25th Mar 2019 09:02
LONDON (Alliance News) - Pantheon Resources PLC on Monday confirmed an oil discovery at the Alkaid well on Alaska's North Slope.
Pantheon has confirmed the Brookian ZOI, the first of three targeted horizons, found oil, with flow testing exceeding expectations.
Pantheon found a six foot interval, testing at 80 to 100 barrels of oil per day, which the company said is an "excellent result" and could suggest much higher flow rates once the wells are developed further.
The Brookian ZOI has an estimated gross 400 feet, and net 240 feet, of pay.
Chief Executive Jay Cheatham said: "This is an excellent result which exceeded our expectations. This result is significant not only for its potential economic impact but also because it validates the outstanding quality of the geological and high-tech geophysical work undertaken by the Great Bear team."
"I am very optimistic that this quality of work will benefit our entire prospect inventory in both Alaska and in East Texas."
Shares were 24% higher on Monday morning at 21.40 pence each.
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