Winx-1 Exploration Well drilling update

RNS Number : 5605R

Pantheon Resources PLC

01 March 2019

 

01 March, 2019

 

Pantheon Resources plc

 

Winx-1 Exploration Well drilling update

Pantheon 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, as well as onshore North Slope of Alaska following its January 2019 acquisition of the assets of Great Bear Petroleum, advises the following update in relation to its oil and gas operations in Alaska:

Highlights: Winx-1 Exploration Well, Alaska, PANR 10% working interest

Pantheon reports that it has been advised by the operator, 88 Energy Ltd, that

·      Oil shows have been observed whilst drilling in the Nanushuk in the Winx-1 exploration well between 4,460' and 4,530'

o  Preliminary analysis suggests that the zone over which the shows were recorded is at the lower end of the range required for commerciality, however additional petrophysical work is necessary

·      No oil shows were recorded in the shallower secondary target (Seabee turbidites)

·      Forward plan is to continue drilling to TD (target depth) to test the deeper objectives

The Winx-1 exploration well intersected a zone of interest in the Nanushuk Formation between 4,460' and 4,530' on the 28th February 2019. Weak to moderate oil shows were recorded, including fluorescence and crush/cut fluorescence, whilst drilling through this zone; however, initial petrophysical analysis indicates potentially high water saturation. Additional analysis is ongoing and will be reported once available. The shallower, Seabee turbidite target at ~4,272' exhibited no evidence of hydrocarbon saturation.

The forward plan is to continue drilling ahead to TD to test the deeper objectives.

Jay Cheatham, CEO of Pantheon, said:

"Whilst initial data for Winx-1 is disappointing, more petrophysical work is necessary to determine the viability of the upper horizons, and we are yet to reach the deeper target. The Winx prospect where we have a 10% carried interest with an additional 10% back in right, is wholly independent of the other prospects in the Pantheon/Great Bear portfolio. These other six prospects, which Pantheon has working interest positions ranging from 75% to 90%, have a P50 Technically Recoverable Resource estimated at 1.7 billion barrels of oil. The first of these, Alkaid, drilled in 2015 and suspended to due to regional flooding, will be tested over the coming weeks. Well re-entry is estimated to commence next week."

-ENDS-

 Further information:

Pantheon Resources plc	[phone]
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate Development
Arden Partners plc (Nominated Adviser and broker)	[phone]
Paul Shackleton Daniel Gee-Summons

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas exploration and production company with assets in East Texas and on the North Slope of Alaska, onshore USA.

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 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 an order of magnitude below that of offshore wells.

In East Texas, Pantheon holds a 50% to 75% working interest (and in present discussions to increase this to 100% working interest for non-cash consideration) in several conventional prospects in Tyler & Polk Counties, in an area of abundant regional infrastructure, and in proximity to the prized Double A Wells Field. P50 Technically Recoverable Resources are estimated at 157 million barrels of oil equivalent.

In Alaska, following its acquisition of the assets of Great Bear Petroleum in January 2019, Pantheon holds working interests ranging between 10% and 90% of prospects with P50 Technically Recoverable Resources estimated at 2.1 million barrels of oil and covered by over 1,000 square miles of 3D seismic.

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

The information contained within this RNS is considered to be inside information prior to its release. 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 Jay Cheatham, a qualified Chemical & Petroleum Engineer, who has over 40 years' relevant experience within the sector.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

 

END

 

 

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