Business
Theta West #1 Testing Update
Theta West #1 Testing Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8387F\n Pantheon Resources PLC\n 24 March 2022\n \n \n \n \n 24th March 2022\n \n \n \n \n \n Pantheon Resources plc\n \n \n Theta West #1 Testing Update \n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas company with a 100% working interest in all of its oil projects spanning c. \n 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, is pleased to provide the following update: \n \n \n Theta West - Testing Update\n \n \n Testing of the Lower Basin Floor Fan (\"LBFF\") at the Theta West #1 location has commenced with the well flowing high quality oil to surface which the Company believes supports, and likely exceeds, its pre-drill resource estimates of 1.2 billion barrels of oil (recoverable). As with previous testing operations on the North Slope, the primary objectives of the LBFF test was (a) to confirm oil quality, (b) to confirm oil movability, and (c) to confirm reservoir deliverability. All of these objectives were successfully achieved in this initial testing operation. The Company has now suspended testing of the LBFF formation due to the onset of a severe storm in the area.\n \n \n After the initial encouraging oil flow rates, the Theta West #1 well was shut in due to the arrival of the storm. The well flowed high quality, light 35.5-38.5 degree API gravity oil at rates that averaged over 57 barrels of oil per day (\"BOPD\") with peak rates exceeding 100 BOPD over 2.5 days. Over the final day prior to shut-in the well was averaging approximately 59 BOPD. Significantly, this rate meets the Company's pre-drill expectations, confirms the presence, quality, and mobility of light sweet crude oil. Testing operations are now suspended due to the extreme weather, with a possibility that testing may resume if the conditions improve before the conclusion of the Arctic operating season.\n \n \n Theta West #1 encountered 950 feet (\"ft\") of oil in the LBFF of which only three small sections of this large zone were tested. The three, 10 ft perforations were conducted at the following depths: 8,065 - 8,075ft, 7,745 - 7,755 ft and 7,595 -7,605 ft, which were all successfully stimulated and comingled into one test across these zones. Approximately 40% of the testing fluid w...