Pantheon Resources upgrades resource at Talitha in Alaska
"The analysis to date is very encouraging, as is the strong oil price outlook"
Company
LON:PANR
Pantheon Resources is an independent oil and gas company, headquartered in Houston, focused on developing the Kodiak and Ahpun fields, a portfolio of high-impact oil projects on the Alaska North Slope (ANS), spanning a 100% working interest across 258,000 acres. Independently certified best estimate contingent recoverable resources currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas across the company’s properties. All acreage is on state lands with supporting regulatory authorities and no federal land use approval required (aside from Army Corps. Of Engineers).
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"The analysis to date is very encouraging, as is the strong oil price outlook"
The AIM-listed company has decided to delay the final testing of the shallower target zones into the next drilling season
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"I'm ecstatic to have been the successful bidder on this acreage where we clearly had a major advantage,” said Jay Cheatham, chief executive.
"Despite today's news on the secondary targets, Alkaid has been a great success for Pantheon," said chief executive Jay Cheatham
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The deal gives Pantheon a controlling stake in the assets
Despite a number of operational and services-based challenges in the last 18 months, the board's confidence in the geological potential of the acreage remains undiminished
"After over a 2-year shut-in period the well is exhibiting good characteristics with good reservoir energy"
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"Crucially, nothing we have seen diminishes our belief in the potential of the acreage,” Cheetham said