Winx-1 Exploration Well drilling update

RNS Number : 7166R

Pantheon Resources PLC

04 March 2019

 

04 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, is pleased to report the following update on WInx-1 as provided by the operator, 88 Energy Ltd:

Highlights: Winx-1 Exploration Well, Alaska, PANR 10% working interest + 10% back-in right

·     Primary Nanushuk targets (topsets) intersected between 4,667' and 4,901'

o  Elevated mud gas (C1-C5) associated with oil shows and increase in LWD (Logging While Drilling) resistivity recorded within interval

o  Initial interpretation encouraging based on comparison to data from nearby successful Nanushuk well

·     Previously reported Upper Nanushuk Formation interval (4,460'-4,530') remains the subject of further analysis

·     The Torok Topset Sequence 4 (secondary target) was intersected at 6,052' with elevated mud gas readings (C1-C5), oil shows and an increase in LWD resistivity recorded

·     On reaching Total Depth a comprehensive wireline logging program will be implemented to further evaluate all the Nanushuk / Torok zones of interest and determine whether to proceed with production testing

Western Leases - Winx-1 Exploration Well

The Winx-1 exploration well intersected the primary Nanushuk topset targets between 4,667' and 4,901'. Elevated mud gas readings, oil shows and an increase in LWD resistivity were observed in multiple topset features within this primary target interval of the well.

Data obtained by the Joint Venture from a nearby successful Nanushuk well has proven comparable to that observed in Winx-1 over the same topset features, providing early encouragement. These initial interpretations, whilst encouraging, should be treated with some caution as more data and analysis are required for validation.

The previously reported (1^st March 2019) interim results were related to an interval in the Nanushuk Formation above the primary target zone. This interval (4,460'-4,530') remains the subject of further analysis to determine prospectivity.

The well successfully intersected the top of the Torok Formation at 4913'. The Topset Sequence 4 sandstones (secondary target) were encountered at approximately 6052'. Elevated mud log gas readings (C1 - C5) associated with oil shows and an elevated LWD resistivity response were recorded during the drilling of this sequence.

On reaching Total Depth, the forward plan is to run a comprehensive wireline logging program over the zones of interest. Subject to the results of this program the Joint Venture will decide whether to proceed to stimulate and test the most prospective of the Nanushuk primary targets.

Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk topset play fairway to the south. Winx-1 will target gross best estimate prospective oil resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.

Jay Cheatham, CEO of Pantheon, said:

"I am very encouraged by today's news, however would caution that additional data and analysis is required before we can make any definitive assessments on the Winx-1 well.  The forward programme is to now complete logging and other technical analysis in order to provide as much information as possible to assist in determining whether production testing is warranted."

-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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