Pantheon Resources (AIM:PANR) Well cleanout – Alkaid #2

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 Nordic Calista #2 rig contracted for the Alkaid #2 clean out operation has successfully pulled the tubing and packer and has now moved off the well head. An SLB (in October 2022 Schlumberger announced a change of name to SLB) coiled tubing unit has subsequently moved onto the well head to commence a cleanout of the sand blockage which is scheduled to occur over the weekend. Once the coiled tubing unit has cleaned out the sand blockage, it will move off location and the Nordic Calista #2 rig will move back onto the well and replace the production tubing prior to the recommencement of long term production testing immediately thereafter.

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.

Jay Cheatham, CEO, said : “I’m pleased we were able to resolve several issues and successfully reach this point in the clean out process. We have done extensive analysis, supported by 3rd party experts, and were able to learn much about the reservoir and the liquids production during this hiatus in testing. 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. Nothing we have seen to date diminishes our confidence in our projects.”

Bob Rosenthal, Technical Director, said: “After a long wait to secure, and then iron out a number of niggles on the rig, it’s great that we’re finally in a position to clear out the sand blockage and resume flow testing over the coming days. Whilst we’re optimistic, as always we remind shareholders that a definitive assessment of the well cannot be made until flow testing operations have been completed.”

“We plan to have a technical webinar associated with our Annual General Meeting next month and will advise details for that shortly. We expect Alkaid #2 to have cleaned up by then which will provide a lot of new data to enable a far more robust and representative assessment of Alkaid#2 than the reported testing data to date. We will also present our latest assessment of the results and the impact on our much larger Theta West and Shelf Margin projects. Additionally, we will update on the progress of the proposed Independent Expert Reports for both the Theta West and Alkaid projects and of the data room for our farm out process.”


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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