Jay Cheatham, chief executive of Pantheon Resources PLC (AIM:PANR, OTC:PTHRF), is confident that the company’s Alkaid #2 well on Alaska’s North Slope will prove a commercial success, despite several ‘niggles’ faced during the well cleanout process.
Pantheon, the AIM-quoted oil and gas company, announced on Friday that the Nordic Calista #2 rig, contracted for the Alkaid #2 clean-out operation, has successfully pulled the tubing and packer and has now moved off the wellhead.
A coiled tubing unit has since moved into place to commence a clean-out of the sand blockage, which is scheduled to occur over the weekend.
Cheetham stated that he is pleased with the progress made so far and that the company has learned much about the reservoir and the liquids production during this hiatus in testing.
“Nothing we have seen to date diminishes our confidence in our projects," the Pantheon CEO added in a statement.
Technical Director, Bob Rosenthal, expressed optimism about the process but reminded shareholders that a definitive assessment of the well cannot be made until flow testing operations have been completed.
Pantheon owns a 100% working interest in all of its oil projects spanning around 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope.