Pantheon Resources Plc (PANR) Earnings Call Transcript & Summary

Good afternoon, ladies gentlemen, and welcome to the Pantheon Resources plc investor presentation relating to the new lease awards. [Operator Instructions] Given the attendance on today's call, the company may not be in a position to answer every question received in the meeting itself. However, the company can review your questions submitted today and publish responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll and if you give that your kind attention, I'm sure the company will be most grateful. And I'd now like to hand over to Executive Chairman, David Hobbs. Good afternoon.

Thanks very much indeed, Mark. And welcome, everyone, this afternoon. This is a great opportunity for us to share what we've been working on over the past couple of months. On the call today, we've got Bob Rosenthal, who will be going into detail describing the case that was made to the Board and why we've applied for these leases and been successful in the award. We've also got Jay Cheatham on the call in case any of the Q&A strays into areas that he would be best positioned to answer. The first thing I'm going to say is a couple of people contacted us to ask why we were only pleased rather than delighted. Since we've been delighted in the past, we just thought that they're synonyms of each other and would mix it up a bit. So you shouldn't read anything into that. Please do look at the disclaimer whether right now or during the course of the future when the presentation is posted online. It's on our website already for you. And let's move straight into it. Just a reminder, the new acreage is what's shown in the 2 blue outlines. To the left, the Kodiak Western area leases; to the right, the new Eastern Ahpun leases. But Bob, let me hand it over to you because this is really your story.

Thanks, David. And welcome, everyone, to the presentation. So here we are. This shows in brown the old acreage that we had for a long time, the 192,000 acres. And we picked up to the West the continuation of the Kodiak play updip and, as announced, we believe we've got approximately 8 billion barrels of oil in place on that and we picked up 43,000 acres. To the east we picked up the continuation of Ahpun, particularly the shelf margin deltaics where the best reservoir are in the Ahpun accumulation, and we picked up 23,000 acres and about 2.2 billion barrels oil in place. This is a huge amount of oil to go with the rest of the inventory that we already have. I'm going to take you through the story of why we picked up this acreage. So here we are. Just to highlight it, I'm going to jump down to the recoverables. So our best estimate on the new Kodiak acreage is about 600 million barrels of recoverable light hydrocarbons. At Ahpun East, we've got about 360 million barrels. So almost a total of 1 billion barrels of light recoverable hydrocarbons there. In that I'd like to stress that particularly at Kodiak we were kicking up the updip, again updip from our Theta West well and going into the area where we thought we were picking up better reservoir. And as you see, it's the same story at Ahpun. So here we have Kodiak the new acreage. So just to remind everybody -- by the way I'm going to be using a pointer here so let me get this on and see if I can do this. So just to remind everyone, we're looking at a seismic line here. We drilled Talitha, then went 10 miles to the west and about 1,500 feet updip and we drilled the Theta West well and we've spent a long time discussing the results there. But importantly, we can get significantly updip from the Theta West well and we spent a long time talking about the effects of depth of burial of the reservoir and what happens as we move updip from there. So let me move on to that story. So here's a map that shows again what we call the AVO Lith Response that's produced by e-seis and this is showing what we believe is the current outline of the Lower Basin Floor Fan. So the new acreage, which is right in here, this is where we picked up the Chimney acreage last year. This is a structure map. If you look at where Theta West is, which is boom right there. This is we can get significantly updip. Right here we're at about 7,200 feet. This contour right there is about 6,000 feet and you see a 5,000-foot contour here. We can get anywhere between, let's call it, 1,000 to 2,000 feet updip from the West well. So why is that important? Again just on a simple geology as we take the reservoir and take it to a shallower depth or a shallower actually Dmax, we're going to improve the reservoir quality. This is a map showing the average porosity in the Fan, right? So here is Theta West where we're at about 10%. We move updip, we go to 12% average porosity for the whole Fan. Now remember, our Fan is quite thick. At Theta West, it was almost 1,000 feet and we can get up to right in here 14% and then 15%. Now this is the average porosity for the total thickness of the Fan. What that is telling you as we're moving updip, a higher percentage of the fan is moving from what we call unconventional to conventional. That breakoff is at about 0.1 millidarcy. So we go to the next slide, in here we have an isopach that shows the thickness of the conventional reservoir. So we are 0.1 millidarcys or better in the Fan complex. And right here we are -- again here is the new acreage, this is 350 feet thick. Right in the middle of this thick here, we're about 500 feet thick and this is the total thickness of the conventional reservoir in the total isopach. So as we're moving updip, the reservoir is going to be beginning to behave like a conventional reservoir. So here just to highlight again was what we picked up last year. This year we have picked up the rest of the updip portion of the Theta West Fan. So we now control this we believe to the extent of 90% to 100%. And as I said, that area right in there has about 8 billion barrels oil in place. We are currently already working with Netherland, Sewell to come up with a new oil in place and recovery for the whole Theta West complex.

