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Pantheon Resources Plc
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==== 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" />
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