Pantheon Resources PLC Operational and corporate update (9731W)
April 21 2023 - 2:00AM
UK Regulatory
TIDMPANR
RNS Number : 9731W
Pantheon Resources PLC
21 April 2023
21 April, 2023
Pantheon Resources plc
Operational and corporate 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 ("ANS") is pleased to provide the following update:
Implications of 88 Energy's recent Hickory #1 well
Earlier this year, Pantheon entered into a well data exchange
agreement with 88 Energy Limited ("88 Energy"), trading the data
from Pantheon's Talitha #A well for 88 Energy's Hickory #1 well.
This additional well penetration of the discovered hydrocarbons,
approximately 150 metres from Pantheon's lease boundary, is an
important "well control" point providing Pantheon with valuable
data on our southern lease boundary at no cost and allows us to
incorporate this into subsurface modelling of the various horizons
to obtain even greater confidence in the subsurface and discovered
oil. The data integration has been done in collaboration with SLB
(formerly Schlumberger) as previously described in Pantheon's RNS
dated 8 December 2022.
88 Energy announced on 10 April 2023 that it had encountered the
Shelf Margin Deltaic ("SMD"), the Slope Fan and Basin Floor fan in
the Hickory #1 well. Importantly, the reservoirs encountered in
Hickory #1 are all hydrocarbon bearing and present on Pantheon's
acreage, which has the benefit of being shallower and updip of
Hickory #1, with a lower maximum burial depth ("Dmax") which
typically results in improved reservoir properties.
We are pleased to find that the preliminary data confirms our
pre-Hickory drill interpretation, confirming the multiple stacked
pay zones (including two lobes of a Slope Fan System, as
encountered in Talitha #A). Hickory #1 effectively extends the
proven plays that Pantheon has discovered and been evaluating for
several years.
The initial information reinforces the technical work on the
static reservoir model delivered by SLB in phase 1 of its programme
with Pantheon. Analysis of all the data will increase the
robustness of the outcomes delivered in SLB's phase 2 program which
will involve more detailed analysis of oil recoveries and
productivity and also used by Netherland Sewell & Associates in
their Independent Experts Report reports on the discoveries across
Pantheon's acreage which are presently underway and will be the
basis for attracting partners into the project area.
Bob Rosenthal, Technical Director, said:
"The hydrocarbons discovered at the Hickory well is a great
outcome for all companies exploring and developing the large oil
resource close to the Dalton Highway and the Trans Alaska Pipeline.
These large resources are in tight oil-bearing formations where we
will utilize unconventional oil extraction technologies on
conventional reservoirs to improve oil recoveries. The geographic
location of Hickory near Pantheon's acreage makes this ideal for
the use of unconventional equipment and technology. The Hickory
discovery well is another important data point that provides an
increased understanding of the subsurface in close proximity to our
existing discoveries. It also confirms the extension of our
reservoirs to our southern border. We all benefit by amalgamating
our technical data to produce the best outcome for both companies.
More data leads to increased geological understanding and lower
overall extraction risk."
-ENDS-
Further information, please contact:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity Limited (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
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the information contained in this
announcement has been reviewed and signed off by Robert Rosenthal,
a qualified Petroleum Geologist, who has over 40 years' relevant
experience within the sector.
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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