TIDMPANR
RNS Number : 9630W
Pantheon Resources PLC
23 August 2022
The following amendment has been made to the 'Theta West #1 Well
- Independent Expert VAS Report' announcement released on 23 August
2022 at 7:00 am under RNS No 8428W.
The well number in the CEO's quote has been updated from Alkaid
#1 to Alkaid #2.
All other details remain unchanged.
The full amended text is shown below.
23(rd) August 2022
Pantheon Resources plc
Theta West #1 Well - Independent Expert VAS 'Volatiles Analysis
Service' Report Received
Pantheon Resources plc ("Pantheon" or "the Company"), the AIM
listed oil and gas company with a 100% working interest in all of
its oil projects spanning c. 153,000 acres adjacent and near to
transportation and pipeline infrastructure on the Alaska North
Slope, is pleased to announce the receipt of a report by the
independent experts at Baker Hughes AHS ('Advanced Hydrocarbon
Stratigraphy') titled "Pantheon Great Bear Theta West 1 well:
Characterization of a World Class Petroleum System Using AHS's
Cuttings' Volatiles Stratigraphy", following the completion of its
Volatile Analysis Service ("VAS") work.
Key Conclusions of the Baker Hughes AHS Report
The key conclusions according to Baker Hughes AHS have been
copied below and a full copy of the report is available to view on
the Company's website at:
https://www.pantheonresources.com/investors/shareholder-documents
Conclusions: Great Bear Pantheon's Theta West 1 drilled a
world-class petroleum system comprised of:
1) A 1,360 feet ("ft") thick continuous column of oil-bearing
cuttings. The actual length of the oil column is unquestionably
greater than 1,360 ft, as the base of the analyzed cuttings' oil
column is the total depth ("TD") of the well, and the oil in the
cuttings shows no sign of tapering off.
2) High quality oil of 37-39 degrees API gravity.
3) Abundant good quality reservoirs.
4) An ultimate non-permeable oil seal that occurs at 7,070 ft.
Oil bearing cuttings are not observed above 7,070 ft, and oil is
analyzed in every cuttings sample, both Sealed-at-Well and
Lab-Loaded, below 7,070 ft to TD.
5) A seal within the oil-rich zone occurs at 7,480 ft separating
a shallower from a deeper compartment based of different oil
compositions above and below 7,480 ft
6) Elevated Helium is observed, in part confirming Theta West's excellent seals.
7) These results are in complete accord and supportive of AHS's
previous analyses of cuttings from Great Bear Pantheon Talitha A
well, as well as AHS's study of Shelf Margin Deltaic cuttings'
samples from the Talitha A, Pipeline, Alkaid, Merak, and Alcor
wells.
Jay Cheatham, CEO of Pantheon Resources, commented, "Following
the successful completion of horizontal drilling operations at our
Alkaid #2 well last week, we are pleased to present shareholders
the results of the VAS work on Theta West #1. This is a great
endorsement from AHS, and one of several technical tools we employ.
As we have always said, ultimate commerciality on our projects will
be determined by flow testing.
"AHS refers to our 100% owned discovery as "World Class". As
previously announced the Company estimates the project contains
over 17 billion barrels of oil in place with a recoverable resource
of over 1.7 billion barrels of oil (based on a 10% recovery
factor)."
Bob Rosenthal, Technical Director, commented , "This is further
confirmation of a great result for Pantheon. We consider Mike Smith
and his team at Baker Hughes, Advanced Hydrocarbon Stratigraphy, to
be one of the leading experts globally in their field and the
conclusions validate our understanding of the resource. The results
are extremely promising for our Theta West project, the largest
project in our portfolio, and we are pleased to have independent
experts refer to this as a "World Class Petroleum System"."
-Ends-
Further information:
Pantheon Resources plc
Jay Cheatham, CEO +44 20 7484 5361
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor, James Asensio +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Madeleine Gordon-Foxwell +44 20 7138 3204
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company
focused on several large projects located on the North Slope of
Alaska ("ANS"), onshore USA where it has a 100% working interest in
153,000 highly prospective acres with potential for multi billion
barrels of oil recoverable. A major differentiator to other ANS
projects is its close proximity to transport and pipeline
infrastructure which offers a significant competitive advantage to
Pantheon, allowing for materially lower capital costs and much
quicker development times. The Group's stated objective is to
create material value for its stakeholders through oil exploration,
appraisal and development activities in high impact, highly
prospective conventional assets, in the USA; a highly established
region for energy production with infrastructure, skilled personnel
and low sovereign risk. All operations are onshore USA, with
drilling costs materially below that of offshore wells.
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the information contained in this
announcement has been reviewed and signed off by Robert Rosenthal,
a qualified Petroleum Geologist, who has over 40 years' relevant
experience within the sector.
Glossary
Volatiles Analysis - The Volatiles Analysis Service (VAS) from
Baker Hughes is a unique lab-based measurement and advisory service
that evaluates fluid, petrophysical, and geomechanical properties
of the formation using drilled cuttings or core plugs. Information
gathered helps customers optimize drilling and completion decisions
for enhanced reservoir production.
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END
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August 23, 2022 09:36 ET (13:36 GMT)
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