung folgt dem Gas Sales Precedent Agreement (GSPA), das Pantheon im Juni 2024 mit AGDC unterzeichnet hat. Der potenzielle take or pay-Vertrag im Rahmen des Gasverkaufsvertrags könnte Pantheon ermöglichen, die Finanzierung für die Investitionskosten von Ahpun FID bis zur Cash-Flow-Selbstversorgung zu sichern. Der Beschluss markiert einen wichtigen Schritt zur Sicherung privater Investitionen und zur Fortschreitung zur Final Investment Decision (FID).
- AIDEA's approval to negotiate letter of credit supports FEED funding
- Existing GSPA could potentially secure capital funding through take or pay contract
- Project advances towards Final Investment Decision (FID)
- Project still contingent on reaching Final Investment Decision
- Gas Sales Agreement not yet finalized
AGDC Receives Support Towards Backstop to Funding of FEED on Alaska LNG Phase 1 Pipeline
LONDON, UNITED KINGDOM / ACCESSWIRE / December 5, 2024 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, notes the announcement made by Alaska Gasline Development Corporation ("AGDC").
AGDC announced that the Alaska Industrial Development and Export Authority ("AIDEA") has approved a resolution to negotiate a letter of credit with the AGDC to backstop the costs of Front End Engineering and Design ("FEED") on Alaska LNG Phase 1, the in-state pipeline portion of Alaska LNG.
Key Points for Pantheon
AGDC is the owner of the Alaska LNG Project and the resolution is a key step to securing private investment in the project and moving to a Final Investment Decision ("FID").
Pantheon and AGDC signed a Gas Sales Precedent Agreement in June 2024 (the "GSPA") which includes, among other conditions, a requirement for the Alaska LNG project to reach FID (see RNS dated 05 June 2024).
The value of a take or pay contract under a Gas Sales Agreement based on the terms of the GSPA, if finalised, could potentially allow Pantheon to secure funds required to cover capital costs from the point of Ahpun FID to cash-flow self-sufficiency.
The full text of the AGDC announcement is available at https://agdc.us/wp-content/uploads/2024/12/2024-12-04-AGDC-Statement-on-AIDEA-Resolution.pdf
David Hobbs, Executive Chairman of Pantheon Resources, said: "We continue to work closely with AGDC and the key decision makers in the State of Alaska to ensure that Alaskans get the maximum benefit from gas resources on the North Slope and to secure an infrastructure project essential to the long term energy security of the State and with positive impacts on US national security."
For further information, please contact:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
AboutPantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of
A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
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SOURCE: Pantheon Resources PLC
View the original press release on accesswire.com
FAQ
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