All post are my opinion. Do your own dd.
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Alkaid #2 update 2/10/23
https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/ryed58w
This is from January 29th & if I remember correctly approximately ten days to remove sand blockage.
Twitter Update @PantheonResour1 Nordic Calista #2 sitting proudly above Alkaid#2 where it will dutifully pull the tubing and packer before a large diameter coiled tubing will be used to clear the sand blockage. $PANR #PANR $PTHRF https://t.co/MmvlANss5m pic.twitter.com/pkLHuxteZn
— Share_Talk ™ (@Share_Talk) January 29, 2023
From the "Prudhoe Bay Oil Field Wikipedia" (under "Associated oil fields".)
https://en.wikipedia.org/wiki/Prudhoe_Bay_Oil_Field#cite_note-E&E4313-36
Pantheon! Pantheon! Pantheon! Honorably mentioned!
Gov. Dunleavy says Alaska doesn’t flare its natural gas. It does.
https://www.ktoo.org/2023/02/03/gov-dunleavy-says-alaska-doesnt-flare-its-natural-gas-it-does/
Commission allows gas flaring for oil field testing
In August, Great Bear Pantheon, an Anchorage-based subsidiary of a London firm, requested permission to flare gas from a prospective oil well for nine months in order to test the production of a possible oil field.
Flaring for new test wells is typically limited on the North Slope because they’re normally only accessible by cold-weather-dependent ice roads, but Great Bear’s site is near the Dalton Highway, which makes year-round access — and testing — possible.
Pat Galvin, husband of Rep. Alyse Galvin, I-Anchorage, and an official at Great Bear, said the planned gas release is limited and helps the company determine the extent of its oil find. If proved and developed, that find could generate millions in revenue for the state. If testing turns into production, future gas would be captured, he said.
The AOGCC noted that the length of the flare was unusual, but it ultimately approved the request, noting that it was “necessary to determine if Great Bear has made an economic discovery and to be able to design production facilities for a full field development.”
The rules on state land here in Alaska, as in Great Bear’s case, are different. Economics, not environmentalism, is the guiding principle.
Trustees for Alaska, an environmental organization, petitioned AOGCC to reject Great Bear’s flaring request, citing the impact on the atmosphere, but the commission didn’t address that issue in its final determination.
GLTA
$PTHRF
US. government advances $8 billion Alaska oil drilling plan.
I wish they did the same for Pantheon!
https://omaha.com/news/national/us-government-advances-8-billion-alaska-oil-drilling-plan/video_aa7b3c65-a71f-57aa-80d5-67c0be180004.html
GLTA
$PTHRF
Another good thread by Scot126 scroll to the top & read down.
I'd love to be a fly on the wall in the data room. (Many interested parties!)
As soon as a partner buys into $panr $pthrf , the baseline price will be set and the market will adjust very quickly! The shorts trying to squeeze out will be epic.
— AK Oil Hunter (@KennardKrazies) February 3, 2023
New! Pantheon Resources shares more details on modelling for Alkaid Project!
Here's another potential revenue stream for Pantheon. Alaska LNG intends to build an 800-mile pipeline from Prudhoe Bay to Nikiski following (buried) TAPS path with a processing facility at Prudhoe Bay.
https://alaska-lng.com/
Alaska LNG will safely and efficiently develop Alaska's vast North Slope natural gas resources for the benefit of the state and its people.
https://agdc.maps.arcgis.com/apps/webappviewer/index.html?id=75c71217dd3048ad92121cdf2b593c55
GLTA
$PTHRF
Couldn't agree more. about management. They are on point with decades of experience.
Pat Galvin was one of the presenters at the last webinar take a look at his experience.
https://www.linkedin.com/in/pat-galvin-278485101
Chief Commercial Officer & General Counsel
Great Bear Petroleum Operating LLC
Apr 2012 - Present10 years 10 months
Commissioner of Revenue
State of Alaska
Dec 2006 - Dec 20104 years 1 month
Petroleum Land Manager
State of Alaska, Department of Natural Resources, Division of Oil and Gas
Jul 2002 - Dec 20064 years 6 months
GLTA
$PTHRF
Good thread by Scot126
#panr $panr $pthrf
— Scot126 (@Scot126126) January 25, 2023
There appears to be a massive misunderstanding about what the "illustrative" Alkaid model published by $panr means. I think I can be of some assistance 😇.
