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Pantheon Resources plc: Theta West #1 testing update

Published by , Editorial Assistant
World Pipelines,

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, is pleased to provide the following update:

Testing of the Lower Basin Floor Fan (‘LBFF’) at the Theta West #1 location has commenced with the well flowing high quality oil to surface which the Company believes supports, and likely exceeds, its pre-drill resource estimates of 1.2 billion bbl (recoverable). As with previous testing operations on the North Slope, the primary objectives of the LBFF test was (a) to confirm oil quality, (b) to confirm oil movability, and (c) to confirm reservoir deliverability. All of these objectives were successfully achieved in this initial testing operation. The Company has now suspended testing of the LBFF formation due to the onset of a severe storm in the area.

After the initial encouraging oil flow rates, the Theta West #1 well was shut in due to the arrival of the storm. The well flowed high quality, light 35.5 - 38.5 degree API gravity oil at rates that averaged over 57 bpd with peak rates exceeding 100 bpd over 2.5 days. Over the final day prior to shut-in the well was averaging approximately 59 bpd. Significantly, this rate meets the Company’s pre-drill expectations, confirms the presence, quality, and mobility of light sweet crude oil. Testing operations are now suspended due to the extreme weather, with a possibility that testing may resume if the conditions improve before the conclusion of the Arctic operating season.

Theta West #1 encountered 950 ft of oil in the LBFF of which only three small sections of this large zone were tested. The three, 10 ft perforations were conducted at the following depths: 8065 – 8075 ft, 7745 - 7755 ft and 7595 -7605 ft, which were all successfully stimulated and comingled into one test across these zones. Approximately 40% of the testing fluid was recovered before testing was suspended. The ultimate flow potential is better assessed after recovery of a greater portion of the testing fluid, which was not possible in this case due to bad weather halting operations in the area. Importantly, the results confirm the extension of the oil accumulation over a 10.5 mile distance from Talitha #A to Theta West.

The Theta West LBFF has now been proven as an extensive oil reservoir that Pantheon can image and map with high confidence on its proprietary 3D seismic data. As for all new oilfield discoveries, ultimate commerciality will require long term production testing.

Jay Cheatham, CEO, said: "As was the case with our testing operation on the Shelf Margin Deltaic at Talitha, extreme weather conditions have interrupted testing Theta West. Crucially however, we have collected enough data to confirm our expectations that we have discovered, and now appraised, an extensive resource which we believe meets or exceeds our pre-drill estimates.”

“We are very excited by this result at Theta West. This well is a successful 10.5 mile step-out from the LBFF oil bearing interval at Talitha. The test result confirms a vast oil resource and also confirms our geologic model. Its proximity to infrastructure gives Pantheon a strategic advantage over other greenfield projects.”

“After confirming the oil resource over this large area, our focus will now shift to proving the deliverability of production wells which will commence with the spudding of Alkaid #2 horizontal well, estimated for July 2022. By utilising a gravel pad immediately adjacent to the Dalton Highway, Pantheon will operate without being limited to winter operations. This allows for a horizontal well with appropriate stimulation, long-term flow testing and, if successful, oil sales. We are confident of deliverability and excited for the next step in our drilling programme.”

“I want to congratulate the entire team for performing simultaneous operations in this severe environment. This is a noteworthy accomplishment for any operator on the North Slope. I remind shareholders that we have a 100% working interest in all of our projects which are also located onshore USA, in an area of low geopolitical and sovereign risk; something that is of great importance in the context of recent global events.”

Bob Rosenthal, Technical Director, said: "The Theta West result and testing operations at Talitha #A have confirmed our geologic model and we are now on the path to unlocking an enormous basin play. As previously announced, we estimate the Theta West resource is in excess of a billion bbl of recoverable oil and after encountering better reservoir parameters in a 950 ft oil column, we expect this number to potentially increase.”

“All these flow tests were designed to prove oil quality and deliverability in a vertical well. Our reservoir engineers will be able to model the potential flow rates from specifically designed horizontal production wells, which is now industry standard practice on the North Slope. With the oil discovered in the Shelf Margin Deltaic and Slope Fan System at Talitha, the Brookian section at Alkaid, and the LBFF at Theta West, Pantheon has an opportunity to develop a number of large, discreet oil accumulations in an established oil province adjoining export infrastructure, which we believe is unique. What a great season this has been. We intend to host a Webinar in the coming weeks to share our results and will provide details in due course.”

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