Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted 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, confirms that following the Company’s AGM, a shareholder presentation/webinar will be held at 5.30pm GMT today.
The Webinar will provide a high level overview of Pantheon’s projects and the significant advancements made over the past 18 months, with a focus on the learnings from Alkaid #2. Pantheon’s soon to be appointed independent director, Mr David Hobbs, a Petroleum Engineer with over 40 years’ experience in upstream oil and gas and energy policy, will also contribute to the webinar.
The presentation includes certain information not previously disclosed as follows:
Wood MacKenzie (“WoodMac”) . The Company notes WoodMac have published a report, made available to WoodMac clients, which announced Pantheon’s 100% owned Theta West #1 well as “the fourth biggest discovery well globally in 2022.” Consistent with Pantheon’s own assessment WoodMac characterise Theta West as a contingent resource requiring additional drilling and testing before potentially being considered commercial.
Pantheon notes that Theta West is unique in that it is the only onshore discovery in this top four global discovery list. Being onshore and close to existing export infrastructure provides major advantages to any commercial development subject to additional appraisal drilling and production testing.
Alkaid #2 – the Alkaid #2 test well has now flowed for more than two months with much data generated and analysed. Recently completed analysis by SLB has concluded that the stimulation most likely fracked into a small gas cap which, coupled with solution gas, resulted in a gas oil ratio (“GOR”) many times greater than that observed in the the same reservoir as the Alkaid #1 well.
Analysis suggests that future Alkaid horizontal wells should be positioned slightly deeper in the formation to achieve a much richer GOR and superior flow rates of oil. Notwithstanding the higher GOR in Alkaid #2, the well has stabilized into a typeset decline curve providing the necessary data for development modelling. Given the Company does not have the necessary facilities to separate and thus sell the Natural Gas Liquids (NGLs) and condensate, and given the higher gas volumes, the Company does not plan to seek an extension of the gas flaring permit. Any future development of Alkaid will include the necessary refrigeration equipment to separate and sell the high value NGLs as well as the crude oil.
Future operations at Alkaid will now focus on moving up the well bore and testing the shallower Shelf Margin Deltaic (“SMD”) zone in the shallower vertical section of the well bore after plugging the Alkaid zone of interest (ZOI) reservoir. The SMD reservoir is estimated by management to be approximately five times larger than the Alkaid reservoir and has been penetrated in several of Pantheon’s wells. Analysis of these well results indicate that the SMD has superior reservoir qualities than the Alkaid #2 well. Successful testing of the SMD would add another completely independent oil accumulation to the recently tested Alkaid ZOI which could be jointly developed using the same infrastructure from drill pads positioned adjacent to the highway. The size and location of the SMD oil resource would significantly enhance the commerciality of the oil at the Alkaid location.
Strengthening of Team
In addition to the appointment of Mr David Hobbs as an independent director to the board, effective tomorrow, Pantheon confirms the appointment of Mr Tony Beilman to the team to strengthen the Company’s operational capability. Tony is a Petroleum Engineer with decades of engineering and operations experience and has been tasked with a clear mandate to improve and optimise operational performance.
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