The NPV figures released yesterday formed a *base* case on the *current* volume and the...1/
Power Point Presentation slides.
https://www.pantheonresources.com/investors/presentations/674-investor-presentation-january-2023/file
GLTA
$PTHRF
Nordic Calista #2, in the yard, about to set off for Alkaid #2 for the sand clean out.
Nordic Calista #2, in the yard, about to set off for Alkaid #2 for the sand clean out. #PANR $PANR $PTHRF pic.twitter.com/4XGFBjipGi
— Pantheon Resources (@PantheonResour1) January 25, 2023
Pantheon Resources (AIM: PANR) Webinar Presentation and Q&A 24th January 2023
Alkaid #2 webinar and update
https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/w9j9jdx
1. Rig mobilization for cleanout of blockage at Alkaid #2
Pantheon confirms that the Nordic Calista #2 rig is scheduled to mobilize to the Alkaid #2 location tomorrow. Once on location it will set up prior to pulling the tubing and packer from the wellbore and commencing the cleanout of the sand blockage. Operations for the cleanout are estimated to take approximately 10 days and the rig will remain on location all this time in case required further.
2. Alkaid #2 analysis and update
Subsequent to the Company's last update on Alkaid #2, detailed analysis has been undertaken to better understand the higher than expected gas production. Pantheon has undertaken extensive analysis with SLB (previously known as Schlumberger) and other consultants and have collectively concluded that the frack has possibly intercepted a gas cap at the extreme updip portion of the Alkaid anomaly. The possible gas cap is not significant, estimated to represent approximately 2% of the gross rock volume of the Alkaid resource, yet would explain the gas production volumes. Analysis suggests this possible gas cap could be avoided in future wells by positioning the lateral sections a little deeper in the reservoir. Analysis has also confirmed that the entirety of the lateral section of the wellbore is in the oil zone.
3. Modelling of potential commerciality of Alkaid
In order to demonstrate potential project economics, Pantheon has developed a conceptual development model for the Alkaid anomaly (not including the shallower Shelf Margin Deltaic ("SMD") formation which is also oil bearing) based upon the actual flow rates (137.5 barrels per 1000 ft of unblocked wellbore - and for conservatism ignoring potential improvements to flow rate that may arise as the well cleans up beyond its present 40%) and actual hydrocarbon mix (oil, NGLs & condensate) detailed in its announcement of 30 December, 2022. At current pricing, this production stream would generate approximately $40,000 per day in gross revenue once facilities are installed to separate and capture the NGLs and condensate.
The modelling(1) which was undertaken for illustrative purposes only, supports that the Alkaid project can be commercial at current production rates and hydrocarbon composition. A sensitivity table is provided below showing NPV's and IRR's at various pricing scenarios. Alkaid is highly leveraged to improvements in flow rates and product pricing.
4. Pricing of the liquid production stream at Alkaid #2
A detailed analysis of the valuation of the components of the liquid hydrocarbon stream at Alkaid#2 has been undertaken and it is estimated that the current production mix of oil/condensate and NGL's would achieve +80%-90% of the Alaska North Slope Crude price ("ANS crude"). ANS crude usually trades at a premium to WTI. Some of the more valuable NGL's known to be present but which were not measurable at this point have been excluded from this calculation for conservatism, but would be extracted in a development scenario, providing additional upside. Additionally, should the ratio of oil continue to improve as the Alkaid#2 well cleans up beyond the present 40%, then this would provide additional upside to the modelled numbers above.
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$PTHRF
COMMERCIAL!!!!
