REG - Pantheon Resources - Alkaid #2 update – well cleanout completed

Pantheon ResourcesAnnouncement

16/02/2023 07:00

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RNS Number : 0767Q  Pantheon Resources PLC  16 February 2023

 

16 February, 2023

Pantheon Resources plc

Alkaid #2 update - well cleanout completed

 

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:

 

Well cleanout - Alkaid #2

 

The cleanout of the sand blockage in the Alkaid #2 well is now complete and
the Nordic Calista #2 rig has moved off the Alkaid #2 well head after
replacing the production tubing. Commencement of these operations was delayed
due to poor weather and a number of electrical and hydraulic issues with the
rig which are now all resolved. The team is currently connecting Alkaid #2 to
the production facility in preparation for the resumption of the long term
production testing operations which will recommence shortly. The entire
facility will now run on power completely generated with produced gas without
any ancillary equipment.

 

Jay Cheatham, CEO, said: "I'm excited to resume flow testing soon, with a
clean wellbore which will flow directly into our impressive permanent
facility, which was designed, procured, built and commissioned in a single
season.

 

"We encountered a number of equipment issues which slowed progress over the
past few weeks but I am happy to report that all these are now behind us and
we can look forward to continuing flow testing. As I stated previously, we are
less than 40% through the recovery of the frack fluid (well cleanup) and I'm
confident that Alkaid #2 will ultimately prove a commercial success. Whilst
we're optimistic, we always remind shareholders that a definitive assessment
of ultimate commerciality cannot be made until flow testing operations are
completed."

 

 

-ENDS-

 

Further information, please contact:

 

 Pantheon Resources plc                                       +44 20 7484 5361
 Jay Cheatham, CEO
 Justin Hondris, Director, Finance and Corporate Development

 Canaccord Genuity plc (Nominated Adviser and broker)
 Henry Fitzgerald-O'Connor                                    +44 20 7523 8000

 James Asensio

 Gordon Hamilton

 BlytheRay
 Tim Blythe, Megan Ray, Matthew Bowld                         +44 20 7138 3204

 

 

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.

 

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