Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) told investors that 88 Energy Ltd's (AIM:88E, ASX:88E, OTC:EEENF) new nearby "discoveries" are a great outcome for both of the London-listed Alaska oil explorers.
88 Energy’s Hickory-1 well has confirmed multiple hydrocarbon bearing reservoirs in the same plays as Pantheon’s recent discoveries and located on the adjacent lease effectively confirming the extension of those oil plays down to Pantheon’s southern border.
Hickory-1 is located as close as 150 meters from Pantheon’s lease border, at a position that’s close to the Dalton Highway and is in proximity to the Trans Alaska Pipeline.
Pantheon has data sharing arrangements with 88 Energy and, in a statement, said that the preliminary data confirms its pre-well interpretation – it confirms that multiple stacked pay zones, including two that are seen in Pantheon’s Talitha-A well, and effectively extends the proven plays that Pantheon has discovered and been evaluating for several years.
"The hydrocarbons discovered at the Hickory well is a great outcome for all companies exploring and developing the large oil resource close to the Dalton Highway and the Trans Alaska Pipeline,” said Pantheon technical director Bob Rosenthal.
“These large resources are in tight oil-bearing formations where we will utilize unconventional oil extraction technologies on conventional reservoirs to improve oil recoveries.
“The geographic location of Hickory near Pantheon's acreage makes this ideal for the use of unconventional equipment and technology.”
Rosenthal added: “The Hickory discovery well is another important data point that provides an increased understanding of the subsurface in close proximity to our existing discoveries. It also confirms the extension of our reservoirs to our southern border.
“We all benefit by amalgamating our technical data to produce the best outcome for both companies. More data leads to increased geological understanding and lower overall extraction risk."