[color=red]
https://www.proactiveinvestors.com/companies/news/1004215/pantheon-resources-says-alkaid-well-results-not-fully-understood-by-market-1004215.html
GLTA
$PTHRF
Registration is open! @PantheonResour1 Webinar for shareholders and all interested parties, Tuesday, 24th January at 5:30pm GMT $PANR $PTHRF #PANR https://t.co/WS0fINkvSl via @share_talk https://t.co/xdRtThX7We pic.twitter.com/4EEjnTKAlX
— Share_Talk ™ (@Share_Talk) January 22, 2023
Link to registration page for Pantheon’s Alkaid#2 webinar:
https://www.bigmarker.com/share-talk/Pantheon-Resources-Update-on-Interim-Results-of-Alkaid-2-Horizontal-Well
Link to registration page for Pantheon’s Alkaid#2 webinar: https://t.co/TTJS5xnNVH The webinar is scheduled for 5.30pm GMT Tuesday, 24th Jan 2023. $PANR $PTHRF #PANR
— Pantheon Resources (@PantheonResour1) January 20, 2023
Alaska governor pitches plan to capitalize on carbon markets
https://tulsaworld.com/ap/article_4f08d35d-640a-5591-9060-a8a30bdcedc7.html
GLTA
$PTHRF
Glacier Oil sold
https://www.petroleumnews.com/pntruncate/241253787.shtml
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$PTHRF
Nanushuk reservoir quality
https://www.petroleumnews.com/pntruncate/716625963.shtml
State expects North Slope oil production to be stable, then tick up after 2027
https://www.adn.com/business-economy/energy/2023/01/19/state-expects-north-slope-oil-production-to-be-stable-then-tick-up-after-2027/
GLTA
$PTHRF
Webinar coming soon.
@PantheonResour1
Confirmation of Upcoming
@Share_Talk
Shareholder Presentation and Q&A session (“Webinar”) #PANR at 5:30 pm GMT on Tuesday 24 January 2023, which will be open to all shareholders and interested parties.
@PantheonResour1 Confirmation of Upcoming @Share_Talk Shareholder Presentation and Q&A session (“Webinar”) #PANR at 5:30 pm GMT on Tuesday 24 January 2023, which will be open to all shareholders and interested parties.https://t.co/GX6Z10FC4c via @share_talk https://t.co/sUrKwXfR00 pic.twitter.com/6sDEoLT2QD
— Share_Talk ™ (@Share_Talk) January 13, 2023
Putting that video link up again. From YouTube. (Excellent video!)
NEW! BlytheRay Interview.
From the December 30, 2022, Operational Update
https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/x8ezopx
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$PTHRF
2023 Q-1... 10-15 onboarded ILO's listing on platform. Per roadmap page 13 of pdf. (Beast!)
file:///C:/Users/Natalie/Downloads/Athena%20NFT%20Offer.pdf
GLTA
$BOPO = $HYFI
Good work by Glomerulus. Satellite image of Alkaid Jan 5, 2023 has no flare in image in accordance with Pantheon's plan to "shut in and perform reservoir diagnostics, a normal oilfield practice, to gather additional data".
$panr $pthrf
— glomerulus (@ijduwa) January 6, 2023
Jan 5 image shows that A2 well is shut and waiting for the clean up. https://t.co/G42lBP84Gk pic.twitter.com/7uEz6bOCIV
Petroleum News: Week of Jan 8 2023
https://www.petroleumnews.com/pntruncate/847347966.shtml
Despite sand blockage, North Slope Alkaid 2 flowing 500+ bpd
Potential commerciality of Alkaid (Excerpt)
Q: Alkaid 2 was designed as a long term production test well to gain important data to ascertain reservoir performance and in a success case, assist in the design and modelling of a full field development. Does the information received so far on Alkaid suggest that the Alkaid project is condemned, or does the potential for commerciality remain?
A: The potential of Alkaid remains very much intact. As stated above, we are only 40% through the clean-up phase and believe we need to get to 60% to get a true feel for the well’s potential. Also, this is a long term production test well. It is designed to gather data to enhance our knowledge of the reservoir to optimize full field development.
We are greatly encouraged by the Alkaid data received to date. It confirms that we have encountered a significant hydrocarbon system which possesses a wide range of hydrocarbons - oil, gas, NGLs, condensate etc.