So Bob, just to ask on behalf of the less geotechnically gifted than you. We've got that green outline showing sort of where the extent of it is. What's causing the extent given that it looks like it's all good news as we keep moving to the Northwest? Why are we stopping there?

What actually happens as we move in this direction right into here, we get a dramatic thinning of the reservoir. So the old shelf edge is coming through kind of like here and we actually have a dramatic thinning of the reservoir. So these contours would kind of curve around quite dramatically outside of our acreage. So we go from 0 edge to 300 feet very, very, very quickly here.

Those wells across to the west are basically dry holes so they surely extend as far as that.

That's right. We know that back through here at 0 we have Wolfbutton, which just shows you how dramatic it is. Wolfbutton, we absolutely know it's 0. Moving right there is the shelf edge, bang it goes right into here is 500 feet. So Ahpun. Now Ahpun is quite interesting. So the eastern acreage that we picked up, I want to highlight a couple of things in here. So one is here's an AVO Lith again, a display that is showing where we have reservoir and where we believe the reservoir is hydrocarbon charged. I'll take you back at Alkaid 2. I want to remind everybody the last thing we did is Alkaid 2 is we tested the feather edge, I mean the very, very thin feather edge of the shelf margin deltaic and tested light oil and about 2,000 to 3,000 GOR in terms of gas. This is a line that goes through the Pipeline State so Pipeline State is right there and Talitha which is right there. This is the shelf margin deltaic section. That bright red event that you see there is the one that's indicating that we have light oil and hydrocarbons in the shelf margin deltaic at Pipeline State. And at Pipeline State, we have whole core data and sidewall core data that indicates that in the shelf margin deltaic we have good reservoir, 2 orders of magnitude better than what we actually tested at the Alkaid and the Alkaid anomaly at Alkaid. In the new acreage so here we go over to the new acreage. Here is the SMD section through here. The SMD here has multiple events so it has this event here, this event here, this event here. These are all part of the SMD section. They are all indicating to us that we have reservoir and the probability of light hydrocarbons in it. Now I jump to the next and we're going to show you the map. Eventually you're going to see again the map that we've always showed you on the SMD here and then I'm going to show you the map on this event right there. So historically, remember again, we've had a lot of discussions in the past about the origin of the shelf margin deltaic and there's a prograding sequence that comes from the Southwest and pro grades to the north and forms a shelf edge. So the red blob that you're looking at, which we've seen many times, is off of that anomaly that you see there. That is the shelf edge. So this break right there is this dotted line right here. And that's when we talk about the shelf edge, that's that dotted line that tracks around through here, it's right there -- sorry, I hit my little arrow, and goes around like that. The important thing is the onset that we see on our acreage of this progradation from the Southwest is in the SMD that we see here. So that's the onset of it and it is better reservoir. We've got the Pipeline State. Well, we've got whole core. It is better reservoir than the system that is prograding from the northwest to the southeast. So the system that comes in this direction here informs the shelf edge there. The continuation of that progradation is right in there, right? So that event, the next event is that one and there's that one, but I'm going to show you this one here, the top one. That's the new acreage. So the continued northern progradation of the system through here is picked up on the new acreage. There is nothing dramatic about this. It's as we would expect. But the important thing is, the amazingly important thing about this is there's the road. We can contact all of this reservoir, all of this from the haul road. So what's happened over the last year, again we have tested Alkaid. We've tested the Alkaid #2 well. In the shelf margin deltaic it is light oil. We understand what happens. We now have shown conclusively that light oil and the shelf margin deltaic lights up like this. Secondly, at Alkaid 2 we successfully drilled a horizontal well i.e. we now know we can come here, drill a well here, which is pretty much where the haul road is and come down and access all the hydrocarbons that are in this new acreage through here. And importantly and I want to just state this, again we have good reservoir in here. We've got whole core, sidewall core data throughout all this interval in here. This is at a lower Dmax so it's shallower and it's been buried less than the reservoir we see here and we're hoping to see an improvement in the reservoir through there. That will be all conventional reservoir in that circle that we see in there. So that will be exclusively conventional reservoir. We're working on that and we will give you an update on that early next year.

So that's being rolled in with what Netherland, Sewell are doing on Ahpun.

Correct. That will be part of it. The first step will be working with the Schlumberger team on this and then working with Netherland, Sewell on this. So I just want to emphasize all the hydrocarbon -- we're talking about developing the hydrocarbons, Ahpun which is all of this through here, all of this we're going to be developing along the haul road. And this will also be part of the development, which is along the haul road.

So Bob, it sounds like what you're saying is all good news. I know there's 1 regret you had, which was starting off naming those shelf margin zones from the top rather than the bottom so that as we pick up the extra progradations, you don't run out of letters.

Yes. Look, we will have again I think what we -- in January we're going to take you through a much more detailed kind of picture technically of what's going on in here. But this is absolutely no different than what people are doing to the west of this in exactly the same place. We've tried to emphasize this that the shelf margin -- what we call the shelf margin deltaic play here is exactly akin to the shelf margin deltaic play they call them the Nanushuk and they drill each one of these events like boom and then they would come out here and then drill this event and then drill that event in there. And in this case we have high, high, high confidence that the reservoir because of their Dmax are going to be good reservoirs and conventional through there.

Thanks. So to summarize, our goals and strategy remain absolutely unchanged. This addition of acreage in part helps drive forward that program because one of the things that could have held us back would have been having another company come into part of the acreage and then having to negotiate joint development and all of that is entailed in it. So we are still intending and still on track and particularly with the acreage additions now. It's a very clean application for an entire field area that we can proceed. Pat Galvin is starting to push ahead with that. And we are lining up the long lead time items and equipment that we need in order to be able to hit the ground running as soon as we have FID. And we continue working the long-term financing. We're not intending to say any more about that today just because we've updated you quite recently and the focus today is simply on helping you to understand what we've been successful in having awarded and why we applied for it in the first place. With that, I think Mark, let me turn it back to you before we move into Q&A.

That's great. David, Bob; thank you indeed for your presentation this afternoon. [Operator Instructions] We just let the guys take a couple of moments to read review your questions submitted already. I'd just like to remind you a recording of this presentation along with a copy of the slides and the recording be available via your Investor Meet company dashboard. David, if I may, you received a number of questions ahead of today's presentation along with a number throughout. So if I may just hand back to you just to read out these questions of course where it's appropriate to do so and I'll pick up from you at the end.

Thanks very much indeed, Mark. So the first question, why were there no other bids for this acreage and can you really have acquired nearly another 1 billion barrels of recoverable oil for just $2 million? Bob, I'll let you jump in on that. I may have something to add.

