Pantheon Resources PLC Alkaid #2 update (5138P)
February 10 2023 - 2:00AM
UK Regulatory
TIDMPANR
RNS Number : 5138P
Pantheon Resources PLC
10 February 2023
10 February, 2023
Pantheon Resources plc
Alkaid #2 update
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 3(rd) 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."
-ENDS-
Further information, please contact:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor
Gordon Hamilton +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld +44 20 7138 3204
-Ends-
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company
focused on several large projects located on the North Slope of
Alaska ("ANS"), onshore USA where it has a 100% working interest in
153,000 highly prospective acres with potential for multi billion
barrels of oil recoverable. A major differentiator to other ANS
projects is its close proximity to transport and pipeline
infrastructure which offers a significant competitive advantage to
Pantheon, allowing for materially lower capital costs and much
quicker development times. The Group's stated objective is to
create material value for its stakeholders through oil exploration,
appraisal and development activities in high impact, highly
prospective conventional assets, in the USA; a highly established
region for energy production with infrastructure, skilled personnel
and low sovereign risk. All operations are onshore USA, with
drilling costs materially below that of offshore wells.
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