We are producing from c. 4,000 ft of a perforated c. 5,000 ft section of horizontal section and as we have always stated, future development wells would ideally have 8,000 - 10,000 ft lateral sections and hence should produce at much higher rates. This is also our first horizontal well in the area and the information learned helps in the positioning of future wells. It is very rare for the first production well in any new play to produce at its optimal rate given the inherent learning curve.
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$PTHRF
Good thread by Scot126 click and read through.
$panr #panr $pthrf
— Scot126 (@Scot126126) January 2, 2023
Seeking Alpha won't publish my fact check so here it is. Sorry about the length of the thread but it was written for a different platform. 1/ https://t.co/cCGIQ1qp8U
Alkaid #2 – Question & Answers
https://www.pantheonresources.com/q-a
Implications of Condensate and NGLs in Production test
Q: Does your condensate and NGL production have any value? In your operating update on 30 December (“the Operating Update”) you stated Alkaid #2 was producing 300-350 barrels per day (“BPD”) of condensate and Natural Gas Liquids (“NGLs”) in addition to 200 BPD of oil. Can you expand?
A: Yes. As clearly stated in the Operating Update, the liquid mixture includes high quality oil with associated condensates and NGL that are saleable through TAPS (Trans Alaska Pipeline System).
Pantheon’s preliminary views indicated that the current blend of oil, condensate and NGLs produced at Alkaid #2 could be sold in the region of 80% - 90%, or potentially higher, of Alaska North Slope crude oil price (“ANS Crude”). ANS Crude commonly trades at a premium to WTI oil. Our initial estimates exclude some of the higher value NGL components that we are not able to extract yet but should be extracted and sold in a development scenario.
Pantheon’s preliminary views of price expectation are based on our current production, our
knowledge of the TAPS pricing methodology and the preliminary analysis of the makeup of the Alkaid NGLs and high quality of the Alkaid light oil. The Alkaid NGL stream includes all fractions/components from propane up through gasoline equivalents. Like the other North Slope fields, the NGL mixture at Alkaid is a different mixture versus NGLs in other areas such as the Gulf Coast.
TAPS throughput is a mix of all the various field outputs in terms of quality and component mix. The field owners have developed a pricing methodology to fairly compensate those contributing higher quality products. Our Alkaid crude oil is high grade and light at 38-41 API and will receive a premium when sold through TAPS. Condensates typically trade at a premium to ANS Crude. For the NGLs, lower value components, such as propane and butane, will be valued at a discount that could be half of the ANS Crude oil price, while other NGLs, such as Naptha or distillates, will get a premium over ANS Crude oil.
The data on the Alkaid NGLs is of course at a preliminary stage and as set out in the Operating Update additional data analysis is being conducted including on Alkaid NGLs. The component mix will also likely change as the well cleans up (the well is presently c.40% through the clean-up phase).
Gas and NGLs
Q: What does producing the amount of gas and NGLs mean?
A: As stated in the Operating Update, we believe Alkaid gas is in solution and the reservoir does not contain a gas cap.
We believe the reservoir we are testing at Alkaid is above Bubble Point pressure. What does this mean? “Bubble point” is defined as a pressure at which the first bubble of gas is formed within the liquid oil phase. Above bubble point pressure, gas remains dissolved in the oil. Below bubble point pressure, gas begins to “exsolve” or “fizz” out of solution. After production testing had commenced reservoir pressure naturally began dropping in line with testing operations, eventually below bubble point and gas was released into the reservoir. A simple analogy can be had with a bottle of Coca Cola or Champagne, unopened there is no “fizz”, but take the bottle cap off or pop the cork, reducing the reservoir pressure below bubble point and the bubbles start forming.
So, in the Alkaid reservoir, the gas we are currently producing is effectively “fizzing” out of the oil in the reservoir near the well bore. Importantly, when the gas comes out of solution it is saturated or “rich” with a broad range of heavier hydrocarbons, like propane (your patio heater) and butane (a Bic lighter), all the way up through gasoline. These are the NGLs, that have been discussed in the Operating Update and in this Q&A. We can strip these out of the gas and sell them at or near ANS Crude oil price (sometimes above ANS Crude).