Well, 3 bullet points I think to that question. One, we've spent $300 million of proprietary information, which includes the 3D. The second part to that is certainly one of the drivers for going for the Eastern acreage sale was the results of the Alkaid test, the results of the horizontal drilling which again we have all that information. But the 3D that was going to be released next fall was the 2014 which covered that acreage. So going for acreage is data dependent and we had all the data, no one else has it.

Okay. I don't need to add to that then. If we add up the volumes you've disclosed, I recall 17.8 billion barrels before the Chimney acreage. Since then, you said that Chimney added about 5 billion plus today's addition of 10 billion barrels in place. Do I have it right, that means you were talking about 30 billion barrels of oil in place? And we are not in a position to comment on the total because we're in the process of reworking it. With that proviso though, Bob, is there anything else you would like to add?

Well, with that, somebody is a good adder. That's all I'll say.

Okay. So I think my proviso may have just stopped you from answering, but that may not be a bad thing. But just to reiterate. So in terms of the total Kodiak that you're working with SLB and Netherland, Sewell to have an update on the totality of that in the first quarter of next year. And then the Ahpun is still on track for by the middle of the year and that obviously has some more detailed development planning work and stuff going on in that context.

Yes. I think just because I'm sure that a follow-on question is why middle of next year for Ahpun. I think David, just to stress the point that you made, Ahpun is going to be a development plan and it's a very detailed development plan and that's why it's going to take slightly longer.

Yes. You sort of covered this one. It seems that the Western acreage is an extension of a known field and that's why you've given it better than 90% chance of success. I understand that. That's not me saying, that's the question. However, the Ahpun acreage looks like exploration, why did you bid for that acreage?

I think I've answered why we bid for it so I don't want to go through all that again. In the world that we're living with in the North Slope, this would be part of there's a development and we've picked up acreage that would have what I would call appraisal risk. That's it.

Yes. What progress have you made on financing and other corporate things like U.S. listing? When is the share price going to recover? I'm certainly not going to get into the last bit of that. As you know, we have previously said that we're intending to finalize our year-end results by the end of this week. I don't think we'd want to release them on a Friday. So I think we're looking to release on Monday, maybe Tuesday, but we're basically on track for the middle of the month which is what we've said in the past. And therefore, there's nothing really we can say about any of the matters that will be covered in that ahead of that release. But expect a release in the near future that covers the year-end results. You recently bought Linda Harvard on to the Board. Just to correct you, it's Havard, there's no R in there. So it's Havard on to the Board. I see she worked for Arco. So is she really independent or another friend of Jay's? Well, firstly, I'm not sure I accept the characterization of anyone on the Board as being just a friend of Jay's. Secondly, as a Board, we have a nominations process. We looked at potential candidates. Alighted on her as having all the necessary skills to become a very solid Chair of the Audit Committee. We invited her to participate in our last Board meeting. And Bob, I think you can probably endorse what I'm about to say, which is I think she's a friend of the company not of any of the specific Directors. In all our conversations, it's quite clear where her loyalty is laying.

Yes. I mean definitely. I mean I was amused when I saw that she's an incredible professional.

Yes. And I think we're very lucky to have her. And I think that it's a statement of intent on our part in terms of where we're going with the governance of the organization, which is as we move towards that U.S. listing and we previously said a 15-month process that should see us listed by the end of the first quarter of 2025. I think Linda's experience will be a key part of it as well as some other hires that we'll be making to help manage that process. Next question. There are plenty of people saying this is a scam and that there's a massive fundraising coming soon. How do you respond to that and why don't you confront the trolls head on? Again the language here is indicative. I think on social media people are always prepared to be blunter than they otherwise would be face to face. Is it Taylor Swift who's got the idea trolls are going to troll. So I'm now probably going to show myself to be as out of touch with popular culture as any old man. So the answer is we'll be judged by what we do not what we say. I very much doubt there's anything I could say to someone who thinks that the company to scam that's going to cause them to say, "Oh my goodness, you are right, it's not a scam". Whereas if we do all the right things in the right order without worrying about what the share price is day to day, but instead focus on doing the business right, then people will see and they'll arrive at their own conclusion. You said previously you were releasing year-end results by 14th. Are you on track? Well, I've dealt with that. Bob, did you say we've added 1 billion barrels of recoverable, which on David's plan; just to be clear it's not my plan, it's the company plan; would be worth $5 billion to $10 billion for shareholders. Is that correct? And if it is, then shouldn't that be questioned as a huge win? Is the opportunity to smile?

