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Pantheon Resources Plc: operational update

Published by , Editorial Assistant
World Pipelines,

Pantheon Resources plc, the AIM-quoted oil company with 100% working interest in approximately 153 000 acres located adjacent to transportation and pipeline infrastructure on State Land on the Alaska North Slope, is pleased to provide the following operational update on the Alkaid #2 well.

The lateral section of the Alkaid #2 wellbore is partially blocked with approximately 1000 ft of frac sand which (i) has restricted tested flow rates due to the lack of contribution from the blocked section, and (ii) has necessitated a more conservative testing protocol in order to not exacerbate the blockage, which has resulted in a slower 'clean-up phase'.

Encouragingly, despite the blockage, the well is flowing naturally into Pantheon's recently commissioned permanent production facilities located on the Dalton Highway at a rate of over 500 bpd of hydrocarbon liquids which includes oil, condensate and NGL, as well as significant natural gas, from an estimated 4000 ft of lateral. Importantly, it is estimated that the well is still less than 40% of the way through clean-up phase, so potential exists for these rates to further improve. Crude oil is processed on location and oil sales are underway. To date over 7000 barrels of 38 - 41° API oil has been trucked and sold into the Trans Alaska Pipeline System. This oil is lighter than existing North Slope oil production and hence a welcome addition to the production stream.

A proportion of the gas production is used to generate power across all the facilities that are now electrically powered and operational, reducing flaring and providing cost savings to operations at this location.


At this early clean-up stage, Alkaid #2 is delivering hydrocarbon liquid rates near expectations over the 4000 ft unblocked section, with gas rates well above original prognosis. Sustained daily production over more than the last 30 days has averaged over 500 bpd of hydrocarbon liquids, of which circa 200 bpd of crude oil and over 300 bpd being condensate and NGL, all of which can be sold either by blending into the pipeline or trucking to an Alaskan refinery. Gas rates are above 2.5 million ft3/d which is higher than originally anticipated, however this is not believed to be from a gas cap but coming out of solution near the well bore. This is not considered a long-term problem as excess gas could be reinjected into the reservoir for pressure maintenance. This combined hydrocarbon deliverability to date confirms the forecasted reservoir properties and highlights the potential deliverability of the Alkaid reservoir. The company is confident there is upside above these rates as it is apparent that only a portion of the completed wellbore is contributing to the production stream; and it is estimated that the well has produced to date less than 40% of the volume of frac fluid used in the stimulations.

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