As set out in the Operating Update, Alkaid #2 is currently being shut in for a pressure build up test and we have commissioned at PVT (pressure volume temperature) analysis of the crude so we can understand these parameters better.
Handling the gas
Q: Was the gas production a surprise and what does it mean for the testing operation and ultimate commercial production?
A: No, we were expecting gas production and in fact our conceptual development plans incorporate gas handling capabilities. As set out in the Operating Update, while the gas production is not a surprise, the volume was higher than anticipated, and is not considered a problem.
Many reservoirs throughout the world reinject the entirety of their excess gas back into the reservoir for pressure maintenance to enhance oil production. The poster child for this is Prudhoe Bay, the largest oilfield in Alaska and located just over 20 miles from Alkaid, where from original production in 1977 it is believed substantially all excess gas has been reinjected. That has been our plan from the beginning for full field development.
The associated gas production can enhance the oil production especially in tight reservoirs and will also assist in extracting the frac fluid from the reservoir during current testing. Longer term, the gas can be used for power generation in the facilities and to run the gas compression equipment where we always planned on gas compression for both gas lift and reinjection.
Treatment of sand blockage
Q: Why did you use a through tubing CTU (coiled tubing unit) instead of using a workover rig to pull the tubing for the clean out back in November?
A: When we realized there was a sand blockage we undertook an extensive search for a winterized workover rig (after 1 November, it is a requirement for all rigs to be winterized on the Alaska North Slope). None were available, however there was a single non-winterized workover rig available. We sought a waiver from the regulator to allow us to use this non-winterized rig but were denied permission. We appealed this decision and were again denied. We also evaluated the option of using a “mothballed” larger drilling rig that was available in Deadhorse but decided against this option.
To bring one of the large, mothballed rigs to location would have required weeks of shakedown since it had been mothballed after its last operation, and then mobilization and demobilization after completion of the cleanout. To use the drill rig would have meant a several week delay and the total drill rig cost was estimated at about 10 times greater than a CTU. As a result, we opted for the CTU which was successful in clearing an estimated 4,000 ft of the 5,000 ft of perforated wellbore.
As set out in the Operating Update, we have now identified a winterized workover rig, currently working for another operator, which we intend to use when it becomes available in January and is clearly our best option. Per the Operating Update, we believe that Alkaid has encountered a significant hydrocarbon system based upon the volume and spectrum of hydrocarbons already encountered. Remembering that Alkaid #2 was designed with the primary objective of being a test well for long term production testing, it is prudent to clear the full blockage (1) to be able to maximise the analysis and understanding of the Alkaid reservoir, and (2) to remove the current limitations we have on testing – the presence of 1,000 ft of sand still blocking the wellbore has mandated a very cautious approach to flow testing so far, which has slowed progress, in order to not exacerbate the existing blockage.
As stated previously, sand blockages in long horizontal wells are common and rectifying the blockage is not considered a complex operation with the right equipment. To cleanout the blockage, it is intended that the rig will first pull the tubing out of the hole prior to entering the wellbore with a larger diameter coil tubing to clean out the production liner through the entire 5,000+ feet. We will then re-seat the tubing into the (now cleared) liner and recommence flow testing.
Water cut
Q: What is the current water cut and why didn’t you report it?
A: We are still in production testing phase and wanted to report the complete well results when we had them. This would have included more information on gas and NGLs, as well as water cut and ultimate oil rates. As set out in the Operating Update, we have so far recovered less than 40% of the frac fluid injected, and we believe we need to recover 60% or greater before where we have representative production data. At this early stage we consider the current water cut is meaningless or even potentially misleading.
Well clean-up
Q: Alkaid #2 is currently only 40% through the well clean-up phase. What are the implications of this?
A: The well clean-up phase is the period when drilling debris and fluids are still coming out of the formation and perforations. During this time, the skin effect is changing and any well test results may reflect temporary obstruction to flow that will not necessarily be present in later tests. Pantheon has always advised that a definitive assessment of the well cannot be known until well clean-up is advanced and flow testing operations are completed.