The answer is yes. We picked up some very valuable acreage and it's very rare that you get to pick up 40,000 acres in an accumulation updip from where you've already proven you've got light oil. So yes, it's good news.

Why do you think the share price remains stubbornly low and do you envisage a recovery of the share price in the near term? I think I've sort of covered that. The share price is not a function that we can control. All we can do is we can share with you transparently and honestly what we're doing. The market will arrive at its conclusion. And if we keep doing the right things in the right order, in due course the share price should reflect what we've done. Will Pantheon have to negotiate a joint development with 88 Energy? Interesting question. Obviously it would be much easier to address the question intelligently after the tests that they've got planned. Bob, I can't remember off the top of my head they're testing which zones and to what extent.

I have an idea of which zones they're testing, but I don't believe they've come out with their final plan on the different zones they're testing. So I just have to plead let me say I can't answer that question.

Yes. Okay. And the answer is if it was shown that there were hydrocarbons in pressure phase communication with our hydrocarbons, that's the normal definition used for acquiring unitization. If the reservoirs are tight enough that there isn't any communication with areas that they'd be draining, then I can imagine there wouldn't be a need for joint development. And if there was evidence that the reservoirs were good enough to create that pressure communication, then probably it would make sense to jointly develop. Does listing in the U.S. mean delisting in the U.K.? That is I think the only outstanding question in terms of the work that we've had done by our tax lawyers and looking at structuring. We have confirmed that there are no impediments to doing it from a corporate perspective. The question then becomes for us what are the impacts on our shareholders because we don't want to needlessly impose burdens on our shareholders. And so we are doing an evaluation and that will involve a consultation with the investment banks, financial advisers that will be handling the listing to get an understanding of whether or not the strategy we choose is of a net benefit to all rather than discriminating between shareholders. And so I don't have a firm answer for you, but we certainly haven't decided to delist in the U.K. at this stage. That's something that the analysis will sort out. Bob, I think this one is for you, but it's probably going to be a no comment. What is the management's estimate for all recoverable resources now? Previously, it's been as high as 2.3 billion barrels. I don't recall putting out 2.3 billion barrels. But anyway, go ahead.

We're in the process of putting out a number right now. I think you've seen the numbers for the new acreage. We're going to be coming up with a total resource reevaluation of Theta West. We're going to be incorporating the new acreage and what that means to the East. Putting out a number right now. I think a new number would just be a mistake right at the moment.

And particularly on a webinar, it would be an even bigger mistake if we hadn't previously released it. A shoutout to our shareholders in Huddersfield, I'm not going to read the question, but you know who you are. When are you hoping to give shareholders the results of the PDT data from the Alkaid 2 reentry? Bob or Jay, I'm not sure who knows.

We're hoping to pull the pressure data out -- pressure bomb out of the hole within the week so we haven't got it yet.

But in terms of the sample data, that went off to GeoMark.

Yes. That's gone off the GeoMark. They take time. I don't have a good timing on when that will be ready.

Okay. You've said that 2 or 3 wells in the Kodiak field are needed to meet the Netherland, Sewell contingency for reserve-backed lending. When do you think those drills will happen? With the new acreage and the untested Chimney section, how does that fit into the strategy? Does it still have to wait for Ahpun development? Let me just kick off there and then hand over to Bob. And Jay, maybe you can join us. I know you're on the call because I think it's referring to one of the short videos you made. But we're not waiting for the Ahpun development before appraising Kodiak because that appraisal of Kodiak needs to happen prior to FID. So we've got a time frame and our appraisal program for Kodiak will not delay the FID from the plan of 2028. But at the same time, we have to have prudent financial management and not spend money earlier than we need to spend it in order to achieve the strategic objective. But Bob, over to you.

