Friday, March 31, 2023 5:22:19 PM
https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/xp8nljr
HIGHLIGHTS
Operational
· Drilling and long term production testing of the Alkaid #2 well - confirmed discovery
· Confirmed better than expected reservoir deliverability; very positive for future development
· Flow data and hydrocarbon mix adversely impacted by fracking intercepting a gas cap
· Future Alkaid wells to be positioned slightly deeper within the >400ft section to avoid the gas cap
· SLB (previously Schlumberger) completion of first module of project review and estimated Pantheon's projects to contain 17.8 billion barrels of oil in place
· Receipt of a report by the independent experts at Baker Hughes AHS ('Advanced Hydrocarbon Stratigraphy') titled "Pantheon Great Bear Theta West 1 well: Characterization of a World Class Petroleum System Using AHS's Cuttings' Volatiles Stratigraphy."
· Recent appointment of independent non-executive director, Mr David Hobbs, +40 years' experience
· Strengthening of operational team - recent appointment of Tony Beilman, +40 years drilling, completions and production experience
· Wood Mackenzie ('WoodMac') report Pantheon's Theta West #1 well as "the fourth largest discovery well globally in 2022". Consistent with Pantheon's own assessment WoodMac characterise Theta West as a contingent resource requiring additional drilling and testing before potentially being considered commercial.
GLTA
$PTHRF
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