Pantheon Resources (AIM:PANR) Alkaid #2 update – well cleanout completed

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, is pleased to provide the following update:

Well cleanout – Alkaid #2

The cleanout of the sand blockage in the Alkaid #2 well is now complete and the Nordic Calista #2 rig has moved off the Alkaid #2 well head after replacing the production tubing. Commencement of these operations was delayed due to poor weather and a number of electrical and hydraulic issues with the rig which are now all resolved. The team is currently connecting Alkaid #2 to the production facility in preparation for the resumption of the long term production testing operations which will recommence shortly. The entire facility will now run on power completely generated with produced gas without any ancillary equipment.

Jay Cheatham, CEO, said: “I’m excited to resume flow testing soon, with a clean wellbore which will flow directly into our impressive permanent facility, which was designed, procured, built and commissioned in a single season.

“We encountered a number of equipment issues which slowed progress over the past few weeks but I am happy to report that all these are now behind us and we can look forward to continuing flow testing. As I stated previously, we are less than 40% through the recovery of the frack fluid (well cleanup) and I’m confident that Alkaid #2 will ultimately prove a commercial success. Whilst we’re optimistic, we always remind shareholders that a definitive assessment of ultimate commerciality cannot be made until flow testing operations are completed.”


Further information, please contact:

Pantheon Resources plc

+44 20 7484 5361

Jay Cheatham, CEO

Justin Hondris, Director, Finance and Corporate Development

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