Pantheon Resources PLC Alaskan update and notification of CEO Q&A podcast (4836Z)
20 Maggio 2019 - 8:00AM
UK Regulatory
TIDMPANR
RNS Number : 4836Z
Pantheon Resources PLC
20 May 2019
20 May 2019
Pantheon Resources plc
Alaskan update and notification of CEO Q&A podcast
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with working interests
in several conventional project areas in Tyler and Polk Counties,
onshore East Texas, and onshore North Slope of Alaska is pleased to
advise the following update in relation to the testing of the
Alkaid well located on the Alaska North Slope:
Alkaid Discovery Well, Alaska North Slope, Pantheon 100%*
Working Interest
Subsequent to the announcement of Alkaid as a discovery well
following the successful production testing operations in the
primary zone of interest (the "ZOI" or "Brookian formation"), the
wellbore has been successfully suspended and freeze protected for
future production purposes. Data analysis is ongoing.
Interpretation to date suggests that the reservoir quality
encountered in the ZOI is greatly superior to pre-drill estimates
which should have positive implications for possible reserve and
production potential at the Alkaid prospect. The result has
increased our confidence in the adjoining Phecda structure, as well
as in the Talitha prospect.
The Brookian ZOI is estimated to have 400 ft of gross pay and
240 ft of net pay, of which a 6 ft interval was perforated and
stimulated, flowing over 100 bopd of light oil. Future development
wells will be drilled horizontally and multi stage fracked, as is
typical for the region and would be expected to result in
significantly higher flow rates than that of a vertical test
well.
The Company has engaged a third party expert consultancy to
conduct petrophysical analysis. The results are due over the
forthcoming week and will provide key input into future development
planning.
The process for permitting a pad adjacent to the haul road and
pipeline for long term production testing and delineation of the
Alkaid discovery is underway. The immediate proximity of Alkaid to
such infrastructure is of tremendous benefit to Pantheon, both
operationally and financially.
Pantheon is also pleased to announce that it has contracted the
services of one of the leading expert consultancies in 'high tech
geophysics' to undertake additional work over our prospect
inventory. This work has already commenced and is presently
underway.
CEO Q&A podcast
Following receipt of the conclusions to the petrophysical
analysis, Pantheon intends to conduct a "CEO Q&A" podcast which
will provide a more comprehensive overview of our interpretation of
Alkaid and of other operations. It is intended that this will occur
during the week commencing Monday, 27(th) May 2019.
Jay Cheatham, CEO, said:
"The Alkaid well is important, not just as a significant
discovery in its own right but also for upgrading other prospects
including Phecda and Talitha. Alkaid is a seismic anomaly
delineated using high tech geophysics - the same technique used so
successfully across the North Slope of Alaska to discover very
large oilfields with very high drilling success rates. Of great
importance, it has proved to us that our high-tech geophysics model
works, which is exactly what we wanted to see."
"I look forward to providing a fuller update in our CEO Q&A
in the next 1-2 weeks."
-ENDS-
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Arden Partners plc (Nominated Adviser and broker) +44 20 7614 5900
Paul Shackleton
Daniel Gee-Summons
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
The information contained within this RNS is considered to be
inside information prior to its release. 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.
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas
exploration and production company with assets in East Texas and on
the North Slope of Alaska, onshore USA.
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 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 an order of
magnitude below that of offshore wells.
In East Texas, Pantheon holds a 50% to 75% working interest (and
in present discussions to increase this to 100% working interest
for non-cash consideration) in several conventional prospects in
Tyler & Polk Counties, in an area of abundant regional
infrastructure, and in proximity to the prized Double A Wells
Field. P50 Technically Recoverable Resources (Gross) are estimated
at 157 million barrels of oil equivalent.
In Alaska, following its acquisition of the assets of Great Bear
Petroleum in January 2019, Pantheon holds working interests ranging
between 10% and 90% of prospects covered by over 1,000 square miles
of 3D seismic with P50 Technically Recoverable Resources estimated
at 1.7 billion barrels of oil. An additional 0.4 billion barrels of
P50 Technically Recoverable Resources was estimated to apply the
Winx-1 Western Acreage acreage blocks, however this number is
subject to downward revision following the disappointing Winx-1
well result in March 2019. This work will be conducted over the
coming months and an updated resource assessment provided once work
is completed.
*Halliburton has the right to "back in" to a 25% working
interest into the Alkaid leases which is currently under their
consideration.
Glossary
BOPD Barrels of Oil per day
API The American Petroleum Institute gravity, or API gravity, is
a measure of how heavy or light a petroleum liquid is compared to
water: if its API gravity is greater than 10, it is lighter and
floats on water; if less than 10, it is heavier and sinks
Ft feet
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END
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