Business
Alkaid Well Update
Alkaid Well Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8045U Pantheon Resources PLC 02 April 2019 \n\n \n \n2 April, 2019\n \nPantheon Resources plc\n \nAlkaid Well Update\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, provides 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 \n· Following the successful flow test of the primary target, the Brookian Formation (Brookian \"zone of interest\" or \"ZOI\") at c.8,100 ft depth in the Alkaid well, which confirmed the well as an oil discovery, flow testing operations moved up the hole to the shallower West Sak and Ugnu secondary targets.\n· Testing of the West Sak secondary target has now occurred, with the well encountering low salinity (brackish) water. The Ugnu and West Sak secondary targets were independent of the Brookian ZOI, however the presence of brackish water in the West Sak has significantly downgraded the probability of success in the the Ugnu Formation, given these zones are close to each other and have very similar log responses.\n· As a result of the confirmation of the oil discovery in the Brookian ZOI, Pantheon has decided to suspend and seek approval to 'freeze protect' the Alkaid well bore, preserving it as a future development well and this process is expected to take up to two weeks.\n· As previously announced on 25 March, the Alkaid well is considered a material success for the Company, flowing 80 - 100 bopd of light (40 degree API oil) from a 6 foot perforated interval as previously reported. Future development wells will be horizontal, stimulated and perforated over much larger intervals which will deliver significantly larger production rates. \n· The Brookian ZOI Is estimated to have 400 feet of gross pay and 240 feet of net pay. Flow testing and data received exceeded expectations and have material positive implications for reserve and production potential for the Alkaid project, as well as...