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. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope.
During the Webinar the management discuss the latest resource upgrades from the successful Theta West and Talitha drilling and testing operations this season, implications for future project definition and development, as well as next steps in the operational programme including an insight into the Alkaid #2 well which has both important commercial implications via the extended production test but also via the appraisal/exploration potential.
Bob Rosenthal, Technical Director, commented, “This season has been a great one for Pantheon resulting in material resource upgrades. Most importantly, our pre drill predictions were well founded and proved in Theta West #1, demonstrating our ability to identify the oil from our high quality 3D seismic and other analytical tools. Jerry Nichols, one of our consulting geophysicists, will explain the upgraded resource numbers tomorrow using a histogram developed by Roger Young from eSeis. What you won’t see however, are the 22 maps required to model the reservoir correctly and derive the new 17.8 billion barrels of OIP.”
Jay Cheatham, CEO of Pantheon Resources, commented, “The Theta West project continues to improve as we do further technical work, proving itself as a significant discovery with an estimated 1.78 billion barrels of recoverable resource. Coupled with our initial estimate of 2.2 billion barrels of oil in place in the Slope Fan System, this recent analysis further validates the potential impact of our 100% owned projects on the North Slope. We met our expectations of the improved reservoir at the updip Theta West #1 location for the LBFF.
The Webinar will showcase these results. In addition to Bob’s geologic team discussing the results, Michael Duncan, our VP of Operations & Engineering, will present our analysis of the winter results operationally and plans for continued exploitation beginning with production testing this summer at Alkaid #2. I would like thank shareholders for their continued support and for sharing our belief in the potential of our projects.”
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company with 100% working interests in several large projects located on the North Slope of Alaska (“ANS”), onshore USA. A major differentiator to other ANS projects is its close proximity to transport and pipeline infrastructure. The Group’s stated objective is to create material value for its stakeholders through oil exploration, appraisal and development activities in high impact, highly prospective conventional assets, in the USA; a highly established region for energy production with infrastructure, skilled personnel and low sovereign risk. All operations are onshore USA, with drilling costs materially below that of offshore wells.
Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on the Company’s website (or any other website) are incorporated into, or forms part of, this announcement.
