Pantheon Resources PLC Alkaid #2 update -- well cleanout completed (0767Q)
February 16 2023 - 2:00AM
UK Regulatory
TIDMPANR
RNS Number : 0767Q
Pantheon Resources PLC
16 February 2023
16 February, 2023
Pantheon Resources plc
Alkaid #2 update - well cleanout completed
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 cleanout of the sand blockage in the Alkaid #2 well is now
complete and the Nordic Calista #2 rig has moved off the Alkaid #2
well head after replacing the production tubing. 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. The team is currently connecting Alkaid #2 to the
production facility in preparation for the resumption of the long
term production testing operations which will recommence shortly.
The entire facility will now run on power completely generated with
produced gas without any ancillary equipment.
Jay Cheatham, CEO, said : "I'm excited to resume flow testing
soon, with a clean wellbore which will flow directly into our
impressive permanent facility, which was designed, procured, built
and commissioned in a single season.
"We encountered a number of equipment issues which slowed
progress over the past few weeks but I am happy to report that all
these are now behind us and we can look forward to continuing flow
testing. As I stated previously, 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. Whilst we're
optimistic, we always remind shareholders that a definitive
assessment of ultimate commerciality cannot be made until flow
testing operations are completed."
-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
James Asensio
Gordon Hamilton +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld +44 20 7138 3204
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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END
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