Yes. So we still do need to drill the 2 to 3 wells, right? There's no doubt about it. We have a huge acreage position that is updip from Theta West and we have to appraise that. The timing on that, I think David has just answered that. But adding the new acreage doesn't increase the number of wells that we need. Just as we've always had in the back of our mind, this is what we're going to end up with and this is what we were going to need.

Yes. I was just going to say the original RBL or reserve-backed lending obviously will be at Ahpun and we have said we need 3, 4, 5 potential wells such that's not...

Yes, that's development wells rather than the appraisal well. I think there was some confusion. Also I saw people e-mailed us originally that there was some confusion about the difference between 3 or 4 wells as it related to Kodiak -- sorry, 2 or 3 wells on Kodiak in order to get to a point at which we could achieve FID and reserve designation. Whereas for Ahpun, the contingencies that we would have to move from contingent resources to reserves are not the same 5 contingencies as we have for Kodiak. So we've got different contingencies and of course when the independent expert report is issued for Ahpun, it will have specific wording around the contingencies there and we will be totally clear, Jay, on that. It says has there been any more interest in the data room? I think we tried to be clear last time, we're not going to provide a running commentary on what the mood was, how many people, et cetera. There's no point. There is a data room process ongoing, a variety of different organizations from different aspects of the industry participating because that's where the confidential data is and we won't be commentating on that. Bob, are you going to be equally transparent across the impairment [indiscernible] at Ahpun including the Eastern acreage? I think there not to be -- do you want to be a little more specific than you were during the presentation?

I don't want to be more specific than the presentation right at this time because I think what we're going to do is roll out sometime in January all of it. So giving bits and pieces is I think it might be a mistake. I just think what I said people should take comfort in the fact that we are at lower Dmax and the reservoir quality should improve and we'll present that story in detail in January.

Yes. We do intend to be equally transparent. It's just we don't want to jump the gun without having the detailed analysis. Do we have any expectations of announcing financing with our results? The answer is we're not going to pre-guess anything to do with our results until they're released. But Jay, you're leading the vendor financing activities. Do you want to just comment on it?

That activity is ongoing and it's pretty active. That's all I'll say.

Okay. Has the pressure bond been recovered? I think Bob, you just answered that. Could Ahpun the new acreage be marketed separately from the rest of Ahpun? The answer is it's a single project so we wouldn't -- I mean you could carve out any number of lease blocks and market them separately. So it's not a question of can it be. It's just a question of it's a part of and it's an extension of the Ahpun project. Next one. Is there a question? Why is it that after every webinar no matter how positive the news, the share price takes a hit the following day? I couldn't even begin to speculate. I grew up where everyone said buy the room and sell the news. And I'm sure that like many of these aphorisms, they're grounded in some kind of truth in just the same way as whenever you see I think there's a 1 trade go through the market. It means someone knows something. I suspect it means that there was a rounding up or rounding down error in a fractional account, but who knows?

Could I say something? We go through these questions and we do our webinar and we go through the questions. I always like to bring it back to the fact that it is good news. It is good news. We probably picked up close to 1 billion barrels of oil because we have spent a long time and a lot of money and a lot of effort and we have a big chunk of acreage updip from -- it's in the same accumulation and its updip. And the extension, we spent a lot of money drilling the horizontal. We spent money. We couldn't discuss this part of it. But when we were doing the shelf margin deltaic test, it was to prove that we have light oil in the shelf margin deltaic and we've done that and that gives us huge confidence of what's happening to the east of the acreage. So it's great news. There's a lot of oil. In Alaska you talk in big chunks and this is a lot of oil.

