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Pantheon Resources Plc
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=== Projects === ccc [[File:Pantheon Acreage North Slope.jpg]] [[File:Advantageous location.jpg]] ==== Greater Alkaid ==== In 2015, the Alkaid #1 well was drilled close to both the Dalton Highway and the Trans Alaska Pipeline System (TAPS) – the main transportation route and significant export pipeline on the Alaska North Slope, respectively.<ref name=":0">https://www.pantheonresources.com/about-pantheon/projects/greater-alkaid</ref> The drilling was halted before reaching its target depth due to environmental concerns: the nearby Sag River flooding led to the closing of the Dalton Highway.<ref name=":0" /> While Alkaid was meticulously documented, no production tests were carried out then.<ref name=":0" /> The well had shown promising signs, having encountered a 400-foot gross pay without an oil-water contact. Pantheon began activities again in 2019, successfully testing the Primary Zone of Interest.<ref name=":0" /> The recent oil discovery at Talitha #A enhanced the potential for oil in the Greater Alkaid structure.<ref name=":0" /> ===== Alkaid #1 Pay Intervals ===== Comprehensive data from Alkaid well revealed a 400-foot gross pay, with 240 feet of net oil pay.<ref name=":0" /> Expert consultations confirmed the potential of this project.<ref name=":0" /> Notably, only a small fraction of the well’s capacity was accessed during the tests. Pantheon projects that optimally designed horizontal development wells could significantly increase oil production.<ref name=":0" /> Advanced seismic imaging indicates even better reservoir potentials in the core.<ref name=":0" /> The company envisions using an early production unit (EPU) to facilitate early cash flow and obtain valuable data.<ref name=":0" /> A full-fledged Central Processing Unit (CPU) is in the pipeline for optimal resource utilisation.<ref name=":0" /> Pantheon is keen to use unconventional oil production technologies, which has become standard across the Alaska North Slope.<ref name=":0" /> In 2020, an independent report on the Greater Alkaid oil accumulation cited 76.5 million barrels of recoverable reserves, valuing the project at $595m (considering a $55/Bbl oil price).<ref name=":0" /> The company plans to commission a pilot test producer in 2022, which could provide immediate cash flow.<ref name=":0" /> Alkaid’s strategic location offers year-round activity advantages.<ref name=":0" /> ===== Alkaid #1 Highlights ===== Pantheon secured a unit over Alkaid and outlined its proposed activities in a First Plan of Exploration (POE) in November 2020.<ref name=":0" /> The plan includes reprocessing 3D seismic data and studying potential 'hot-tap' integrations into the TAPS.<ref name=":0" /> Though there are no fixed drilling commitments, the POE proposes drilling two wells near the Dalton Highway for year-round operations.<ref name=":0" /> Depending on the Alkaid #2 well results, the Alkaid #3 well will follow.<ref name=":0" /> GBP, a significant exploration leaseholder, controls over 250,000 acres, positioned south of North America's major oil fields, Prudhoe Bay and Kuparuk.<ref name=":0" /> The region, blanketed by 3D seismic data, hosts several discoveries and promising exploration prospects.<ref name=":0" /> Pantheon holds complete interest in all its ventures.<ref name=":0" /> ==== Talitha ==== The Talitha #A well, drilled in 2021, appraised an oil accumulation initially discovered by the Pipeline State #1 well in 1988.<ref name=":1">https://www.pantheonresources.com/about-pantheon/projects/talitha</ref> While the original well in 1988 showed significant oil potential, it was halted due to economic reasons and lack of advanced technology.<ref name=":1" /> However, high-resolution 3D seismic data acquired in 2013 reignited interest in the area.<ref name=":1" /> The Talitha #A well confirmed oil presence across several zones, and recent tests in 2022 further validated the well's promising prospects.<ref name=":1" /> ===== Key Findings ===== * The Talitha #A well, located eight miles west of the Dalton Highway and TAPS, identified movable light oil across multiple horizons, with over a billion barrels of recoverable oil potential.<ref name=":1" /> * Its proximity to existing infrastructure offers economic advantages, potentially allowing for faster production ramp-up with minimised capital expenditure.<ref name=":1" /> * The well reached a depth of c. 10,456 ft, revealing five potentially productive zones. Challenges arose during testing due to operational issues and inclement weather, but significant findings were still achieved.<ref name=":1" /> ===== Specific Zones and Results ===== # Basin Floor Fan (BFF): Tests indicated quality oil with sustained production rates.<ref name=":1" /> Future developments would potentially be at structurally higher positions for better results.<ref name=":1" /> # Slope Fan System (SFS): Testing showed producible oil, with implications for resource and oil recovery estimates. The success here suggests potential for other areas of the North Slope.<ref name=":1" /> # Shelf Margin Deltaic (SMD): Testing faced challenges from blockages and weather, but earlier data and the success of the deeper zones have kept the company's optimism intact for the potential of this zone.<ref name=":1" /> # Kuparuk: As the deepest oil formation, the Kuparuk provided significant findings.<ref name=":1" /> It's a regional producer with an adjacent giant oilfield, the Kuparuk Field.<ref name=":1" /> The Talitha #A well showed promising signs, although testing encountered issues.<ref name=":1" /> ===== Conclusion ===== The data from Talitha #A has increased confidence in the commercial viability of these zones.<ref name=":1" /> Pantheon remains encouraged by the analysis and sees potential for further exploration and drilling.<ref name=":1" /> The discovery augments the prospectivity of adjacent potential oil-bearing structures, which will be explored in future programs.<ref name=":1" />
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