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 #1 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”.”
Pantheon Resources plc
Jay Cheatham, CEO
+44 20 7484 5361
Justin Hondris, Director, Finance and Corporate Development
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