Yes. What impact do you expect the new acreage to have on discussions with other companies? The answer is it's not bad news. I'll be sort of British on the statement there. It's not bad news.

Let me just add on that. We may have added another 1,000 wells to the development plan or at least 500. So if a service company was looking at it before, it's just going to be much more enticing now.

The scale of the overall development is definitely enhanced by it and the value of a long-term relationship is certainly higher. Someone says 88 Energy have confirmed they're planning to flow test full intervals across the SFS and SMD reservoirs. I think that's just an information point for you, Bob. I know you were tap dancing around the fact that under the data exchange agreement, we may know more than we can say. I was simply trying to find an elegant way of moving beyond that. Are you anywhere near a partnership agreement with companies in the data room. We're not going to provide a commentary on that. But you can rest assured as soon as we have a commitment of any kind that requires us to announce it because it's material nonpublic information, we will announce it because it is material nonpublic information that needs to be shared in that situation. Will Pantheon be able to make contemporaneous RNS announcements with 88 Energy to help Pantheon shareholders understand the implications for Pantheon unadulterated by 88 Energy commentary? Firstly, again I'm just reading them as they are.

Can I just say? I think the answer to that is we will have the data, but we are obliged to let them make their announcements. It's not a partnership so it's not like we have the right to edit what they are announcing. So when they announce and how they announce is up to them. But we will have the data and we will have the information, but we don't have anything let's say, we have to do everything contemporaneous.

And to the extent that it becomes clear that people are misunderstanding, then we will do our best to help people understand. But the way we can do it is when we share information, the most important thing is that we share with shareholders the same information as the discussions we're having as a Board managing company because we don't want there to be a gap between how we're thinking about it and how shareholders are thinking about it caused by a lack of knowledge transfer. So we will always try to make sure that the market is as well informed as possible. Now that Pantheon has stated the necessarily secret strategy is no longer a consideration, when are we going to go out beating the drum and presenting Kodiak and Ahpun as greater than 2 billion barrels for U.S. investors? We previously said in the last one that we are out there in a process of meeting on a nondeal basis with investors in the U.S. We're having second and other further follow-ups with investors. We're keeping them appraised of that 15-month program. There are some investors who can only invest in a U.S. listed company, others who can invest before that time. But you can rest assured that shoe leather or in the modern era shoe rubber is being invested in that effort. And at some point I bought a nice new pair of Tecovas so that I was a proper Texas oilman, there'll be boot leather being burned as well. Will we notify the market if we enter exclusivity? That obviously depends on the terms of whatever arrangements we have with someone. We are certainly not going to undermine the commercial or economic benefit of the company just to score an announcement. If announcing something undermines that relationship. We will, however, absolutely meet our obligations. And as soon as there's anything that we are obliged to announce and that we're not limited from announcing, we will of course do so. Can the full extent of Ahpun that eastern area be produced using long laterals without installing expensive infrastructure to bridge the Sag River? The first thing is we're not going to build a bridge over the Sag River. In any case, that's not a thing. The second thing is we have the ability to reach all of the acreage. But Jay, you worked with Michael and Tony, do you want to...?

Yes. So we looked at the acreage and we high graded it and this acreage, 100% of it we can reach from pad to along the Dalton Highway. So that was one of our criteria is that we did not want to incur the additional expense of looking at any acreage that we couldn't reach from the Dalton Highway. So the answer is yes, we can reach it all.

And Bob, do you want to?

Yes. I wanted to add something, the same thing we made in the announcement. We have [indiscernible] this acreage in the past. We held it in the past. We dropped it because of the cost of drilling over there, exploring, whatever you want to say and developing east of the river. And it is again the results of the last year showing the capabilities that we can drill these longer horizontals, the technology is there to do it and we can bring it to the slope and the results of the Alkaid 2 that made us come back. The optimum strategy is very simple. Here's the hydrocarbons that we are going to be developing along the haul road. That's been the fundamental part of it. We've had that capability from day 1 and that's now the focus of the company.

