Pantheon Resources PLC Operational Update, Alkaid #2 Well (5406A)
26 Settembre 2022 - 8:01AM
UK Regulatory
TIDMPANR
RNS Number : 5406A
Pantheon Resources PLC
26 September 2022
26(th) September 2022
Pantheon Resources plc
Operational Update, Alkaid #2 Well
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 ("ANS") , provides the following operational update:
Operational Update
The Company is pleased to report that the completion and
stimulation phase at Alkaid #2 has concluded, and a production
packer has been set. Completion equipment is currently being
demobilized and preparations are underway for flow testing. The
Company will shortly commence commissioning its facilities which
were recently increased in capacity in order to handle potential
additional production. A workover rig is estimated to arrive to
location over the next week to ten days to install production
tubing prior to commencing flow testing operations. A significant
amount of fluid was introduced into the well during stimulation
procedures which will return first during the 'clean-up phase',
prior to the subsequent commencement of oil production later in
October, if successful.
Flow Testing at Alkaid #2
In preparation for flow testing, Pantheon has applied to the
Alaska Oil and Gas Conservation Commission ("AOGCC") for a
long-term pilot production test with a hearing set for 27(th)
October to consider gas flaring at the Alkaid #2 well. This hearing
is part of the normal process for a long-term pilot production test
as the AOGCC must determine when the project is considered to
transition from testing a new formation to entering regular
production. AOGCC regulations state that gas flaring is permitted
during testing but must be limited during regular production
operations. The hearing is not anticipated to delay or curtail
planned testing operations.
The purpose of the long-term pilot production test of the Alkaid
interval is to gather data necessary to understand the
characteristics of production from that reservoir. This includes
determining the initial production rate, the production decline
curve and the Gas to Oil Ratio. This information will then be used
to model the potential commerciality of the project, optimize
design of production facilities for long-term production, determine
the amount of associated gas produced with the oil and identify the
most efficient uses for that gas. The hearing will allow the AOGCC
commissioners to gather information about the project to determine
the length of the testing program and thus when the project should
be considered to be in regular production.
Other
As previously reported, Pantheon has contracted the highly
regarded consultancy, Schlumberger, to complete a detailed dynamic
3D subsurface visualization of its various Alaska North Slope
projects. This work, underway for several months, is advancing
well. The information obtained will be used by the Company for its
own analysis and will also be included in the data room which
Pantheon intends to reopen subsequent to the completion of flow
tests, in order to consider possible farm out partners for future
project advancement.
Jay Cheatham, CEO, said: " This is the second of two very
important milestones for Pantheon this year and a significant step
toward potential commercialization of our discoveries on the North
Slope. Pantheon has now drilled a horizontal well exceeding 5,000
feet through our target formation from a gravel pad along the
Dalton Highway and successfully executed 30 stimulation treatments
over that horizontal length.
"Our intention with the long-term pilot production test is to
maximize our data collection which, coupled with the upcoming
Schlumberger report, will be invaluable to our understanding of the
Alkaid interval as well as our wider portfolio of projects. We look
forward to updating the market with the initial results of the flow
test in due course."
Bob Rosenthal, Technical Director, said: " Pantheon is extremely
pleased with the progress towards our first extended flow test
operation on our portfolio, which includes some operational
'firsts' for Alaska. Drilling the horizontal and performing the
multistage stimulations were the biggest operational risks we faced
and we are delighted to have these successfully completed and
behind us. We recognize the most effective production of our
Alaskan fields is to employ the modern drilling and completion
techniques common in the unconventional reservoirs in the Lower 48
states of USA to our conventional sandstone reservoirs on the North
Slope. It's a great accomplishment for our team to complete the
horizontal drilling and stimulations without incident, whilst also
employing drilling and completion techniques which are new to
Alaska. Those include using a 'monobore' casing design utilizing
two strings; (i) a surface casing, which protects the permafrost,
and (ii) a secondary casing which runs from surface to total depth,
eliminating any intermediate casing and provides a more
cost-effective method for future development wells. We also
successfully achieved a large, horizontal, multi-stage completion
(30 stage stimulation) which required (new to Alaska) pumping
techniques, water management, and supply chain for sand."
-Ends-
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser
and broker)
Henry Fitzgerald-O'Connor, Gordon Hamilton +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.
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) incorporated into, or forms part of, this
announcement. The information contained within this announcement is
considered to be inside information prior to its release.
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