The oil and gas exploration company stated that the quality of the data obtained from the well was “extremely high”.
Pantheon Resources expressed its delight with the progress made by Alkaid-2 in Alaska. The target depth has been reached, which includes horizontal drilling to 5,300 feet.
Pantheon’s first horizontal well in Alaska North Slope, Alkaid-2, is one of the most eagerly awaited development holes in the area for many years.
Pantheon stated that it was “extremely happy” with the drilling of the lateral section. Preparations are now in place for stimulation and flow testing.
Future production wells will be able to reach a lateral length of approximately 8,000 feet, but this is the first one. Pantheon stated that it has taken a conservative approach and used a shorter lateral.
Pantheon said that analysis of the log while drilling (LWD), and gas chromatograph readings showed that the improved reservoir parameters found in the vertical pilot hole were continued or improved in the horizontal wellbore.
“This data further confirms Pantheon’s accuracy and provides the company greater confidence in predicting reservoir tops, bottoms,” as well as pointing out significant improvements in reservoir quality.
Pantheon stated that the quality of data from the well was exceptional.
The next steps include demobilizing the Nabors Rig 105 and moving in a smaller completion rig for the extended operations of stimulating and perforating the horizontal section every 16 ft.
Pantheon stated that it will continue to use unconventional production methods, which will be applied to conventional sandstone reservoirs found throughout the project area.
Bob Rosenthal, Pantheon’s technical director, stated: “I am incredibly proud both of the results so far and the outstanding work of my team.
“The first well development in a new area can sometimes produce unexpected surprises because we don’t know what wellbore conditions we should expect over such a long distance. I am happy that we reached 5,300 feet without any incident.
“This latest operation seems to strengthen the accuracy of our geoological modelling, giving us great confidence in the modelling of other larger projects in our 100%-owned portfolio.”
Jay Cheatham, CEO, said: “We have reached another important milestone in demonstrating that we can successfully drill a long, lateral well.
“Globally, drilling oil and gas wells is difficult at the moment, with high oil prices driving record drilling and support services. This has led to higher costs and supply chain problems across the industry. Today’s news is extra special.
“Every milestone Pantheon reaches translates into a reduction of risk and greater confidence in the enormous resource that has been discovered so far.”
Cheatham and Pantheon applied for their shares to be traded on OTC Market’s OTCQX trading platforms in the US.
Management estimates that Pantheon’s Alaskan projects, Theta West and Talitha (Greater Alkaid) contain more than 23bn barrels Oil in Place and more than 2.3bn barrels recoverable resource.
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