As set out in the Operating Update, Alkaid #2 is only at most 40% through this clean-up phase and thus has potential for further improvement in flow rates. Pantheon will provide an update on flow rates once we are further through clean-up and well testing.
Potential commerciality of Alkaid
Q: Alkaid#2 was designed as a long term production test well to gain important data to ascertain reservoir performance and in a success case, assist in the design and modelling of a full field development. Does the information received so far on Alkaid suggest that the Alkaid project is condemned, or does the potential for commerciality remain?
A: The potential of Alkaid remains very much intact. As stated above, we are only 40% through the clean-up phase and believe we need to get to 60% to get a true feel for the well’s potential. Also, this is a long term production test well. It is designed to gather data to enhance our knowledge of the reservoir to optimize full field development.
As set out in the Operating Update, we are greatly encouraged by the Alkaid data received to date. It confirms that we have encountered a significant hydrocarbon system which possesses a wide range of hydrocarbons – oil, gas, NGLs, condensate etc.
We are producing from c. 4,000ft of a perforated c.5,000 ft section of horizontal section and as we have always stated, future development wells would ideally have 8,000 – 10,000 ft lateral sections and hence should produce at much higher rates. This is also our first horizontal well in the area and the information learned helps in the positioning of future wells. It is very rare for the first production well in any new play to produce at its optimal rate given the inherent learning curve.
Impact on Pantheon’s other projects – Theta West & Talitha
Q: Do the results of Alkaid impact your assessments of your other projects; Theta West & Talitha?
A: No. As a Company we estimate our 3 projects contain a recoverable resource of 2.3 billion barrels of oil, of which only 76.5 million barrels (3.4%) is attributable to Alkaid. Over recent weeks Schlumberger, the world’s largest oil services Company estimated, after an analysis of all of our projects estimated them to contain over 17 billion barrels of oil in place. Alkaid was drilled as a relatively small seismic anomaly near the highway. Talitha and Theta West have different hydrocarbon trapping systems and are a much larger resource. Theta West is a giant basin floor fan in a shallower reservoir section where we have 3 well penetrations and we can still go updip on the structure.
Webinar
Q: Do you plan a webinar to explain your thoughts on Alkaid so far?
A: Yes, we’re planning a webinar at some point over the next fortnight or so and will advise of precise details as soon as available. Normally we would wait until flow testing operations have been completed when data is of greatest integrity, however it is important that we continue to educate shareholders on what we have so far.
Pantheon Resources sees Alkaid-2 production ‘near expectations’ despite clean-up constraints
https://www.proactiveinvestors.com/companies/news/1002207/pantheon-resources-sees-alkaid-2-production-near-expectations-despite-clean-up-constraints-1002207.html
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$PTHRF
StockRocket did some great dd and put this out.
$BOPO .10 first ILO CONTRACT on COVER..See pics..The Business Enquirer brand today reaches more than 12 million people worldwide with its business message each month through our magazine and 6 licensed editions around the globe, https://t.co/TWsuuNUyFF. Get ready HYFI launch Q4. pic.twitter.com/tyuPsFxBoL
— stockrocket1 (@StockRocket1) November 1, 2022
Just a real pretty picture I thought I'd share. Bullish!
$pthrf $panr. Tomorrow? Maybe, maybe not. But each day that passes, we are one day closer to what could be an explosive RNS. Let’s go! pic.twitter.com/CILdinMEwk
— AK Oil Hunter (@KennardKrazies) December 21, 2022
Gary Vee told HYFI & PIP to tie off till after the elections and the first of the year. Time is getting near.
Bullish!
GLTA
$BOPO = $HYFI
New images from 12/17/2022
$panr #panr $pthrf
— Scot126 (@Scot126126) December 17, 2022
Outstanding, Adz, outstanding.
Shorts - pay a petroleum or reservoir engineer for their professional opinion. Ask if the sustained flare images from Alkaid-2 combined with Schlumberger/Baker Hughes validation add up to CoS >90%? Hint. Yes, so cover the short. https://t.co/aCi6YfsJl2