Business
Resource upgrade - Alkaid prospect
Resource upgrade - Alkaid prospect.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3507B Pantheon Resources PLC 06 June 2019 \n\n \n \n \n \n \n6 June, 2019\n \nPantheon Resources plc\n \nResource upgrade - Alkaid prospect\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, and onshore North Slope of Alaska, is pleased to provide details of the Webcast scheduled for 1130am BST today and to provide the following update in relation to the testing of the Alkaid well located on the Alaska North Slope:\n \nWebcast\nA CEO Q&A Webcast will be available at 1130 British Summer Time today and will be accessible at the following link: https://webcasting.brrmedia.co.uk/broadcast/5cf6ad4a221579216107c9a7\n \n \nAlkaid project: P50 Technically Recoverable Resource upgrade\n \nAs previously announced, the Alkaid well was confirmed as an oil discovery in the primary target, the Brookian (\"zone of interest\" or \"ZOI\") at c.8,100ft depth, flowing 80-100 bopd of high quality, light oil from a 6 foot perforated interval (within a 240 foot interval of net pay) during testing. This result is considered of great importance because the Brookian ZOI is the same formation that is at the heart of the major Alaskan discoveries over recent times. Pantheon has a large family of other Brookian prospects on its acreage. Notably, the result has confirmed the efficacy of Pantheon's 'High Tech Geophysics' analysis in modelling the Brookian, important because the application of High Tech Geophysics has been central to those recent major Brookian discoveries in Alaska.\n \nAlkaid was drilled as a vertical test well with the objective of verifying the presence of the oil reservoir and gathering data and was not drilled to maximise production from this wellbore. The well is on the edge of the reservoir and seismic clearly shows improved reservoir characteristics moving towards the heart of the reservoir. Future development wells will be drilled horizontally and fracked as is typical for the region, which should result in vastly improved flow rates than that of the test well. \n \nSince testing the well, analysis by the Company has been ongoing. Petrophysical analysis has now been ...