Yes. And just to be clear, correct me if I'm wrong. To access the eastern side of the Sag River is a long road down from having crossed to the north and so the economics of any infrastructure or activity on the other side means it's going to be very hard without very large accumulations. Now we like others are watching the [indiscernible] Apache joint venture so that. Next question. The answer is you're welcome no matter what faith you are. We wish you a very Happy Holidays. What are management doing shareholding wise? That's a matter of disclosure and the year-end results obviously come with a disclosure on shareholdings. So that's in the public domain. I think I'm not going to try and remember off the top of my head exactly what those shareholdings are right now. Final question I've got here before we wrap up, probably for you Bob. What other 3D data that is proprietary to Pantheon remains to be released by the State of Alaska beyond next year so 2025 and on?

So we have the 2024 data -- sorry, 2014 seismic shoot, the 2015 and the 2016, which will happen each subsequent years to 2016. That's the one that covers the acreage that we've just picked up in Theta West. So that's it. That's the data that we have left to be released.

Yes. There's 1 more quick question. Are there shareholder meetings planned? I'm guessing well, that could mean 1 of 2 things. Either are we planning to meet more shareholders as part of expanding the potential and I think the answer is absolutely that's an ongoing process. And as I say, we will start lining up worn-out shoes and boots if needed to verify that those meetings are happening down the line. We'll have a wall of shame of shoes that couldn't stand the beating. In terms of our Annual General Meeting, we've said it's going to be at the end of January. I'm not sure we've specifically -- Jay, do you remember if we specifically announced the date?

I don't think we have yet. That will go out with the year-end. We're looking at an annual report.

So I don't want to jump the gun on that. And the final one that just came in. The answer is again you're welcome. Thank you all for joining us. Mark, back to you before...

That's great. And thank you for perfect timing as well with 4 or 5 minutes left to go. So thank you everybody for your engagement this afternoon, David, Jay and Bob; thank you for your time also. I know as usual, feedback will be important to you guys. I'll shortly redirect those on the call to give you their thoughts and expectations. But perhaps just to wrap up with David, I'll come back to you for a couple of closing comments.

Thanks, Mark. What we've shared with you today is just another of the steps along the line that I mentioned earlier, which is control the things that we can control with an absolute focus on how does what we're doing move us towards the strategic goal of sustainable market recognition of $5 to $10 per barrel of recoverable resource; whether it makes it quicker, makes it cheaper or makes it higher value. But if it doesn't meet 1 or all of those tests, then it's not something we're going to be focused on. We focused on adding this acreage because in the East the seismic would be becoming publicly available and we've always seen these additional leases as being a logical part of the Ahpun development and we will share information about just quantitatively how good we see that acreage being when we've had the analysis done and validated by independent third parties as we've done in the past. In terms of the acreage to the west, it captures what -- I think Bob's made a very compelling case for why that is the best reservoir within the Kodiak field and will be the focus of the subsequent 2 or 3 appraisal wells that we need to get to FID. But you can see why we've been tight lipped about it. We now have nothing else. Bob knows that he's not getting any more acreage. The company has now a full slate fully under control and no barriers of our own making to achieving FID for Ahpun at the end of 2025 and FID during 2028 for Kodiak. So just to say we are laser-focused on achieving the outcome. The share price will be what the share price is. But eventually if we demonstrate that we're going to do what we say, then we expect that the share price will take care of itself. Thank you very much for having joined us. And I know that we value the feedback you give us after the webinars. So do please respond to the questionnaire and look forward to engaging again with you through the AGM, which will have an opportunity for people to participate both in person and virtually in London around the end of January.

That's great. David, Bob, Jay; thanks once again for updating investors. Could I please ask investors not to close the session as we'll now automatically redirect you to the opportunity to provide your feedback in order that the company can better understand your views and expectations. So it will take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Pantheon Resources plc, would like to thank you for attending today's presentation and good afternoon to all.