Tim is joined by the team from Pantheon Resources, CEO Jay Cheatham and Technical Director Bob Rosenthal.
The company has just completed the vertical section of the Alkaid #2 well, and are here to explain more.
Pantheon Resources (AIM: PANR) is the AIM-listed oil and gas company with a 100% working interest in all of its oil projects spanning c. 153,000 acres adjacent to and near transportation and pipeline infrastructure on the Alaska North Slope.
Alkaid #2 confirms more than 1,400 ft of gross continuous oil-bearing strata throughout the section drilled below the regional top seal at 7,165 ft down to at least the 8,584 ft total vertical depth.
Under instruction from the Alaska Oil and Gas Conservation Commission (AOGCC), drilling was stopped at 8,584 ft, despite not having reached the bottom of the Alkaid Deep section, to allow a sufficient margin to avoid contact with the high-pressure HRZ zone and possible fault.
· Net 155 ft oil-bearing reservoir encountered which confirms that the zone extends over the four-mile distance between the Alkaid #1 and Alkaid #2 wells.
· Exceeded pre-drill expectation of reservoir thickness and quality.
· Detailed analysis of cuttings and sidewall cores is currently underway to help optimise the completion of the well and long-term testing operations.
About Alkaid #2
The Alkaid #2 well is located adjacent to the Dalton Highway and Trans Alaska Pipeline System (TAPS) which are the main transportation highway and export pipeline, respectively, and approximately 4.5 miles from the Alkaid #1 discovery well drilled in 2015.
A successful programme at Alkaid #2 would yield early cashflow of significant value at current oil prices. The Alkaid #2 horizontal well is Pantheon’s first long term production test well in Alaska and will utilize unconventional oil production technologies applied to conventional oil reservoirs to maximize potential reserves and production. Additionally, the Greater Alkaid oil accumulation sits underneath and adjacent to the TAPS pipeline and the Dalton Highway which is a material financial and operational advantage to Pantheon as it is ideal for year-round “Phased Development”. This would minimize upfront capital expenditure and allow production revenues to partly fund future capital needs.
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