Business
Rig Contract Executed & Investor Presentation
Rig Contract Executed & Investor Presentation.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n 16 May 2022\n \n \n \n \n \n \n Pantheon Resources plc\n \n \n \n \n Rig Contract Executed & Investor Presentation\n \n \n \n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM listed 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, is pleased to announce the following updates.\n \n \n \n \n \n \n Rig Contracted for Alkaid #2\n \n \n \n \n \n \n Pantheon has formally executed contracts for the Nabors 105AC drill rig to drill the Alkaid #2 well, scheduled to spud in July 2022. If successful, Pantheon will commence a long term production test and truck and sell the produced oil to a nearby North Slope facility. The Alkaid #2 wellhas three objectives (from shallowest to deepest);\n \n \n \n \n i. \n To appraise the shallower Shelf Margin Deltaic horizon, which management believes contains a Contingent Resource of\n 2.6 billion barrels Oil in Place and 404 million barrels recoverable resource;\n \n \n ii. \n To commence a long-term production test of the primary objective Alkaid horizon, which the independent expert engineering firm Lee Keeling & Associates estimates to contain 76.5 million barrels of oil Contingent Resources (recoverable); and\n \n \n iii. To evaluate the extent of the oil column within the Alkaid horizon immediately below the total depth at Alkaid #1. Alkaid #1 was terminated within the oil zone due to flooding of the Dalton Highway at the time. Based on seismic and other analytical analysis, the Company believes the Alkaid horizon's oil zone is substantially thicker than reported to date, offering the potential for additional resource growth.\n \n \n \n \n \n \n \n \n \n \n The Alkaid #2 well is a step out from the Alkaid #1 discovery well, which was drilled as a vertical test well and flow tested 108 barrels of oil per day through a six foot perforated interval. Alkaid #2 will be drilled horizontally to maximise flow rates and is expected to substantially exceed those seen at Alkaid #1. This will be discussed further in the Company's Investor Presentation broadcast at 5:00 pm BST (British Summer Time) today, details are provided below.\n \n \n...