Pantheon Resources plc – Operational and corporate update

Pantheon Resources plc – Operational and corporate update

Pantheon Resources plc , the AIM-quoted oil and gas company with a 100% working interest in all of its oil projects spanning c. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope is pleased to provide the following update:

Implications of 88 Energy's recent Hickory #1 well 

Earlier this year, Pantheon entered into a well data exchange agreement with 88 Energy Limited ("88 Energy"), trading the data from Pantheon's Talitha #A well for 88 Energy's Hickory #1 well. This additional well penetration of the discovered hydrocarbons, approximately 150 metres from Pantheon's lease boundary, is an important "well control" point providing Pantheon with valuable data on our southern lease boundary at no cost and allows us to incorporate this into subsurface modelling of the various horizons to obtain even greater confidence in the subsurface and discovered oil. The data integration has been done in collaboration with SLB (formerly Schlumberger) as previously described in Pantheon's RNS dated 8 December 2022.

88 Energy announced on 10 April 2023 that it had encountered the Shelf Margin Deltaic ("SMD"), the Slope Fan and Basin Floor fan in the Hickory #1 well. Importantly, the reservoirs encountered in Hickory #1 are all hydrocarbon bearing and present on Pantheon's acreage, which has the benefit of being shallower and updip of Hickory #1, with a lower maximum burial depth ("Dmax") which typically results in improved reservoir properties. 

We are pleased to find that the preliminary data confirms our pre-Hickory drill interpretation, confirming the multiple stacked pay zones (including two lobes of a Slope Fan System, as encountered in Talitha #A). Hickory #1 effectively extends the proven plays that Pantheon has discovered and been evaluating for several years.

The initial information reinforces the technical work on the static reservoir model delivered by SLB in phase 1 of its programme with Pantheon. Analysis of all the data will increase the robustness of the outcomes delivered in SLB's phase 2 program which will involve more detailed analysis of oil recoveries and productivity and also used by Netherland Sewell & Associates in their Independent Experts Report reports on the discoveries across Pantheon's acreage which are presently underway and will be the basis for attracting partners into the project area.

Bob Rosenthal, Technical Director, said: 

"The hydrocarbons discovered at the Hickory well is a great outcome for all companies exploring and developing the large oil resource close to the Dalton Highway and the Trans Alaska Pipeline. These large resources are in tight oil-bearing formations where we will utilize unconventional oil extraction technologies on conventional reservoirs to improve oil recoveries. The geographic location of Hickory near Pantheon's acreage makes this ideal for the use of unconventional equipment and technology. The Hickory discovery well is another important data point that provides an increased understanding of the subsurface in close proximity to our existing discoveries. It also confirms the extension of our reservoirs to our southern border. We all benefit by amalgamating our technical data to produce the best outcome for both companies. More data leads to increased geological understanding and lower overall extraction risk."

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