Business
Formal Approval of the Talitha Unit
Formal Approval of the Talitha Unit.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2695F\n Pantheon Resources PLC\n 13 November 2020\n \n \n \n \n \n \n \n \n \n \n 13 November, 2020\n \n \n \n \n \n \n \n \n Pantheon Resources plc\n \n \n Formal Approval of the Talitha Unit\n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" of \"the Company\") the AIM-quoted oil and gas exploration company with working interests of 89.2% - 100% in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope is pleased to announce the Company's application to form the Talitha Area Unit has been formally approved by the State of Alaska, Department of Natural Resources (\"DNR\"). \n The Talitha Area Unit encompasses 44,463 acres of State Leases in the central Alaska North Slope area, located adjacent to both the Trans Alaska Pipeline System (\"TAPS\") and the Dalton Highway. The unit lies directly adjacent to the southern border of the recently-approved Alkaid Unit, 20 miles south of the Prudhoe Bay Unit, and 25 miles southeast of Kuparuk River Unit and has an effective date of November 10th 2020. \n \n \n \n \n \n \n \n \n Background\n \n \n \n \n \n The award of the Talitha Production Unit over which Pantheon has an 89.2% working interest, \n represents an important milestone for the Company and for its ambitions to drill\n the Talitha #A appraisal well in Q1 2021. As has been previously announced, drilling of the Talitha #A well remains subject to funding and the Company confirms that its farmout discussions remain ongoing and today's unit award is considered an important step forward in this process. The Talitha Project is keyed off the Pipeline State #1 vertical discovery well, located on the Talitha Project itself, which was drilled in 1988 and which reached a total depth at 10,460 ft measured depth and encountered oil in several intervals. The intended Talitha #A well will drill through all these intervals in a structurally higher location (shallower depth) with the primary reservoir target being the Shelf Margin Deltaic sequence which is expected to be encountered at a reservoir depth of around 7000 feet. The secondary targets are a Slope Fan System and the Basin Floor Fans in the Brookian section, as well as the deeper Kuparuk formation. Pantheon believes the combined potential of these zo...