Business
Alkaid Well - successful flow test
Alkaid Well - successful flow test.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8505T Pantheon Resources PLC 25 March 2019 \n\n \n \n \n \n \n25 March, 2019\n \nPantheon Resources plc\n \nAlkaid Well - successful flow test\n \nPantheon 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, is pleased to advise the following update in relation to the testing of the Alkaid well located on the Alaska North Slope:\n \nHighlights: Alkaid Well, Alaska North Slope, Pantheon 100% working interest\n· The first of the 3 targeted horizons, the Brookian ZOI, confirmed as an oil discovery, following a successful flow test where results exceeded expectations.\n· A 6 foot interval (from a c.240 foot interval of net pay) was perforated and flow tested at 80-100 BOPD light oil (40 degree API). \n· Such flow rates are considered to be an excellent result and indicate the potential for materially higher flow rates when wells are drilled in the typical manner for Brookian wells in Alaska - horizontally, stimulated, and with larger intervals perforated.\n· The Alkaid well was drilled as a vertical test well with the primary objective to obtain sufficient data to make an assessment as to the potential commerciality of the targeted horizons. \n· The plan is to now isolate the Brookian ZOI zone, and to flow test the shallower West Sak and Ugnu horizons prior to shutting down operations later in April.\nAs previously reported, Pantheon is currently undertaking a production testing operation of its Alkaid well which was drilled in 2015 but immediately suspended as a result of regional flooding. Electric logging and other analysis identified three potentially productive zones for flow testing, commencing with the deepest zone, the Brookian ZOI. This will be followed by the two shallower zones, the West Sak and Ugnu, both of which are substantial producers on the North Slope. Pantheon has a 100% working interest in this testing operation.\n \nTh...