Pantheon Resources Plc (PTHRF)

[WOOFERHEAD]

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.

GLTA

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