Theta West, owned by Pantheon Resources, has been named as the fourth-largest discovery globally for 2022.

Pantheon Resources PLC (AIM: PANR, OTC: PTHRF) has shared additional information ahead of a webinar today, stating that a Wood MacKenzie report described its Theta West as the fourth-biggest discovery globally in 2022.

However, the report also noted that additional drilling and testing are required before Theta West can be considered for commercial development. Pantheon added that being onshore and near existing export infrastructure provides significant advantages.

In a separate development, Pantheon reported that its Alkaid-2 well has flowed for more than two months, and future operations will focus on testing the shallower Shelf Margin Deltaic zone.

The company does not intend to extend its gas flaring permit for Alkaid due to the lack of necessary facilities to sell natural gas liquids and condensates, but future development plans include the installation of refrigeration equipment.

Pantheon Resources will be focusing on testing the shallower Shelf Margin Deltaic (SMD) zone in the wellbore at Alkaid, following the plugging of the Alkaid zones in that location. According to Pantheon’s analysis of the well results, the SMD has better reservoir qualities than the Alkaid #2 well.

The successful testing of the SMD could lead to the addition of another independent oil accumulation to the recently tested Alkaid ZOI, which could be jointly developed using the same infrastructure from drill pads located adjacent to the highway. Pantheon believes that the size and location of the SMD oil resource would significantly improve the commercial viability of the oil at the Alkaid location.

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