Replacement Theta West #1 - Independent VAS Report

RNS Number : 9630W

Pantheon Resources PLC

23 August 2022

 

The following amendment has been made to the 'Theta West #1 Well - Independent Expert VAS Report' announcement released on 23 August 2022 at 7:00 am under RNS No 8428W.

The well number in the CEO's quote has been updated from Alkaid #1 to Alkaid #2.

All other details remain unchanged.

The full amended text is shown below.

23^rd August 2022

Pantheon Resources plc

Theta West #1 Well - Independent Expert VAS 'Volatiles Analysis Service' Report Received

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 receipt of a report by the independent experts at Baker Hughes AHS ('Advanced Hydrocarbon Stratigraphy') titled "Pantheon Great Bear Theta West 1 well: Characterization of a World Class Petroleum System Using AHS's Cuttings' Volatiles Stratigraphy", following the completion of its Volatile Analysis Service ("VAS") work.

Key Conclusions of the Baker Hughes AHS Report

The key conclusions according to Baker Hughes AHS have been copied below and a full copy of the report is available to view on the Company's website at: https://www.pantheonresources.com/investors/shareholder-documents

Conclusions: Great Bear Pantheon's Theta West 1 drilled a world-class petroleum system comprised of:

1)  A 1,360 feet ("ft") thick continuous column of oil-bearing cuttings. The actual length of the oil column is unquestionably greater than 1,360 ft, as the base of the analyzed cuttings' oil column is the total depth ("TD") of the well, and the oil in the cuttings shows no sign of tapering off.

2)  High quality oil of 37-39 degrees API gravity.

3)  Abundant good quality reservoirs.

4)  An ultimate non-permeable oil seal that occurs at 7,070 ft. Oil bearing cuttings are not observed above 7,070 ft, and oil is analyzed in every cuttings sample, both Sealed-at-Well and Lab-Loaded, below 7,070 ft to TD.

5)  A seal within the oil-rich zone occurs at 7,480 ft separating a shallower from a deeper compartment based of different oil compositions above and below 7,480 ft

6)  Elevated Helium is observed, in part confirming Theta West's excellent seals.

7)  These results are in complete accord and supportive of AHS's previous analyses of cuttings from Great Bear Pantheon Talitha A well, as well as AHS's study of Shelf Margin Deltaic cuttings' samples from the Talitha A, Pipeline, Alkaid, Merak, and Alcor wells.

Jay Cheatham, CEO of Pantheon Resources, commented, "Following the successful completion of horizontal drilling operations at our Alkaid #2 well last week, we are pleased to present shareholders the results of the VAS work on Theta West #1. This is a great endorsement from AHS, and one of several technical tools we employ. As we have always said, ultimate commerciality on our projects will be determined by flow testing.

"AHS refers to our 100% owned discovery as "World Class". As previously announced the Company estimates the project contains over 17 billion barrels of oil in place with a recoverable resource of over 1.7 billion barrels of oil (based on a 10% recovery factor)."

Bob Rosenthal, Technical Director, commented , "This is further confirmation of a great result for Pantheon. We consider Mike Smith and his team at Baker Hughes, Advanced Hydrocarbon Stratigraphy, to be one of the leading experts globally in their field and the conclusions validate our understanding of the resource. The results are extremely promising for our Theta West project, the largest project in our portfolio, and we are pleased to have independent experts refer to this as a "World Class Petroleum System"."

-Ends-

Further information: Pantheon Resources plc
Jay Cheatham, CEO	[phone]
Justin Hondris, Director, Finance and Corporate Development
Canaccord Genuity plc (Nominated Adviser and broker)
Henry Fitzgerald-O'Connor,   James Asensio	[phone]
BlytheRay
Tim Blythe, Megan Ray, Madeleine Gordon-Foxwell	[phone]

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company focused on several large projects located on the North Slope of Alaska ("ANS"), onshore USA where it has a 100% working interest in 153,000 highly prospective acres with potential for multi billion barrels of oil recoverable. A major differentiator to other ANS projects is its close proximity to transport and pipeline infrastructure which offers a significant competitive advantage to Pantheon, allowing for materially lower capital costs and much quicker development times. 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.

For further information on Pantheon Resources plc, see the website at:  www.pantheonresources.com

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) is incorporated into, or forms part of, this announcement. 

In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies - June 2009, the information contained in this announcement has been reviewed and signed off by Robert Rosenthal, a qualified Petroleum Geologist, who has over 40 years' relevant experience within the sector.

Glossary

Volatiles Analysis  - The Volatiles Analysis Service (VAS) from Baker Hughes is a unique lab-based measurement and advisory service that evaluates fluid, petrophysical, and geomechanical properties of the formation using drilled cuttings or core plugs. Information gathered helps customers optimize drilling and completion decisions for enhanced reservoir production.

 

END

 

 

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