Pantheon Resources plc (LON:PANR) Winx-1 Exploration Well drilling update

Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, as well as onshore North Slope of Alaska following its January 2019 acquisition of the assets of Great Bear Petroleum, advises the following update in relation to its oil and gas operations in Alaska:

 

Highlights: Winx-1 Exploration Well, Alaska, PANR 10% working interest

Pantheon reports that it has been advised by the operator, 88 Energy Ltd, that

· Oil shows have been observed whilst drilling in the Nanushuk in the Winx-1 exploration well between 4,460′ and 4,530′

o Preliminary analysis suggests that the zone over which the shows were recorded is at the lower end of the range required for commerciality, however additional petrophysical work is necessary

· No oil shows were recorded in the shallower secondary target (Seabee turbidites)

· Forward plan is to continue drilling to TD (target depth) to test the deeper objectives

The Winx-1 exploration well intersected a zone of interest in the Nanushuk Formation between 4,460′ and 4,530′ on the 28th February 2019. Weak to moderate oil shows were recorded, including fluorescence and crush/cut fluorescence, whilst drilling through this zone; however, initial petrophysical analysis indicates potentially high water saturation. Additional analysis is ongoing and will be reported once available. The shallower, Seabee turbidite target at ~4,272′ exhibited no evidence of hydrocarbon saturation.

The forward plan is to continue drilling ahead to TD to test the deeper objectives.

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Jay Cheatham, CEO of Pantheon, said:

“Whilst initial data for Winx-1 is disappointing, more petrophysical work is necessary to determine the viability of the upper horizons, and we are yet to reach the deeper target. The Winx prospect where we have a 10% carried interest with an additional 10% back in right, is wholly independent of the other prospects in the Pantheon/Great Bear portfolio. These other six prospects, which Pantheon has working interest positions ranging from 75% to 90%, have a P50 Technically Recoverable Resource estimated at 1.7 billion barrels of oil. The first of these, Alkaid, drilled in 2015 and suspended to due to regional flooding, will be tested over the coming weeks. Well re-entry is estimated to commence next week.”

 


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